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The electricity system faces load-matching pressure due to imbalances during peak times or extreme weather, making it costly to phase out coal-fired electricity and reduce carbon emissions. The electricity spot market pilot (ESMP) policy provides reserve capacities for grids, but its effectiveness on green economic development is still unknown. Therefore, using panel data from 286 cities in China from 2006 to 2019, this study analyzes the impact of the ESMP policy on green economic performance. The results indicate a significantly positive effect of the ESMP policy on green economic performance. In addition, the policy could help to phase out 6.3% of coal-fired capacity, on average, reduce coal-fired equipment utilization hours by 0.9%, and increase renewable equipment utilization hours by 4% in pilot regions. These findings provide new insights into ESMP policy and green economic development. [ABSTRACT FROM AUTHOR]

As a financial instrument and a crucial component of the environmental governance system, the comprehensive impacts of green credit on both the economy and the environment remain unclear. This study examines Chinese provincial data from 2001 to 2018 and employs multiple models to assess the dynamic effects of green credit on carbon productivity. The findings indicate a significant positive influence of green credit on carbon productivity within local and surrounding areas. Furthermore, the promotion effect of green credit on carbon productivity is mainly through energy structure transformation, upgrading of industrial structure and green technology innovation. Interestingly, when considering the spatiotemporal aspect, we observe an initial marginal negative impact of green credit on carbon productivity, which subsequently transitions to a positive effect. The regions demonstrating the highest positive impacts of green credit are primarily concentrated in the southwestern region rich in renewable energy and the economically developed eastern coastal region. [ABSTRACT FROM AUTHOR]