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The power sector is one of the major CO2-emitting industries in China. It is also the first key emissions control industry included in China's national carbon trading market established in 2021. Therefore, based on the data of 30 provinces and cities in China from 2015 to 2022, this study analyzes the impact of the national carbon market policy on the carbon emissions of the power industry based on the generalized Difference-in-Difference (DID) model. Based on the method of text analysis, this paper constructs the carbon market policy intensity index of each region and incorporates it into the DID model. Empirical analysis finds that the national carbon market policy can significantly inhibit the carbon emissions of the power industry. However, the heterogeneity analysis of 30 provinces and cities shows that the national carbon market policy has a significant impact on the regions that already have a carbon pilot, but not on the non-pilot regions. Therefore, this paper demonstrates the effectiveness of the national carbon market policy in the power industry emissions control, and also exposes the heterogeneity between regions, providing an important empirical basis for the inclusion of other energy-intensive industries. [ABSTRACT FROM AUTHOR]

The development of globalization has separated the production and consumption of products spatially, and the international trade of products has become a carrier of embodied carbon trade. This paper adopted the perspective of value-added trade to calculate the amount of embodied carbon trade of China from 2006 to 2015 and perform a structural decomposition analysis of the changes in China's embodied carbon trade. This study found that: (1) China's embodied carbon exports are much larger than its embodied carbon imports, and there are differences between countries. China imported the largest amount of embodied carbon from South Korea, and it exported the largest amount of embodied carbon to the United States. (2) The structural decomposition analysis shows that changes in the value-added carbon emission coefficient during the study period would have caused China's embodied carbon trade to decrease, and changes in value-added trade would have caused China's embodied carbon trade to increase. Therefore, countries trading with China need to strengthen their cooperation with China in energy conservation, emission reduction, and product trade. In order to accurately reflect China's embodied carbon trade, it is necessary to calculate embodied carbon trade from the perspective of value-added trade. [ABSTRACT FROM AUTHOR]

Promoting the inclusion of blue carbon in market trading is crucial for recognizing its value and protecting the marine ecological environment. However, China currently does not have an internationally influential blue carbon market trading platform, which hampers the transmission of supply and demand in the blue carbon market and prevents the realization of blue carbon value. In this study, we analyze the feasibility and necessity of establishing a trading mode for the blue carbon market in China. The introduction of futures trading in the blue carbon market’s trading mode allows for the use of futures pricing methods and multiple financial instruments to address the challenges of income cost mismatch in blue carbon project development. The paper also discusses key strategies for the development of China’s blue carbon market, including the creation of a blue carbon trading methodology, the improvement of preservation and appreciation mechanisms, and the establishment of a unified trading platform. These strategies aim to provide intellectual support and decision- making reference for the construction of the market. [ABSTRACT FROM AUTHOR]

In the context of carbon peaking and carbon neutrality ("double carbon"), it is urgent to clarify the effect of marine spatial planning (MSP) on carbon sink increases and emission reductions, since such planning acts as a spatial governance tool for the earth's largest carbon pool. In this paper, a linkage model between marine spatial functional zones and carbon distribution is established. To explore the relationship between marine spatial functional zones and carbon, the study analyzed the carbon increase or reduction role of sea-use activities in each zone and considered the carbon sequestration function of the marine ecosystem itself. A marine spatial pattern of "Two Spaces and Four Carbon Areas" is proposed to present the linkage. A carbon distribution pattern in marine space is delimited using the linkage model and the current MSP in the case study of the city of Tangshan, Hebei, China. Some measures have been taken or planned to be taken in Tangshan to improve the carbon sink function of the ecosystem and the marine space. The supporting role of MSP in achieving the "double carbon" goal is studied, and the paths and suggestions for integrating the "double carbon" goal into MSP are explored. [ABSTRACT FROM AUTHOR]

