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Abstract
Identifying the policy effect of Energy-Consuming Right Trading (ECRT), clarifying its mechanism of energy conservation and consumption reduction, is beneficial to realize the win–win situation of economic growth and emission reduction in China. This study first builds a Propensity Score Matching–Difference-in-Differences (PSM-DID) model and empirically tests the impact of Energy-Consuming Right Trading policy on energy intensity in pilot areas based on inter-provincial panel data from 2010 to 2019. Then the policy mechanism was analyzed by further regression, and the spatial effects of the policy were explored by the Spatial Difference-in-Differences (SDID) model. The results show that: (1) The policy can reduce energy intensity by 6.4% to 10.2% in the pilot area. (2) The policy mainly achieves energy consumption reduction by optimizing the industrial structure and promoting scientific and technological input, while the resource tax intensity and the proportion of coal consumption also have synergistic and hindering effects on the policy. (3) There is a significant spatial spillover effect of the policy; it can reduce the energy intensity of the adjacent areas of the pilot by 5.3% and the areas with a high economic association with the pilot by 12%. The conclusion is that China’s Energy-Consuming Right Trading policy can effectively control energy consumption, and the policy shows an excellent positive external effect, worth nationwide implementation. Finally, some policy suggestions are put forward according to the results of the empirical analysis.
Highlights
In order to overcome the selection bias caused by inter-sample heterogeneity and reduce the bias of the results of the Differences model (DID) regression, we first constructed the control group through the Propensity Score Matching (PSM) method
The regression results indicate that whether control variables are added or not, Energy-Consuming Right Trading (ECRT) has a certain effect on energy consumption reduction, and the policy effect is around a 6.4–10.2% reduction of energy intensity
China has been trying to accelerate the realization of carbon peaks in a variety of ways, and the ECRT policy with “Chinese characteristics” is a new attempt to achieve this goal
Summary
Publisher’s Note: MDPI stays neutral with regard to jurisdictional claims in published maps and institutional affiliations. With the development of economies, the consumption of energy in human society has increased rapidly, leading to an unprecedented “energy crisis”. As a non-renewable energy source, high-intensity consumption of fossil energy will reduce social and economic welfare and threaten national energy security [1,2]. More serious is the carbon dioxide emitted by the large-scale burning of fossil fuels exacerbates global warming and environmental pollution. According to the latest report from the Intergovernmental Panel on Climate
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