Impact of environmental target constraints on the low-carbon transformation of China's energy structure.

Accelerating the low-carbon transformation of the energy consumption structure is an important way to realize Chinese-style green modernization and development. Given the specificity of China's resource endowment and regional differences in energy distribution, the degree of reliance on coal varies greatly from region to region. Therefore, the differential impact of this dependence on the low-carbon transformation of the energy structure deserves high attention. To systematically assess the impact of environmental target constraints on the low-carbon transformation of the energy consumption structure in coal resource-dependent regions, this study was conducted on the basis of a theoretical analysis of the intrinsic influence of environmental target constraints on the regional energy consumption structure as well as the regulating mechanisms played by economic growth pressures and green finance. Taking the environmental target constraint system with Chinese characteristics as a quasi-natural experiment and the panel data of 30 provinces in China from 2003 to 2020 as a sample, the study used a generalized difference-in-differences model to empirically test the impact of environmental target constraints on the low-carbon transition of the regional energy consumption structure, and discussed the moderating roles of the pressure of economic growth and green finance on this impact. The results showed that: (J) After the implementation of the environmental target constraint system, the energy consumption structure of coal resource-dependent regions deteriorated significantly compared with that of non-coal resource-dependent regions, which supported the existence of the ' green paradox' phenomenon. This conclusion remained robust after considering the impact of related policies and the use of synthetic instrumental variables to deal with the endogeneity problem. © The test of the impact mechanisms showed that in coal resource-dependent areas, local governments were more motivated to promote the low-carbon transformation of the energy consumption structure under the pressure of the ' dual targets' of environmental target constraints and the economic growth target. Affected by the level of financial regulation and the ' green-washing' behavior of enterprises, green finance exacerbated the dilemmas of energy transformation in coal resource-dependent areas. © An expansive analysis based on the regional market environment showed that the inhibitory effect of environmental target constraints on the low-carbon transition of the energy consumption structure was more prominent in regions with low marketization levels than in those with high marketization levels. The study suggests attaching great importance to the structural adjustment of energy consumption in coal resource-dependent regions and promoting the low-carbon transformation of the energy structure in an orderly manner according to local conditions. Meanwhile, the study also highlights the importance of taking ' green' as a defining feature of local economic growth and leading local economic growth with the green development concept. In addition, a scientific and efficient green financial regulatory system should be built to ensure that green financial funds are truly used for green and low-carbon projects. It is also necessary to improve the market-based environmental regulatory mechanism to create a favorable business environment. [ABSTRACT FROM AUTHOR]