China's carbon emission trading policy plays a crucial role in achieving both its "3060" dual carbon objectives and the United Nations Sustainable Development Goal 13 (SDG 13) on climate action. The policy's effectiveness in reducing pollution and mitigating carbon emissions holds significant importance. This paper investigated whether China's carbon emission trading policy affects pollution reduction (PM 2.5 and SO 2) and carbon mitigation (CO 2) in pilot regions, using panel data from 30 provinces and municipalities in China from 2005 to 2019 and employing a multi-period difference-in-differences (DID) model. Furthermore, it analyzed the heterogeneity of carbon market mechanisms and regional variations. Finally, it examined the governance pathways for pollution reduction and carbon mitigation from a holistic perspective. The results indicate that: (1) China's carbon emission trading policy has reduced CO 2 emissions by 18% and SO 2 emissions by 36% in pilot areas, with an immediate impact on the "carbon mitigation" effect, while the "pollution reduction" effect exhibits a time lag. (2) Higher carbon trading prices lead to stronger "carbon mitigation" effect, and larger carbon market scales are associated with greater "pollution reduction" effects on PM 2.5. Governance effects on pollution reduction and carbon mitigation vary among pilot regions: Carbon markets of Beijing, Chongqing, Shanghai, and Tianjin show significant governance effects in both "pollution reduction" and "carbon mitigation", whereas Guangdong's carbon market exhibits only a "pollution reduction" effect, and Hubei's carbon market demonstrates only a "carbon mitigation" effect. (3) Currently, China's carbon emission trading policy achieves pollution reduction and carbon mitigation through "process management" and "end-of-pipe treatment". This study could provide empirical insights and policy implications for pollution reduction and carbon mitigation, as well as for the development of China's carbon emission trading market. • China's carbon emission trading (CET) policy promotes pollution reduction and carbon mitigation. • Higher carbon trading prices lead to stronger "carbon mitigation" effect. • Larger carbon market scales bring greater "pollution reduction" effects on PM 2.5. • Regional heterogeneity exists on pollution reduction and carbon mitigation. [ABSTRACT FROM AUTHOR]

With the gradual attention of global climate change, a series of carbon emission plans have been formally implemented in the field of energy. There is a consistent relationship between the carbon market and the electricity market in promoting clean energy development and improving carbon dioxide emission reduction targets. The market design of a low‐carbon power system should be considered as a whole to promote the coordinated development of carbon and power markets. Taking an industrial park in China as the research object, an internal market trading model of an industrial park considering carbon dioxide emission reduction targets is proposed. The proposed trading mechanism considers both carbon dioxide emission reduction targets and social welfare maximization. The proposed market trading model connects day‐ahead and intraday electricity markets, which deal with uncertainty about renewable energy sources. [ABSTRACT FROM AUTHOR]

Exploring the impact of economic modernization on carbon balance is an essential endeavor to achieve carbon neutrality and combat climate change. However, the spatial impact of economic modernization on carbon balance remains ambiguous. Therefore, this study aims to explore the spatial spillover effects of agricultural modernization, industrialization, and urbanization on carbon balance during the economic modernization process in China, taking 30 provinces and cities in China as examples from 2010 to 2021. This study utilizes the spatial Durbin model to derive the following results: In the past decade, the carbon balance ratio has shown a fluctuating and decreasing dynamic evolution trend. There is an increase in regions with serious carbon deficits. Further investigation into the spatial spillover effect of carbon balance unveils that for every 1% increase in the carbon balance ratio of a province, neighboring provinces experience a decrease of 0.833%. Additionally, the spatial spillover effects of the three modernizations in China on the carbon balance ratio behave differently. Agricultural modernization and urbanization demonstrate negative spatial spillover effects on the carbon balance in neighboring regions, while industrialization exerts a significant positive spatial spillover effect on the carbon balance of neighboring regions. Regarding control variables, the level of innovation solely contributes to local carbon balance realization without generating a trickle-down effect, whereas infrastructure development operates inversely. At the same time, there are differences in the spatial effects of agricultural modernization and industrialization on the carbon balance between the eastern region and the central and western regions. The study underscores the importance of economic modernization and development processes focusing on fostering synergistic growth between economic and environmental benefits within both local and neighboring areas. [ABSTRACT FROM AUTHOR]

