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The core of low-carbon development lies in reducing carbon sources and increasing carbon sinks, and the construction of free trade zones (FTZs), as an experimental field for China' s comprehensively deepening reforms, is of great significance to urban lowcarbon development. Based on the panel data from 288 cities in China from 2007 to 2020, this paper first comprehensively evaluated the carbon neutrality levels of cities from two aspects: carbon emission and sequestration. Then, it used the multi-period difference-indifferences method and the spatial Durbin model to explore the 'low carbon effect' of the establishment of FTZs. The results showed that: the establishment of FTZs had a significant impact on the low-carbon development of the cities where they were located. Specifically, the establishment of FTZs could drive urban low-carbon development from within the cities by improving their digitization and resource allocation efficiency. At the same time, increased government attention to green development enhanced the carbon emission disincentive and boosted carbon uptake facilitation, fostering a more robust urban low-carbon development. Moreover, the carbon emission suppression effect, carbon absorption promotion effect, and carbon neutral effect of establishing the FTZs varied according to the batches of the establishment, city location, and city characteristics. The 'low-carbon effect' of the first two batches of FTZs, the region south of the Qinling-Huaihe River, and the cities with a higher degree of openness were more pronounced overall. Furthermore, the establishment of the FTZs also had a certain spatial spillover effect on urban low-carbon development. Based on these findings, the paper suggests prioritizing top-level design, exerting comparative advantages, and promoting the low-carbon development benchmark area in a gradient manner. Acceleration of trade facilitation and digital financial reform, promotion of the digital transformation of traditional industries with advantages, and encouragement of digital and low-carbon deep integration are also recommended. The introduction of highquality foreign investment should be combined with the improvement of the effectiveness of supervision and services to improve the efficiency of resource allocation. The study proposes leveraging digital platforms and free trade alliances to maximize the FTZs' catalytic effects. Overall, this study offers significant theoretical and practical insights for enhancing the construction of the FTZs, promoting urban low-carbon development, and advancing towards the goal of carbon neutrality. [ABSTRACT FROM AUTHOR]

As an essential factor of production in economic development, land is an important tool for local governments to boost economic growth. The goals of reaching peak carbon emissions and achieving carbon neutrality will push local governments to change the extensive mode of attracting high energy-consuming and high-pollution enterprises by transferring industrial land at low prices. The lowcarbon city pilot policy is important for China to achieve green and low-carbon economic transformation and sustainable development. This policy will inevitably influence the land transfer behavior of local governments in heavily polluting industries. Based on the panel data of 286 cities from 2007 to 2019, this paper took the low-carbon city pilot policy as a quasi-natural experiment and used the time-varying difference-in-differences method to empirically study the relationship between the pilot policy and the land transfer behavior of local governments. The results showed that: ① The implementation of the low-carbon city pilot policy significantly reduced the area and number of land transfers in heavily polluting industries. The above conclusions still held after a series of robustness tests. ② The impact of the low-carbon city pilot policy on land transfer in heavily polluting industries was affected by the intensity of environmental regulation of local governments and the tenure of officials. The stronger the intensity of environmental regulation in the pilot city became, the more the area and number of land transfers in heavily polluting industries were reduced. When the tenure of the secretary of the municipal CPC committee in the pilot city was less than or equal to 3 years, the area and number of land transfers in heavily polluting industries were significantly reduced. However, the age of the secretary of the municipal CPC committee had no significant impact on the land transfer in heavily polluting industries. ③ Heterogeneity analysis showed that non-resource-based cities, cities with high levels of economic development, and large cities displayed a higher reduction in the area and number of land transfers in heavily polluting industries. Based on these, this paper puts forward suggestions from three aspects: we should further promote the low-carbon city pilot policy, add environmental objectives to the assessment system of officials to increase the constraints of environmental objectives, and formulate and implement environmental policies in accordance with local conditions. [ABSTRACT FROM AUTHOR]

