The Impact of Carbon Trading Policy on Breakthrough Low-Carbon Technological Innovation
Abstract
:1. Introduction
2. Literature Review and Theoretical Analysis
2.1. Literature Review
2.2. Theoretical Analysis
3. Model Building
4. Empirical Analysis of Carbon Trading Policies on Breakthrough Low-Carbon Technological Innovation
4.1. Variable Selection and Data Sources
4.1.1. Explanatory Variables
4.1.2. Interpreted Variables
4.1.3. Control Variables
4.2. Empirical Results and Analysis
4.2.1. Variable Descriptive Statistics
4.2.2. Basic Regression Results
4.2.3. Robustness Testing
Parallel Trend Testing
Change Variables
4.2.4. Heterogeneity Analysis
Regional Heterogeneity
Technical Type Heterogeneity
5. Conclusions and Research Prospects
5.1. Conclusions
- (1).
- Carbon trading policies play a significant role in promoting overall low-carbon technological innovation and progressive low-carbon technological innovation, and a carbon trading policy lag phase can significantly promote breakthrough low-carbon technological innovation.
- (2).
- The effects of pilot policies show heterogeneity in different regions. Hubei Province responds quickly to the policies, while the other four provinces and cities, Beijing, Shanghai, Tianjin and Guangdong, lag behind in promoting breakthrough low-carbon technological innovation. Moreover, the carbon trading policies of Chongqing Municipality have no impact on breakthrough low-carbon technological innovation.
- (3).
- The carbon trading policy lag in the first phase has a significant effect on promoting both renewable energy technology and CCS technology, and the promotion effect on renewable energy technology is even greater.
5.2. Policy Suggestions
- (1).
- Breakthrough low-carbon technological innovation has the attributes of public goods. It is difficult to achieve innovation, and the income is uncertain, and therefore, it needs the protection of the government. First of all, we must strengthen institutional guarantees. In breakthrough low-carbon technological innovation, it is necessary to strengthen infrastructure and technical support, improve legal and regulatory mechanisms, and provide institutional guarantees for China’s breakthrough low-carbon technological innovation. Secondly, it is necessary to increase financial support, for example, by providing funds for research and development institutions working on breakthrough low-carbon technologies, and encourage enterprises and institutions to actively carry out breakthrough low-carbon technological innovation. At the same time, the state should formulate sound policies and regulations to ensure that financial subsidies can be invested in relevant technological research and development. They should make full use of carbon trading, a market-driven environmental regulation, to diversify the investment and financing channels of breakthrough low-carbon technological innovation and reduce the risk of innovation.
- (2).
- Different regions in China have different levels of economic development, industrial structure and resource endowments. When formulating policies, we should also consider the differences between regions, and we should not take a “one size fits all” approach. We should formulate reasonable carbon emission reduction targets according to the different characteristics of each province and city. At the same time, different industries have different characteristics, and different industries have different responses under the same policy. Therefore, carbon trading policies should be implemented according to the characteristics of industries, and enterprises with high emission reduction costs should be given a certain time buffer. As the largest developing country, China’s future carbon emission trading market covers a wide range of emission subjects, so it is difficult to give consideration to fairness and efficiency in different regions and industries. Therefore, we can learn from the experience of the relatively mature EU carbon trading market. We should formulate flexible policies for industries in different regions to maximize regional coordinated development.
- (3).
- Talent input is the key to improving the level of breakthrough low-carbon technological innovation. To promote breakthrough low-carbon technological innovation, we must attract outstanding scientific and technological personnel at home and abroad and encourage universities, scientific research institutions and enterprises to carry out international cooperation. China is rich in human resources. We should make good use of these talents, strengthen education in these talents, strive to cultivate high-tech talents, and at the same time, increase support for those who exhibit these talents. In addition, we must have a sound scientific management system and fully develop the role of talent investment in breakthrough low-carbon technological innovation.