This paper analyzes the overall and time-varying efficiency of China's carbon market, which is crucial for carbon risk management and policymaking. Due to the severe illiquidity problems other pilots face, we first select Shenzhen, Guangdong, and Hubei pilots out of the eight carbon pilots for our study based on the statistical analysis. We then test the overall efficiency of the markets using the LM, CD, and Wild-Bootstrap variance ratio test. The sliding window method is combined with the above three variance ratio test methods to validate the time-varying efficiency. The results prove that the overall efficiency of the three carbon pilots has not yet reached a weak form. And we observe that the short-term efficiency is time-varying and may be weak-form. The study further found Hubei to be the most efficient carbon pilot, followed by Guangdong and Shenzhen. Finally, this paper conducts a qualitative analysis on the low efficiency from five aspects namely carbon trading rules, market liquidity, price volatility, trading volume, and types of trading products. Several conclusions and recommendations are proposed for policymakers and investors. • Sliding window method is combined with a series of variance ratio test methods. • The overall and time-varying efficiency of China's carbon market is tested. • China's carbon market has not reached weak-form efficiency. • Hubei is the most efficient carbon pilot. • Reasons for low efficiency are analyzed. [ABSTRACT FROM AUTHOR]

The low-carbon development of the transportation sector is crucial for China to achieve its national goals of carbon peaking and carbon neutrality. Since China is a vast country with unbalanced regional development, there are considerable differences in the levels of carbon dioxide emissions from the transportation sector across regions. Therefore, revealing the influencing factors that shape the characteristics of transportation carbon dioxide emissions (TCO2) can inform tailored sub-national carbon reduction strategies based on local conditions, which is an important technical approach for achieving national goals. Based on an extended Kaya identity, we derived indicators of the impacts on provincial TCO2 from factors such as economic development, population density, energy structure, transportation efficiency, technology research and development (R&D), infrastructure construction, transportation operation conditions, and residents' transportation behavior. Using a multi-indicator joint characterization method, we explored the characteristics of provincial TCO2 in China in 2019. By applying Ward's method to hierarchical clustering, the thirty provinces of China were classified into six characteristic types (Types I to VI). Based on the total TCO2 (TC), the intensity of TCO2 (TI), and the per capita TCO2 (TP) calculated for each province in 2019, the priority control directions and indicators for carbon reduction in each type were obtained through relative relationships with provincial averages and correlation analysis with the indicators. Specifically, Type I and Type IV can be categorized as TP-controlled, Type II and Type III as TC-controlled, and Type V and Type VI as TI-controlled. Finally, we provided typological strategies and key performance indicators (KPIs) relevant to local governments to better achieve carbon reduction goals in each provincial type. It can promote cooperative development and collaborative governance in carbon reduction across regions and the unified implementation of China's dual-carbon goals. [ABSTRACT FROM AUTHOR]

The ocean is a key component of the global carbon cycle. As climate change becomes increasingly severe, enhancing the ocean's carbon sink capacity is of great significance to achieving the "dual carbon" goal for China. As a major maritime province, Shandong is in an advantageous position to utilize the ocean to respond to climate change and achieve the national goals of carbon peaking and carbon neutrality. Focusing on consolidating and enhancing ocean carbon sink capabilities, Shandong needs to formulate a clear timetable and roadmap to promote blue carbon technology research and development, actively cultivate a blue carbon trading market, and tap the inner potential of ocean carbon sink. Shandong should also strengthen international cooperation to jointly construct a carbon-neutral global community. [ABSTRACT FROM AUTHOR]

Environmental decentralization is an important prerequisite and institutional foundation for China's carbon and haze co-control. Prior research has answered the influence of environmental decentralization on carbon mitigation or haze control. Few studies have analyzed the influence of innovation efficiency on carbon and haze co-control in the context of environmental decentralization. Research on how to achieve the optimal allocation of environmental decentralization is rare. Based on an analysis of the dynamic evolution trends in China's carbon emissions, haze pollution, environmental decentralization, and innovation efficiency from 2006 to 2018 by exploiting kernel density estimation, this study examines the environmental decentralization threshold effect of innovation efficiency on carbon and haze co-control by employing dynamic threshold model and investigates reasonable allocation of environmental decentralization. The results revealed that, first, China's provincial carbon emissions and environmental decentralization performed an increasing trend. Haze pollution and innovation efficiency demonstrated a downward trend. Second, when environmental decentralization increases, the influence of innovation efficiency on carbon emissions presents a W-shape, whereas the influence of innovation efficiency on haze pollution follows an inverted N-shape. Third, there are remarkable heterogeneous environmental decentralization threshold effects on the influence of innovation efficiency on carbon and haze co-control. Fourth, appropriate environmental decentralization can enhance carbon and haze co-control effects of innovation efficiency. The central government entails appropriate empowerment of local governments in environmental administration and supervision authority but decreases the environmental monitoring authority of local governments. [ABSTRACT FROM AUTHOR]

