Research On The Impact Of Carbon Trading Policy On China’s Environment And Economy

With the continuous progress of industrialization and urbanization,energy demand is increasing,greenhouse gas emissions are serious,and global warming is becoming increasingly prominent,which has seriously threatened the survival and development of human beings.Therefore,people actively seek a series of sustainable development models such as green economy and low carbon economy to deal with these problems.Carbon emissions trading policy is an important measure to realize the "double carbon"(carbon peak and carbon neutral)target and promote the low carbon economy transformation.In theory,the means of introducing market mechanism of carbon emissions trading is an effective method to realize the carbon dioxide emission reduction,and at the same time reasonable stringent environmental regulation will fully stimulate technological innovation,promoting economic growth.As a means of emission reduction,carbon emission trading was first proposed in the Kyoto Protocol.After that,various countries began to explore the construction of carbon emission trading market in order to achieve carbon emission reduction targets and seek new breakthroughs in economic growth through the establishment of carbon emission trading market.China has also actively responded to the international call for emission reduction,fulfilled international emission reduction commitments,applied market-oriented means to the field of carbon emission reduction,and constantly explored the development road of establishing carbon emission trading market with Chinese characteristics.The construction of China’s carbon emission trading market has been advancing steadily in a gradual manner since the deployment of carbon emission trading pilot in 2011,the launch of seven carbon emission trading pilot approved by the state in 2013,and the official launch of the unified national carbon emission trading market in July 2021.It is of great significance to study whether the implementation of China’s carbon emission trading policy will bring double dividends to China’s economic development and environmental protection,and to investigate the effectiveness and mechanism of carbon emission trading policy for China’s development and improvement of a unified national carbon emission trading market.In view of this,first of all,considering that the policy goal of carbon trading is to achieve carbon dioxide emission reduction,this paper examines the impact of carbon trading policy on carbon dioxide emissions to evaluate the environmental effects of the policy.In addition,carbon emission trading policy is also a market-oriented means of environmental regulation.As a test of "Porter hypothesis",this paper evaluates the economic effect of carbon trading by examining the impact of carbon trading policy on industrial added value,and verifies whether it achieves economic dividend.To be specific,based on the quasi-natural experiment of carbon trading pilot implemented in seven provinces and cities in China since 2013,this paper constructs an econometric model based on the dual difference method.After making a more accurate measurement of regional carbon dioxide emissions,controlling various factors that may affect the result variables and eliminating the fixed effects of region and time,The environmental and economic effects of China’s carbon emission trading policy are evaluated,and the robustness of this method is verified by propensity matching score.Secondly,this paper makes an empirical analysis of the dynamic effects of the implementation of the policy,and explores the dynamic effects of the environmental and economic effects of the carbon trading policy.Finally,this paper also carries out theoretical analysis on the mechanism of realizing the Porter effect of carbon emission trading policy,and empirically tests the mechanism of reducing emissions and promoting economic growth of carbon emission trading policy through the mediation effect analysis method.It is found that China’s carbon emission trading pilot policy has a significant emission reduction effect,promoting carbon dioxide emission reduction in the pilot area,and its emission reduction effect has a dynamic effect,and the inhibition effect on carbon dioxide emissions is persistent,and the inhibition effect is increasing year by year.Carbon emission trading pilot areas have achieved carbon dioxide emission reduction by reducing total energy consumption,improving energy utilization efficiency of enterprises,adjusting energy consumption structure and promoting green technology innovation of enterprises.In addition,carbon trading policies also promote economic growth by increasing enterprise value and innovation compensation,and realize economic dividend,which verifies Porter’s hypothesis.