Green credit is an important financial tool to promote the transformation of the low-carbon economy. On the basis of clarifying the theoretical mechanism of the impact of green credit on carbon emission reduction, this paper used the fixed effect stochastic frontier model containing unexpected output to measure the total factor carbon productivity of 156 cities in China from 2000 to 2019 and empirically tested the carbon emission reduction effect of green credit and its mechanism from the three dimensions of productivity, intensity, and total amount. The research found that: ① Green credit development significantly improved total factor carbon productivity and reduced carbon emission intensity, but the average impact on total carbon emissions was not significant. The above conclusions were still valid after a series of robustness tests and treatments of endogeneity problems. ② The carbon emission reduction effect of green credit was heterogeneous due to differences in regional location, resource endowment, and financial efficiency. In the central region, non-resource-based cities, and cities with higher financial efficiency, green credit had significant carbon reduction effects in both carbon productivity and carbon intensity dimensions, while green credit in the eastern region, resource-based cities, and cities with lower financial efficiency only reduced carbon intensity. ③ The stimulation of green innovation and the reduction of energy intensity were the most effective channels for green credit to reduce carbon emissions, whereas the mediating effect of the structural transformation channel was not yet significant. Green credit was more effective in promoting green innovation and generating positive spillovers in the green innovation channel. However, green credits were more effective in improving carbon emission efficiency in the energy intensity channel, but the role of supporting low-carbon technologies must be enhanced. ④ Environmental regulations had two moderating mechanisms, 'positive compensation' and 'negative offset,' for the carbon reduction effect of green credit. When the demand and supply of financial resources were low, strengthening environmental regulations would weaken the incentive effect of green credit on low-carbon economic transformation. The above conclusion not only provides a new research perspective and supplementary empirical evidence for understanding the environmental effects of green credit, but also provides a useful reference for further improving green credit policies and promoting the development of a low-carbon economy. [ABSTRACT FROM AUTHOR]

Saving energy resources and reducing energy intensity are crucial to promoting China' s major strategic goals of reaching peak carbon emissions and achieving carbon neutrality, and are hence key to the promotion of green transformation and development in the new development stage. As an important practice, the policy of establishing pilot zones for green finance reform and innovations in China aims to promote green finance reform in depth, construct ecological civilization, and realize green economic transformation. Can the policy reduce energy intensity and contribute to energy conservation? What is its impact mechanism? There is a shortage of systematic analysis in academia on these issues. With panel data from Chinese cities from 2007 to 2020 and a generalized synthetic control method, this paper evaluated how the establishment of pilot zones for green finance reform and innovations affected energy intensity and analyzed its impact mechanisms. The results showed that: ① The implementation of the policy significantly reduced the energy intensity of the pilot zones, and the energy-saving effect exhibited 'policy first' and timeliness characteristics. ② The policy-induced energysaving effect was achieved by improving green innovation, easing financing constraints, optimizing industrial structure, and strengthening environmental governance. ③ The policy' s energy-saving effect was more remarkable in areas with better marketization and a higher education level. The findings suggest that the government should fully consider the differences in aspects such as institutional environment and resource endowment among varying regions, design distinct measures to attract more market players to participate in the green finance system oriented by energy efficiency improvement, energy structure transformation, and environmental governance, and create a much better market-oriented environment for green innovation and corporate financing. [ABSTRACT FROM AUTHOR]

The report to the 20th National Congress of the Communist Party of China further clarifies the major development goal of accelerating the transition to a model of green development. Improving carbon emission efficiency is undoubtedly a necessary way to achieve this goal. At present, with the pressing goals of reaching peak carbon emissions and achieving carbon neutrality and the tendency of the financial industry to be diverted out of the real economy, the high-quality development of the financial industry has become an objective need to improve carbon emission efficiency and promote the realization of the 'dual carbon' goals as scheduled. However, there are obvious differences in carbon emission efficiency and financial industry high-quality development between different regions, which makes it urgent to realize efficient collaboration between inter-regional carbon emission efficiency and high-quality development in the financial industry. This paper used the coupling coordination degree model, the Dagum Gini coefficient decomposition method, and the spatial Kernel density estimation method to measure the coupling coordination degree between China' s carbon emission efficiency and the high-quality development in the financial industry and to fully reveal its spatio-temporal evolution characteristics. The results showed that: ① The coupling coordination degree between carbon emission efficiency and high-quality development in the financial industry basically stabilized at the intermediate coordination level. The key to advancing this coupling coordination degree to a high-quality coordination level was to improve the level of high-quality development in the financial industry. The eastern region rose to a good coordination level. The western and central regions were stable at the intermediate coordination level. The northeastern region was mainly at the primary coordination level. ② The coupling coordination of carbon emission efficiency and high-quality development in the financial industry had a problem of spatial distribution imbalance. Inter-regional differences were the main source of spatial differences. The contribution rates of intra-regional differences and the intensity of transvariation to spatial differences were relatively low. ③ There was a multipolar differentiation phenomenon in the coupling coordination between carbon emission efficiency and high-quality development in the financial industry in the central region. The coupling coordination in both the western and northeast regions showed a polarization trend. ④ Under the condition of considering spatial factors and time span, most provinces and their neighboring provinces had a spatial connection between the coupling coordination of carbon emission efficiency and high-quality development of the financial industry. These findings are conducive to the promotion of the construction of a collaborative linkage pattern between inter-regional carbon emission efficiency and the high-quality development in the financial industry. They can serve as an important decision-making reference for realizing the overall transition to a model of green development. [ABSTRACT FROM AUTHOR]