The development of human society has led to the growing consumption of industrial products, which generates significant amounts of carbon emissions. However, relatively few in-depth studies have been conducted on the influence of different demand factors (e.g., household consumption, government consumption, export, and capital formation) on carbon emissions, which hinders the development of targeted industrial policies. To address this issue, an analytical framework based on input–output theory, the hypothesis extraction method, and complex network analysis was established to estimate the intrinsic influence of different demand factors on the embodied carbon transfer between provinces in China. The key findings can be summed up as follows: (1) The macro direction of China's embodied carbon transfer runs from resource-rich northern provinces to industrially developed southern provinces. (2) From the perspective of different demand factors, capital formation is the most significant contributor to China's embodied carbon transfer, with the construction industry being the most important driver. In contrast, government consumption causes the least embodied carbon transfer, but it has the highest average carbon emission intensity. (3) According to complex network theory, the carbon transfer networks via provinces and industries caused by exports are the most concentrated, with the manufacture of electrical machinery and electronic equipment serving as the main source of demand. In contrast, the carbon transfer network resulting from household consumption exhibits a high level of decentralization, with dominant sectors including electric power, gas and water production, and supply and other services. Based on these findings, this study is expected to contribute targeted suggestions with which provinces and industries can formulate demand-side carbon reduction policies for different demand factors, which will contribute to the achievement of "carbon peaking and carbon neutrality". [ABSTRACT FROM AUTHOR]

The Yellow River Basin is an important energy base and economic belt in China, but its water resources are scarce, its ecology is fragile, and the task of achieving the goal of carbon peak and carbon neutrality is arduous. Carbon compensation potential can also be used to study the path to achieving carbon neutrality, which can clarify the potential of one region's carbon sink surplus to be compensated to the other areas. Still, there needs to be more research on the carbon compensation potential of the Yellow River Basin. Therefore, this study calculated the carbon compensation potential using the β convergence test and parameter comparison method. With the help of spatial measurement tools such as GIS, GeoDa, Stata, and social network analysis methods, the spatiotemporal pattern and network structure of the carbon compensation potential in the Yellow River Basin were studied from the perspective of urban agglomeration. The results demonstrate the following: (1) The overall carbon compensation rate of the YRB showed a downward trend from 2005 to 2019, falling by 0.94, and the specific pattern was "high in the northwest and low in the southeast". The spatial distribution is roughly spread along the east–west axis, and the distribution axis and the center of gravity keep shifting to the northwest. It also showed a weak divergence and a bifurcation trend. (2) The carbon compensation rate in the YRB passed the spatial correlation and β convergence tests, demonstrating the existence of spatial correlation and a "catch-up effect" among cities. (3) The overall distribution pattern of the carbon compensation potential in the YRB is a "low in the west and high in the east" pattern, and its value increased by 8.86% during the sampled period. (4) The network correlation of carbon compensation potential in the YRB has been significantly enhanced, with the downstream region being more connected than the upstream region. (5) The Shandong Peninsula Urban Agglomeration has the largest network center, followed by the Central Plains Urban Agglomeration, and the Ningxia along the Yellow River Urban Agglomeration has the fewest linked conduction paths. According to the research results, accurate and efficient planning and development suggestions are proposed for urban agglomeration in the Yellow River Basin. [ABSTRACT FROM AUTHOR]

