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Carbon neutrality is an important policy in the current global response to climate change and has been widely recognized by various industries. In the process of promoting carbon neutrality, new energy plays a pivotal role. In this study, the definition and connotation of new energy and its role and specific operation in the energy transition of carbon neutrality are firstly explained. Promoting new energy development requires significant green and low-carbon investments. Taking China as an example, this paper analyzes the opportunities brought by the carbon neutral process to the field of green finance and analyzes the main features and development trends of green finance in China at present. Then this paper proposes policy recommendations to strengthen the development of green finance in China in terms of improving the green financial policy system, enhancing the supply capacity of green financial services, and optimizing the supporting environment for green financial development. Finally, this paper analyzes the measures and experiences of the United States in promoting low-carbon development and proposes countermeasures for China's low-carbon development on the basis of the five major relationships that need attention in China's carbon-neutral process. That is, strengthen the top-level design and improve the regulatory policy system; optimize the energy structure and increase the proportion of clean energy; optimize the industrial structure and reduce energy consumption in key industries; build a complete low-carbon technology system and promote low-carbon technology research and development and demonstration applications, and encourage local conditions to explore low-carbon development paths. The development of green finance can contribute to the advancement of new energy technologies, thus contributing to the achievement of carbon neutrality goals. [ABSTRACT FROM AUTHOR]

This paper assesses the relationship between carbon emissions, economic growth and, energy consumption, in USA and China from the perspective of Granger causality, in a multivariate framework controlling for financial development, urbanization, and trade openness. Econometric techniques employed include unit root tests, Toda and Yamamoto Granger causality, and generalized impulse response and variance decomposition analysis for the time horizon 1980-2017. Test results indicate that governments of the USA and China cannot implement sturdier strategic energy policies in the long run without inhibiting the growth of the economy because of the bidirectional causative linkage between economic growth and energy use. A causal link does not exist between carbon emissions and financial development for both countries. Nevertheless, in the USA, there exists a unidirectional Granger causality controlling from energy consumption to financial development. In both economies, urbanization Granger causes CO2 emissions and energy use but the reverse does not hold. An upsurge in energy consumption and carbon emissions will lead to a surge in trade openness but not vice versa for China. A noteworthy result is that there is a substantiation of unidirectional causality from energy consumption to carbon emissions in both countries. In the USA, impulse response and variance decomposition analysis disclosed the effect of financial development is projected to have diminutive magnitude whiles in the future, energy use, economic growth, trade openness, and urbanization would influence carbon emissions significantly. The impacts of trade openness and financial development are expected to be of little importance in China. The general findings implied that urbanization, economic growth, and energy consumption influenced CO2 emissions significantly in the USA and China. Understanding these similar and contrasting situations is essential to reaching a global agreement on climate change affecting IMF's top 2 biggest economies. [ABSTRACT FROM AUTHOR]

In the 2009 Copenhagen Accord, China agreed to slash its carbon intensity (carbon dioxide emissions/GDP) by 40% to 45% from the 2005 level by 2020. We assess whether China can achieve the target under the business-as-usual scenario by forecasting its emissions from energy consumption. Our preferred model shows that China's carbon intensity is projected to decline by only 33%. The results imply that China needs additional mitigation effort to comply with the Copenhagen commitment. The emission growth is more than triple the emission reductions that the European Union and the United States have committed to in the same period. [ABSTRACT FROM AUTHOR]

Accurately understanding the real situation of China’s carbon emissions at the provincial level is not only crucial for realizing carbon mitigation in China, but also of great importance for tackling climate change on a global scale. This paper uses detailed energy consumption data subdivided within each fuel type and sector-specific emission factors, to calculate both direct and indirect energy-related CO 2 emissions for China’s provinces, and offers provincially-targeted policy proposals on emission reductions. The results uncover large divergences in calculation of provincial CO 2 emissions between production-based and consumption-based accounting approaches. Considering the large amount of interprovincial CO 2 emission transfers embodied in secondary energy deployment, the consumption-based accounting performs better in reflecting the actual features and responsibilities of carbon emissions in the provinces of China. From the consumption perspective, Shandong, Hebei, Jiangsu, Inner Mongolia, Guangdong, Henan, Liaoning and Shanxi contributed to the majority of China’s carbon emission growth during the period of 1996–2013, while Xinjiang, Sichuan, Anhui, Tianjin and Hunan were playing an increasingly important role. These two groups of provinces should be regarded as the key regions for national emissions abatement. Meanwhile, the energy industry was the top sectoral contributor to CO 2 emissions growth in most provinces, while service and household sectors made increasingly significant impacts on driving up provincial emissions. Together with ongoing efforts in the energy sector, the mitigation of CO 2 emissions in service and household sectors deserves much more attention, especially in the transportation and urban household sectors. Furthermore, the temporal trends of carbon emissions in various provinces, as well as their factor and sectoral driving forces, varied greatly with each other. Therefore, each of the provinces should formulate emission reduction policies according to their own situation, and target the key driving factors and sectors of carbon emissions at the current stage or in the near future. [ABSTRACT FROM AUTHOR]