The impact of climate warming on world agricultural production and food security has become increasingly obvious. As an important source of carbon emissions and the carbon sink system, the green development of agriculture is one of the important ways to alleviate the crisis and achieve China' s goals of reaching peak carbon emissions and carbon neutrality. Exploiting the potential of agricultural carbon sinks and accurately calculating agricultural net carbon emissions are of great significance to promoting the green development of agriculture meeting the ' dual carbon' goals. Based on the dual characteristics of the agricultural carbon cycle, this paper sorted out the logical relationship between agricultural green development and the agricultural carbon cycle, incorporated the role of agricultural carbon sinks into the calculation framework of agricultural carbon emissions, and measured China' s agricultural net carbon emissions from 2000 to 2019 by time and region. The decoupling model of agricultural net carbon emissions from agricultural economic growth was constructed. The results of the study found that the total amount of carbon emissions from agricultural sources increased from 277.899 million t in 2000 to 308.383 1 million t in 2019, with an average annual growth rate of 0.52%, but the agricultural carbon emission intensity showed a trend of continuous decline; the agricultural carbon sink increased from 99.539 9 million t in 2000 to 133.039 million t in 2019, with an average annual growth rate of 1.46%, and the agricultural carbon sink resources were considerable. The intensity of agricultural carbon source emissions was higher in the west than in other regions and there was a clear gap with the eastern region. The total amount of agricultural carbon source emissions, carbon sinks, and net carbon emissions all showed a medium-high pattern. The decoupling relationship between agricultural economic growth and agricultural net carbon emissions was mainly manifested in two decoupling states: strong decoupling and weak decoupling. Nearly 50% of the provinces achieved the ideal strong decoupling state in terms of agricultural green development, while the remaining provinces were in a weak decoupling state, and the decoupling state was generally ideal. Finally, this paper puts forward targeted countermeasures and suggestions to promote the green development of agriculture and help achieve the ' dual carbon' goals: we should accurately locate the carbon source; ensure the ' double bottom line' of food security and pig production capacity under low-carbon agriculture; resolve the resource endowment differences between regions; explore the potential of the agricultural carbon trading market; create a new path for farmers to increase their income, maintain the strong and improve the weak; and strive to achieve the ' package' of strong decoupling in agriculture to help achieve the ' dual carbon' goals. [ABSTRACT FROM AUTHOR]

The system as a whole is composed of various interrelated sub-systems. The effect of a system will be affected by the coordination of other systems associated with it. Only when the complementarity and coordination between systems increase can the implementation effect of the system be fully brought into play. As an informal system, social trust can affect the implementation effect of formal environmental regulations, but there are few studies on the moderating effect of social trust on the impact of environmental regulations on carbon emissions. Based on this, the panel data of 281 prefecture-level cities in China from 2010 to 2019 were selected as research samples. The moderating effect model and mediated moderating effect model were used to study the moderating effect and mechanism of social trust on the impact of environmental regulations on carbon emissions. In addition, the heterogeneity of this moderating effect was tested by region. The results showed that: ① The impact of environmental regulations on carbon emissions showed an inverted Ushaped nonlinear relationship, and the promotion effect of environmental regulations on carbon emissions was dominant in the present stage. FDI, the upgrading of industrial structures, and R&D innovation were important mediating channels for environmental regulations to affect carbon emissions. ② As a moderating variable, social trust positively moderated the impact of environmental regulations on carbon emissions and accelerated the arrival of the inflection point of the inverted U-shaped curve. ③ In terms of the mediating effect, the moderating effect of social trust on the impact of environmental regulations on carbon emissions was realized through the mediating effect of FDI, the upgrading of industrial structures, and R&D innovation, and the impact of social trust on the inflection points of the three intermediary channels was heterogeneous. ④ The moderating effect of social trust had regional heterogeneity. In small cities, the impact of social trust on environmental regulations on carbon emissions was greater than that in large and medium-sized cities. The moderating effect of social trust was greater in the cities without environmental protection than in the cities with environmental protection. The above conclusions were still valid after a series of robustness tests. It is hoped that this paper can enrich the relevant research on environmental regulations and social trust and be helpful for local governments to formulate relevant policies according to local conditions, improve the carbon emission reduction effect of environmental regulation, and accelerate the green development and transformation of Chinese cities. [ABSTRACT FROM AUTHOR]