Under the carbon neutrality goal, coal enterprises must seek breakthroughs from abandoned mines, develop new resources in the new era, turn problems into countermeasures, and participate in the carbon emissions market, for contributing to the accomplishment of the national strategic goal of carbon neutrality. To this end, we investigated the relevant national policies and regulations to clarify the boundaries disclosed by the carbon information of enterprises, understood the development direction of carbon storage in abandoned mines, and clarified the transformation and development of carbon storage in abandoned mines. We made a few suggestions: (1) China should learn from its past experience and other countries to develop the energy industry with Chinese characteristics and reform the economic system. (2) Coal enterprises must actively respond to the national carbon information disclosure policy, clarify their own responsibilities and carbon emission boundaries. (3) It is necessary to proactively obtain advanced knowledge and plan carbon storage pathways for abandoned mines. (4) Development problems of coal enterprises should be deduced using cases. The 'dual carbon' goals should be achieved steadily step-by-step. (5) Three measures, i.e. improving the existing resource structure, coordinating the information of abandoned mines, and promoting the cultivation of scientific and technological talents. [ABSTRACT FROM AUTHOR]

As the climate is warming up and climate disasters occur more frequently, China's carbon peak and carbon neutrality targets are gaining attention, with provinces starting to set carbon peak targets and constantly exploring low carbon economic development opportunities. However, the existing evaluation index system mainly focuses on low carbon cities and green cities, and there is no evaluation index system for carbon peak and carbon neutrality. This study adopts a combination of theoretical and empirical research and draws on domestic and international research results to construct the first index system for evaluating China's provincial carbon peak and carbon neutrality. The evaluation index system includes 18 indicators from three dimensions: climate ambition, low carbon status, and emissions trends. Using this index system, we calculated the carbon peak and carbon neutrality indices of 30 Chinese provinces. Further, the 30 provinces were classified into six categories, and corresponding policy recommendations for achieving the "Dual carbon" targets were put forward. The evaluation index system constructed in this paper can provide a reference for future carbon peak and carbon neutrality assessments. By disclosing the integrated index of each province, we hope to effectively curb the increasing local carbon emissions; avert inaction in areas with good natural endowments; and motivate the advancement of the latter, to boost the implementation of the "Dual carbon" targets coherently for the whole country. [Display omitted] • An integrated evaluation system on China's Provincial "Dual carbon" was proposed. • 30 provinces in mainland China were ranked based on the integrated index. • 6 groups were classified to show provincial differences on dual carbon performance. • Policy recommendations to fulfill China's climate commitment were put forward. [ABSTRACT FROM AUTHOR]

The mismatch between carbon transfer and economic benefits embodied in inter-provincial trade generates carbon inequality among provinces. Exacerbating carbon inequality would diminish the effectiveness of carbon policy, thereby challenging the realization of carbon neutrality target in China. Combining the network analysis and multi-regional input-output (MRIO) analysis, this paper depicted the unbalanced relationship between carbon transfer and value-added flow embodied in inter-provincial trade of China during 2012–2017 to shed light on the evolution features of trade-attributed carbon inequality from a multi-dimensional perspective. The research findings reveal that the carbon inequality embodied in inter-provincial trade of China has increased significantly during the study period, as the coefficient of structural equivalence between carbon transfer network and value-added transfer network decreased from 0.772 in 2012 to 0.634 in 2017. Different environmental regulation intensities and economic development levels among provinces are the main factors triggering the trade-attributed carbon inequality. During the surveyed years, some provinces such as Beijing, Tianjin, and Jiangsu have changed their roles from the drivers of carbon inequality to the leaders of green trade. Whilst some provinces located in the Northwest China which include Ningxia, Gansu, and Inner Mongolia are still placed in inferior positions in trade, and remain as the victims suffering from carbon inequality. The detected provincial communities present geographic adhesiveness and they are basically consistent with national urban agglomeration development planning. The research findings urge the need to shift from local carbon reduction to collective governance of carbon reduction, and provide supportive references for Chinese governments to develop integrated solutions and tailor-made policies towards equitable and sustainable development. • Network analysis is applied to unfold the evolution of trade-attributed carbon inequality. • The trade-attributed carbon inequality of China has increased significantly during 2012–2017. • Environmental regulation and economic development are the main factors of the carbon inequality. • Some provinces (Beijing, etc.) changed roles from drivers of carbon inequality to leaders of green trade. • Some provinces (Ningxia, etc.) remain as the victims suffering from carbon inequality. [ABSTRACT FROM AUTHOR]