The 2015 Paris climate change negotiations represents the most ambitious worldwide effort to date to combat climate change. As the largest energy consumer and carbon emitter, China pledges 60–65% cut in carbon intensity below 2005 levels by 2030. To accelerate China's climate efforts, China has also committed to cap its primary energy use at 4.8 billion tons of coal equivalent in 2020. This paper proposes an equitable and efficient scheme to disaggregate this national goal among provinces. A three-step disaggregation procedure is proposed which takes into account the initial allocation, national redistribution and inter-provincial adjustment. First, this study allocates the incremental energy quota, taking 2010 as the base year. Second, part of the energy quota is set aside by the central government for redistribution purposes, while an incremental energy quota index comprising equity and efficiency criteria is used for initial allocation among provinces. Finally, historical efforts and inter-provincial energy flows are considered for inter-provincial adjustment. This disaggregation scheme is flexible and can be easily extended to allocation and management of other resource and environmental targets. The empirical findings can assist decision-makers in identifying which provinces are likely to over-consume the energy quota relative to the proposed allocation and which provinces are likely to perform better in energy conservation. Moreover, the results show that the energy cap set for 2020 is unachievable without further action. Market-based instruments, such as an energy allowance trading market, are strongly recommended to achieve the energy use target in an equitable and cost-effective manner. [ABSTRACT FROM AUTHOR]

To tackle climate change, Chinese government has applied an array of mitigating measures to reduce CO2 emissions. During the 11th Five-year Plan, Chinese government set the emission reduction target policy to reduce energy consumption per unit of gross domestic product (GDP) by 20%. This paper attempts to estimate the effect of this emission reduction target policy on industrial performance from complexity perspective. The result shows more complex industrial structure is related to less coal consumption. In general, emission reduction target policy has a negative effect on the probability of branching into new industries and lower the productivity and profitability of a given industry. However, this negative effect is weaker for more complex industries. Only for industries with very high complexity, emission reduction target policy can improve the performance of an industry rather than exerting a negative effect. Our finding not only helps to design a more effective policy to achieve industrial development strategy, but also provides a potential way to achieve economic growth while reduce the emission of greenhouse gases at the same time. • We investigate the impact of Emission reduction target policy(ERT) on industrial performance from complexity perspective. • We apply the method of reflection to calculate the Economic Complexity of provinces and Industry Complexity of industries. • More complex industrial structure contributes to the coal consumption reduction. • ERT has negative effects on the probability of branching into new industries, lowers the productivity and profitability of a given industry. • ERT has weaker negative effects for more complex industries. [ABSTRACT FROM AUTHOR]

Estimating the impact of climate change on energy use across the globe is essential for analysis of both mitigation and adaptation policies. Yet existing empirical estimates are concentrated in Western countries, especially the United States. We use daily data on household electricity consumption to estimate how electricity consumption would change in Shanghai in the context of climate change. For colder days <7 °C, a 1 °C increase in daily temperature reduces electricity consumption by 2.8%. On warm days >25 °C, a 1 °C increase in daily temperatures leads to a 14.5% increase in electricity consumption. As income increases, households' weather sensitivity remains the same for hotter days in the summer but increases during the winter. We use this estimated behavior in conjunction with a collection of downscaled global climate models (GCMs) to construct a relationship between future annual global mean surface temperature (GMST) changes and annual residential electricity consumption. We find that annual electricity consumption increases by 9.2% per +1 °C in annual GMST. In comparison, annual peak electricity use increases by as much as 36.1% per +1 °C in annual GMST. Although most accurate for Shanghai, our findings could be most credibly extended to the urban areas in the Yangtze River Delta, covering roughly one-fifth of China's urban population and one-fourth of the gross domestic product. [ABSTRACT FROM AUTHOR]