Has China's Carbon Emissions Trading Policy Induced Energy Conservation and Emissions Reduction in the Power Sector?
基于2005-2021年企业、行业和省级数据，采用双重差分和事件研究法，发现中国碳交易政策使电力部门CO2排放显著降低12.4%，但对节能无显著影响，且存在三年滞后效应。
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<sub xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink">2</sub> 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.