Global warming is evolving into a crisis affecting the future of humanity. As the world' s second largest economy, China is actively involved in global climate governance, proposing to achieve the goals of reaching peak carbon emissions by 2030 and achieving carbon neutrality by 2060, and has successively introduced the corresponding ' 1+N' policy system. This paper attempts to interpret and analyze 23 policy texts relevant to the achievement of the goals with over 160 000 characters from the CPC Central Committee, the State Council, and relevant ministries and provinces through two typical qualitative research methods-ground theory and institutional grammar tool, to outline the elemental structure and functional profile of the pathways of China' s carbon peak and carbon neutrality policies, and to clarify the group structure and regulation intensity of different policy pathways. Based on grounded theory, it is found that these pathways are already very comprehensive and complete. Among them, the policy pathways under the administrative mechanism include: high energy consumption and high emission industrial control; regulations and standards systems; carbon reduction governance in key industries; control over the amount and intensity of energy consumption; and carbon absorption capacity of ecosystems. The policy pathways under the market mechanism include circular economy development; energy transformation development; cap-and-trade system for carbon emissions; green finance development; and green transformation development. The results of institutional grammar tool research show that relevant policy pathways are dominated by ADIC normative condition statements (177, accounting for 52%), followed by AIC strategy statements (130, accounting for 38%), while ADICO rule-based statements are the least, with only 33, accounting for 10%. Given the pressure of time constraints and heavy tasks to achieve the goals, ADICO' s institutional grammar structure is the most desirable policy statement paradigm because it is more intense in its policy regulation, and it is easier to achieve its governance effectiveness. Undoubtedly, policy regulation is an important tool to effectively alleviate the pressure of the governance of the goals and to ensure the effectiveness of such governance. Policy regulation mainly focuses on the industrial sector with high energy consumption and high emissions, relying on top-down hierarchical organization and using political mobilization and administrative decrees as means to promote governance in the high carbon emission sector. By further constructing a theoretical framework of regulation mechanisms, relevant governance paradigms are classified as ' mandatory governance' and ' flexible governance' according to the intensity of regulation. It is found that the underlying logic behind these two paradigms is precisely the mobilization of the administrative mechanism and the allocation of resources under the market mechanism. Simultaneously, with the gradual achievement of the goals and the gradual decoupling of carbon emissions from economic development, the governance logic should gradually shift from ' mandatory governance' to ' flexible governance,' and from ' administrative hierarchical mobilization' to ' balanced allocation of market resources.' [ABSTRACT FROM AUTHOR]

As a major institutional innovation in the practice of the green development concept, the energy‑consuming transaction system is a major measure to promote the reform of the ecological civilization system. The implementation of the energy‑consuming transaction system is important for improving energy utilization efficiency and achieving ‘dual control’ of energy consumption and intensity. Using the energy‑consuming transaction system pilots as an entry point, and based on the panel data from 30 provinces in China from 2006 to 2019, this paper used the difference‑in‑differences method to examine the impact and mechanism of energy‑consuming transaction system on energy efficiency. The research results showed that the energy‑consuming transaction system could significantly improve energy utilization efficiency. Specifically, it could reduce the energy consumption per unit of GDP in the pilot provinces by 5.78%. The mechanism test showed that the energy‑consuming transaction system mainly improved energy utilization efficiency by promoting green technology innovation. Heterogeneity analysis showed that the energy‑consuming transaction system would have a diminishing effect on energy utilization efficiency along with the energy saving potential. The energy ‑consuming transaction system could play a significant role in promoting the energy utilization efficiency of Henan and Sichuan, while the impact on Zhejiang and Fujian was not significant. In addition, this article also found that the energy‑consuming transaction system had environmental dividends, which could effectively reduce sulfur dioxide and carbon dioxide emissions while promoting energy efficiency. After parallel trend test, structural breakpoint test, PSM‑DID, placebo test, and other robustness tests, the conclusion of this article was still valid. This study has the following implications: In the process of building the energy‑consuming transaction market, it is necessary to promptly summarize the pilot experience, gradually expand the piloting scope, constantly improve the regulatory mechanism to reduce institutional transaction costs, promote efficient energy allocation and rational use, and at the same time, adhere to local conditions and set out to formulate and implement supporting measures for energy‑consuming transactions with local characteristics. [ABSTRACT FROM AUTHOR]