{"title":"Has China's Carbon Emissions Trading Policy Induced Energy Conservation and Emissions Reduction in the Power Sector?","authors":"Wei Shi;Yue-Jun Zhang;Jing-Yue Liu","doi":"10.1109/TEM.2024.3450523","DOIUrl":null,"url":null,"abstract":"China's carbon emissions trading (CET) policy is a major market-oriented environmental policy that promotes energy conservation and emissions reduction. However, it is still in the initial stage of development, and its effectiveness is still highly controversial. Therefore, this article employs the difference-in-differences and event study methods to determine whether China's CET policy can promote energy conservation and emissions reduction in the power sector based on a comprehensive dataset containing power enterprise, power sectoral, and provincial data from 2005 to 2021. The results indicate that China's CET policy has significantly reduced CO\n<sub>2</sub>\n emissions in the power sector by 12.4% during the sample period, but it has no significant effect on energy conservation; in addition, China's CET policy has not exerted an expectation effect on energy conservation and emissions reduction in the power sector but has a three-year lag effect; finally, investing in renewable power generation has become the primary measure for power sector to respond to CET regulations.","PeriodicalId":55009,"journal":{"name":"IEEE Transactions on Engineering Management","volume":null,"pages":null},"PeriodicalIF":4.6000,"publicationDate":"2024-08-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"IEEE Transactions on Engineering Management","FirstCategoryId":"91","ListUrlMain":"https://ieeexplore.ieee.org/document/10652894/","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS","Score":null,"Total":0}
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Abstract
China's carbon emissions trading (CET) policy is a major market-oriented environmental policy that promotes energy conservation and emissions reduction. However, it is still in the initial stage of development, and its effectiveness is still highly controversial. Therefore, this article employs the difference-in-differences and event study methods to determine whether China's CET policy can promote energy conservation and emissions reduction in the power sector based on a comprehensive dataset containing power enterprise, power sectoral, and provincial data from 2005 to 2021. The results indicate that China's CET policy has significantly reduced CO
2
emissions in the power sector by 12.4% during the sample period, but it has no significant effect on energy conservation; in addition, China's CET policy has not exerted an expectation effect on energy conservation and emissions reduction in the power sector but has a three-year lag effect; finally, investing in renewable power generation has become the primary measure for power sector to respond to CET regulations.
中国的碳排放权交易（CET）政策是一项以市场为导向、促进节能减排的重要环境政策。然而，该政策仍处于发展的初级阶段，其有效性仍存在很大争议。因此，本文采用差分法和事件研究法，基于 2005 年至 2021 年电力企业、电力部门和省级数据的综合数据集，探讨中国的 CET 政策能否促进电力行业的节能减排。结果表明，在样本期内，中国的 CET 政策使电力行业的二氧化碳排放量大幅减少了 12.4%，但对节能减排没有显著影响；此外，中国的 CET 政策对电力行业的节能减排没有产生预期效应，而是产生了三年的滞后效应；最后，投资可再生能源发电成为电力行业应对 CET 法规的主要措施。
期刊介绍：
Management of technical functions such as research, development, and engineering in industry, government, university, and other settings. Emphasis is on studies carried on within an organization to help in decision making or policy formation for RD&E.
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