Abstract
China's photovoltaic (PV) product exports satisfy the renewable energy demand for international carbon market construction, contributing to the global carbon neutralization process with China's power. Based on the panel data of PV trade from 2000 to 2020, this paper empirically investigates the impact of global carbon market policies on China's PV product exports and its potential impact mechanism using a multi-period DID model. The study results show that (1) International carbon market policies significantly promote the export of Chinese PV products. (2) Mechanism analysis shows that two essential transmission channels are increased demand for renewable energy and reduced consumption of traditional fossil energy in carbon market countries. (3) Carbon market maturity strengthens the positive effect of the international carbon market on China's PV product exports. (4) Further research finds that international carbon market policies affect China's PV exports more pronounced in high-income, trade-friendly, and high-technology countries. The results of this paper reveal the vital contribution of China's PV industry in promoting global climate governance and environmental protection and provide some insights into how to promote and improve the shared prosperity and sharing of the renewable energy industry in the context of global carbon neutrality.
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