Under the guidance of China's goal of achieving carbon neutrality by 2060, the petrochemical industry is increasingly adopting energy-saving and emission-reduction technologies. To realize the low carbon operation of the LNG (liquefied natural gas) receiving terminal, an innovative SCV (submerged combustion vaporizer) flue gas carbon capture system using LNG cold energy was established, and the system also combined with an ORC (organic Rankine cycle). HYSYS software was used to simulate the process of the SCV flue gas carbon capture system and the LNG regasification system. The simulation results showed that the proposed system has low carbon emission and low energy consumption performance. Moreover, the sensitivity analysis of the evaporation pressure of working fluids, CO2 capture pressure, and CO2 capture temperature was carried out. The key parameters were optimized by HYSYS software to achieve the optimal operation cost of the system. When the evaporation pressure of working fluids, CO2 capture pressure, and CO2 capture temperature were set as 1300 kPa, 750 kPa, and 143.15 K, respectively, the optimized system resulted in an exergy efficiency of 13.63%, an LNG cold exergy utilization rate of 77.49%, a CO2 capture rate of 94.9%, and a CO2 capture capacity of 6620.4 kg/h. [ABSTRACT FROM AUTHOR]

Carbon market, which is capable of scientific quantifying and marked-based pricing of carbon emission, is an important way for countries to achieve the target of carbon emission reduction. The global carbon market, after more than ten years of development, has developed a mature mechanism. China started the trial of carbon market in 2011. After ten years of exploration, the national carbon trading market was officially launched in mid-July 2021. Against the backdrop of carbon neutrality, the national carbon market will shoulder a greater mission of carbon emission reduction and speed up its financialization and internationalization. However, it should take a dialectical attitude toward the opportunities and risks of carbon market financialization. In the future, China can promote the development of carbon market through efforts to develop market participants, clarify the attributes of carbon finance, prevent potential risks of carbon finance, improve the connection mechanism with the international carbon market, and innovate carbon finance services. [ABSTRACT FROM AUTHOR]

China's economic growth has entered "new normal," and the task of reducing carbon emissions has become more onerous. Hence, this study aimed to explore whether China's carbon emissions trading pilot policy stimulated corporate green innovation capabilities. The data pertained to the green patent data of the listed companies in Shanghai and Shenzhen stock exchanges during 2008-2018. Using a difference-in-difference-in-differences (DDD) method, the study took advantage of the variations across regions, across enterprises, and across years and obtained several novel findings. First, the pilot carbon emissions trading policy significantly stimulated the green innovation capabilities of emission control companies in the pilot areas compared with enterprises in nonpilot areas and the nonemission control list. Second, the effect of the policy on the improvement in corporate green innovation capabilities might be driven by the improvement in corporate input factor allocation efficiency and the additional benefits that could be obtained from the carbon trading market. Third, the positive effect of the policy on the green innovation capabilities of state-owned enterprises was more significant. Therefore, the establishment and promotion of a unified national carbon emissions trading market and supporting mechanisms should be accelerated to achieve the balance of stable economic growth and carbon emission task. [ABSTRACT FROM AUTHOR]

Climate change has put countries around the world under great pressure to reduce greenhouse gas emissions. Chinese government has proposed that China will strive to peak carbon dioxide emissions before 2030 and achieve carbon neutrality before 2060. A low-carbon lifestyle is becoming a new trend in China. Therefore, the products of firms that actively respond to climate change are more popular for consumers in China. In the Internet era, the carbon information disclosed by firms has become an important way for consumers to understand the behavior of firms in responding to climate change. In the existing literature on the influencing factors of carbon information disclosure, the psychological factors of executives are seldom investigated. Using a sample of Chinese listed firms in low-carbon pilot provinces and cities during the period of 2015–2019, this study explores the influence of government regulation and executive overconfidence on the quality of carbon information disclosure. The results show that government regulation has a significantly positive impact on the quality of carbon information disclosure. The results also reveal that executive overconfidence negatively affects the quality of carbon information disclosure. Moreover, executive overconfidence negatively moderates the relationship between government regulation and the quality of carbon information disclosure. Our findings make a significant contribution to the role of executive's psychological factors in firm's behaviors and provide new insights and policy implications for government, firms, consumers, and other stakeholders. [ABSTRACT FROM AUTHOR]