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The Chinese government's use of fiscal policy, which includes fiscal income and spending, is crucial in its fight against environmental pollution and climate change. Innovation‐driven has arisen as a new alternative to reconcile economic success with environmental conservation in light of tighter resource restrictions and the suggestion of the Chinese High‐quality Development policy. The paper uses an econometric model to examine the connection between institutional resource consumption efficiency and carbon neutrality, using a data set consisting of Chinese inter‐provincial panel data from 2007 to 2020 as a research sample; fiscal decentralization is also discussed as a potential moderating factor. Collaborative innovation positively boosts ecological efficiency and produces geographical spillovers, and the findings suggest so long as the economic distance is considered. When it comes to increasing ecological efficiency, collaborative innovation plays a more important role than financial decentralization alone. Among these is the improvement of carbon neutrality, which is best achieved via the joint promotion of ecological efficiency and industrial organizations. By reducing the intensity of the positive effect of innovative cooperation on ecological efficiency, the moderating effect suggests that fiscal decentralization is a critical factor in this relationship. Promoting China's ecological efficiency necessitates a fair distribution of local budgetary spending. China should also actively encourage the degree of synergy between institutional resource consumption efficiency and associated institutions to improve eco‐efficiency. [ABSTRACT FROM AUTHOR]

As the global climate crisis intensifies, ecosystems, human society and economic activities are significantly affected. Countries around the world have successively put forward the goal of carbon neutrality or zero carbon. At the 75th session of the United Nations General Assembly, the Chinese government explicitly proposed making efforts to reach the goal of Carbon Peak (peak of carbon emissions before 2030) and Carbon Neutrality (Dual Carbon) (carbon neutrality before 2060). In October 2021, the CPC Central Committee and the State Council issued the "Opinions on Fully, Accurately and Comprehensively Implementing the New Development Concepts to Achieve Carbon Peak and Carbon Neutrality" and the Action Plan for Achieving Carbon Peak before 2030, specifying the targets and tasks related to achieving carbon peak and carbon neutrality in China. As the world's largest developing country, the world's largest manufacturer, and a country with the most complete industrial categories, China will face multiple challenges such as climate change, economic transition, and environmental protection, which requires systematic support from policy, economy, technology, and society. How to achieve the goal will be a great challenge to China's sustainable development. The academic community has conducted extensive exploration on the realization of China's carbon peak and carbon neutrality in many fields, such as energy transformation, industrial structure upgrading, transportation carbon reduction, urban planning and construction, carbon sink enhancement, low‐carbon technologies, green finance, and supporting policies. Among them, policy planning and technological innovation are the most important to achieve the goal of carbon peak and carbon neutrality. Second, industrial adjustment and enterprise implementation are also important. Therefore, this review will focus on the development status and prospects of policy support, technological innovation, industrial adjustment, and enterprise implementation for achieving dual carbon goals in China. © 2023 Society of Chemical Industry and John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]