CLC number: X321

Spatial Effects of Carbon Emission Trading Policy on Energy Efficiency in China: Mediating Role of Financial Efficiency and Industrial Structure

碳排放权交易政策对中国能源效率的空间效应：金融效率和产业结构的中介作用

School of Mathematics-Physics and Finance, Anhui Polytechnic University, Wuhu 241000, Anhui, China

^† Corresponding author. E-mail: This email address is being protected from spambots. You need JavaScript enabled to view it.

Received: 13 August 2024

Abstract

China has implemented Carbon Emission Trading Policy (CETP) to address climate change and the energy crisis since 2013. However, the spatial spillover effects of CETP on energy efficiency have received limited attention. This study addresses this deficiency by applying the spatial difference-in-differences (SDID) model to assess the impact of CETP on energy efficiency and its spillover effects across a balanced panel dataset covering 30 provinces and province-level municipalities of China from 2008 to 2020. The results reveal that CETP has significantly improved regional energy efficiency, with positive spatial spillovers observed across provincial boundaries, implying that CETP's benefits extend beyond geographical borders. Notably, although the spatial correlation of energy efficiency has remained positive, it has shown a gradual weakening trend since 2013. Further mechanistic analysis reveals that CETP improves energy efficiency by optimizing industrial structures and restricting financial efficiency. Finally, the policy has been particularly effective in the western regions of China and in areas with high pollution and stringent environmental law enforcement. This study provides a valuable reference for policymakers on integrating financial and industrial strategies with energy policies and offers a scientific foundation for the potential nationwide expansion of CETP.

摘要

中国自2013年起开始实施碳排放权交易政策(CETP)，以应对气候变化和能源危机。然而CETP对能源效率的空间溢出效应受到的关注有限。为了弥补这一不足，本研究建立空间双重差分(SDID)模型，基于2008-2020年30个省和直辖市的平衡面板数据，评估CETP对能源效率的影响及其空间溢出效应。研究结果表明CETP显著提高了地区能源效率，且在省际间存在正的空间溢出效应，这说明CETP的影响超出了地理边界。值得注意的是虽然能源效率的空间相关性一直保持正值，但自2013年以来呈现逐渐减弱的趋势。进一步的机制分析表明，CETP通过优化产业结构和限制金融效率来提高能源效率。最后，该政策在中国西部地区以及高污染和环境执法严格的地区尤为有效。本研究为政策制定者整合金融和产业战略与能源政策提供了有益参考，并为CETP在全国范围内的推广提供了科学依据。