Abstract
Constructing and adopting a novel and unique carbon emission (CO 2 ) and economic county-level panel dataset from 2009 to 2017, this paper employs the continuous difference-in-differences (DID) identification framework and is among the first to conduct an evaluation of CO 2 reduction effect of China’s emission trading scheme (ETS) pilot markets from the dual perspective of price and scale. The empirical results emerge that the increase of transaction price and the expansion of transaction volume in ETS pilots have a persistent and significant influence on CO 2 reduction. Meanwhile, it is found the rising of transaction price in ETS can be effective on CO 2 reduction by improving the energy structure transition, however, optimization of industrial structure and the development of ICT might be the essential channels driven by the expansion of transaction volume. Besides, the benchmarking allocation method can strengthen the price effect of ETS, while the grandfathering method strengthens the scale effect of ETS further. In the end, we attempt to identify the synergistic effect on contaminants and find it is more significant to the pollutants with gas state.
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