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The carbon trading policy seeks to control carbon emissions by putting a price on carbon emissions and establishing a corresponding carbon market for trading. It is a significant move by China to address climate issues and achieve its Carbon Neutrality target. Therefore, assessing the policy effects of carbon trading is fundamental to its implementation nationwide. Based on the panel data of 30 provinces and cities in China from 2008 to 2018, this paper uses the Synthetic Control Method and Differences-in-Differences method to assess the effects of carbon trading policy on achieving Carbon Neutrality. By measuring the net carbon emissions, this research explores the level of Carbon Neutrality in each region. Based on the Five-sphere Integrated Plan (which covers the economy, politics, culture, social and ecological civilization), this research further verifies the impact paths of carbon trading policy on Carbon Neutrality. The results show that: First, carbon trading policy has a significant and sustainable effect on Carbon Neutrality. Second, from the perspective of the Five-sphere Integrated Plan, the carbon trading policy can help to reduce carbon sources and increase carbon sinks by adjusting the industrial structure, coordinating low-carbon policies, promoting cultural dissemination, increasing green space construction, and reducing energy intensity to achieve Carbon Neutrality. Third, cultural construction plays the most significant role in mediating carbon trading and Carbon Neutrality, followed by political construction. • This paper examines the effectiveness of carbon trading policy for Carbon Neutrality. • We use the Synthetic Control Method and Difference-in-Differences method. • The impact paths of carbon trading policy are examined from the Five-sphere Integrated Plan perspective. • Carbon Neutrality should be incorporated into the Five-sphere Integrated Plan. • A cross-perspective study of the Five-sphere Integrated Plan, carbon trading with Chinese characteristics has been formed. [ABSTRACT FROM AUTHOR]

In this paper, we identify the causal effects of the industrial transfer policy (ITP) on carbon emissions. Specifically, we treat the demonstration zones of undertaking industrial transfer in China as a quasi-natural experiment and evaluation its carbon mitigation effects using the difference-in-differences (DID) and matching DID strategies. Our findings suggest that the ITP exerts a significant negative impact on carbon emissions. In particular, both the DID and matching DID estimates indicate that the ITP leads to mitigate carbon emissions by approximately 4.9 and 4.7 million tons, respectively. We also investigate the heterogeneous carbon mitigation effects of the ITP. Moreover, various checks and falsification tests are also presented to confirm the causal effects, including the placebo test, concurrent events test, alternative measures of the ITP and carbon emissions, alternative estimation method and matching technique. The results indicate that our key conclusion, the carbon mitigation effect of the ITP is robust. These results indicate that policymakers should seize the carbon mitigation dividend of the ITP to achieve the goal of carbon neutrality. Policymakers should also reduce the regional development differences, improve the level of opening to the outside world, strengthen the construction of green demonstration zones for industrial transfer to mitigate carbon emissions. • The carbon mitigation effects of the demonstration zones of undertaking industrial transfer in China are investigated. • The industrial transfer policy leads to mitigate carbon emissions by approximately 4.7 million tons. • The heterogeneous carbon mitigation effects of the industrial transfer policy are examined. • The results are supported by robustness and falsification checks. [ABSTRACT FROM AUTHOR]