{"title":"Investigating the role of emissions trading system in reducing enterprise energy intensity: Evidence from China","authors":"Wei Shi , Yue-Jun Zhang , Jing-Yue Liu","doi":"10.1016/j.eneco.2024.108005","DOIUrl":null,"url":null,"abstract":"<div><div>This paper provides retrospective enterprise-level evidence on the role of the emissions trading system (ETS) in reducing the energy intensity of China's high‑carbon enterprises. The empirical results indicate several key findings: First, in China's ETS pilot regions, the ETS has significantly reduced high‑carbon enterprises' energy intensity by 22.4 % during the sample period, which means ETS has indeed played an anticipated energy-saving effect in China. Second, the ETS has exerted a signal effect on high‑carbon enterprises outside the pilot regions, which suggests that the actual effectiveness of China's ETS may be higher than initially anticipated. Third, the energy-saving effect of China's ETS can be achieved through green technology innovation and digital transformation. Finally, the effect of China's ETS on energy intensity varies significantly by regional development, industry attributes, enterprise characteristics, and carbon market performance.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"140 ","pages":"Article 108005"},"PeriodicalIF":13.6000,"publicationDate":"2024-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0140988324007138","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}
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Abstract
This paper provides retrospective enterprise-level evidence on the role of the emissions trading system (ETS) in reducing the energy intensity of China's high‑carbon enterprises. The empirical results indicate several key findings: First, in China's ETS pilot regions, the ETS has significantly reduced high‑carbon enterprises' energy intensity by 22.4 % during the sample period, which means ETS has indeed played an anticipated energy-saving effect in China. Second, the ETS has exerted a signal effect on high‑carbon enterprises outside the pilot regions, which suggests that the actual effectiveness of China's ETS may be higher than initially anticipated. Third, the energy-saving effect of China's ETS can be achieved through green technology innovation and digital transformation. Finally, the effect of China's ETS on energy intensity varies significantly by regional development, industry attributes, enterprise characteristics, and carbon market performance.
期刊介绍：
Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.
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