5.3. Research Prospects
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Variable | Observations | Mean | Standard Deviation | Minimum | Maximum |
---|---|---|---|---|---|
BTI | 144 | 92.76 | 142.0 | 0 | 786 |
IS | 144 | 0.914 | 0.317 | 0.518 | 2.427 |
lnPGDP | 144 | 10.61 | 0.353 | 9.706 | 11.48 |
lnER | 144 | 5.355 | 0.853 | 3.096 | 6.860 |
lnFDI | 144 | 5.235 | 1.630 | 0.690 | 7.722 |
lnRD | 144 | 10.90 | 1.152 | 8.335 | 13.21 |
Variable | Observations | Mean | Standard Deviation | Minimum | Maximum |
---|---|---|---|---|---|
BTI | 36 | 190.9 | 140.8 | 19 | 602 |
IS | 36 | 1.529 | 1.059 | 0.105 | 4.165 |
lnPGDP | 36 | 11.13 | 0.397 | 10.44 | 11.68 |
lnER | 36 | 5.493 | 0.458 | 4.279 | 6.502 |
lnFDI | 36 | 6.536 | 0.643 | 5.228 | 7.424 |
lnRD | 36 | 11.95 | 0.710 | 10.61 | 13.15 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
BTI | GTI | Ti | BTI | |
8.007 | 2694.484 ** | 2702.491 ** | ||
(13.264) | (1189.473) | (1193.779) | ||
38.774 *** | ||||
(13.530) | ||||
lnPGDP | 3.407 | 1477.364 | 1480.771 | 39.001 |
(19.857) | (2081.570) | (2096.867) | (61.160) | |
lnER | −13.821 | 499.284 | 485.463 | −29.848 ** |
(10.978) | (677.904) | (683.908) | (12.568) | |
IS | −1.331 | −75.654 | −76.984 | −20.170 |
(27.678) | (1782.298) | (1799.527) | (29.076) | |
lnFDI | 5.176 | 380.964 | 386.140 | 3.799 |
(8.893) | (544.671) | (550.793) | (9.484) | |
lnRD | 59.468 | 5866.466 * | 5925.935 * | 27.508 |
(55.721) | (3290.858) | (3330.643) | (68.349) | |
_cons | −538.425 | −81,093.870 * | −81,632.295 * | −448.251 |
(731.441) | (46,080.808) | (46,602.008) | (931.336) | |
N | 180 | 180 | 180 | 150 |
r2 | 0.945 | 0.885 | 0.888 | 0.957 |
ar2 | 0.929 | 0.852 | 0.856 | 0.942 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
lnBTI | BTI | BTI | BTI | BTI | BTI | |
0.203 * | 40.040 *** | 39.968 *** | 37.164 ** | 37.229 ** | 37.230 ** | |
(0.112) | (13.251) | (13.299) | (14.834) | (15.145) | (14.773) | |
lnPGDP | −0.443 | 18.042 | 38.280 | 56.523 | 0.051 | |
(0.841) | (58.775) | (54.531) | (56.010) | (48.701) | ||
lnER | −0.001 | −25.962 ** | −26.342 ** | −25.101 ** | ||
(0.124) | (11.340) | (11.349) | (10.543) | |||
IS | −0.296 | −22.335 | −17.340 | |||
(0.240) | (29.279) | (28.461) | ||||
lnFDI | −0.107 | 7.888 | ||||
(0.087) | (7.943) | |||||
lnRD | −0.178 | |||||
(0.537) | ||||||
_cons | 11.655 | 39.775 | −137.914 | −359.010 | 113.863 | 114.415 *** |
(8.399) | (622.854) | (582.449) | (574.403) | (521.505) | (3.697) | |
N | 150 | 150 | 150 | 150 | 150 | 150 |
r2 | 0.958 | 0.957 | 0.957 | 0.956 | 0.955 | 0.955 |
ar2 | 0.943 | 0.942 | 0.942 | 0.943 | 0.941 | 0.942 |
(1) | (2) | (3) | (4) | (5) | (6) | |
---|---|---|---|---|---|---|
Four Provinces | Four Provinces | Hubei | Hubei | Chongqing | Chongqing | |
−13.657 | 38.897 * | 4.562 | ||||
(26.557) | (22.169) | (22.372) | ||||
44.535 ** | 40.597 * | 28.464 | ||||
(20.752) | (22.969) | (20.706) | ||||
lnPGDP | 31.574 | −40.830 | −26.769 | −65.592 | 113.187 | 167.766 |
(51.279) | (136.322) | (17.297) | (141.875) | (81.838) | (111.160) | |
lnER | −2.850 | −41.163 * | 4.154 | 1.704 | 8.677 | 8.479 |
(26.556) | (20.685) | (11.019) | (11.053) | (14.681) | (19.740) | |
IS | −45.994 | −54.316 | 17.940 | −13.635 | 80.566 * | 102.022 ** |
(71.033) | (67.891) | (25.644) | (22.015) | (46.713) | (49.121) | |
lnFDI | 13.798 | 29.169 | 24.031 | 20.117 | −14.389 ** | −14.396 ** |
(18.040) | (20.622) | (27.272) | (36.729) | (6.584) | (6.318) | |
lnRD | 48.796 | 68.319 | 24.167 | 31.172 | 40.614 | 0.527 |
(136.674) | (185.767) | (48.969) | (76.929) | (39.026) | (32.411) | |
_cons | −722.616 | −25.738 | −111.744 | 288.563 | −1611.416 * | −1800.615 |
(1731.578) | (2144.088) | (669.079) | (1286.238) | (915.681) | (1123.660) | |
N | 72 | 60 | 54 | 45 | 54 | 45 |
r2 | 0.950 | 0.963 | 0.856 | 0.869 | 0.850 | 0.884 |
ar2 | 0.938 | 0.957 | 0.850 | 0.858 | 0.849 | 0.881 |
(1) | (2) | (3) | (4) | |
---|---|---|---|---|
CN | CCS | CN | CCS | |
7.516 | 0.491 | |||
(13.145) | (0.621) | |||
37.283 *** | 1.491 * | |||
(13.481) | (0.754) | |||
lnPGDP | 3.994 | −0.586 | 43.863 | −4.862 |
(20.018) | (0.692) | (61.989) | (3.123) | |
lnER | −13.766 | −0.054 | −29.594 ** | −0.255 |
(11.019) | (0.478) | (12.649) | (0.567) | |
IS | −2.477 | 1.146 | −21.016 | 0.846 |
(28.013) | (1.194) | (29.771) | (1.578) | |
lnFDI | 5.533 | −0.357 | 4.179 | −0.381 |
(8.877) | (0.308) | (9.462) | (0.286) | |
lnRD | 58.473 | 0.995 | 24.705 | 2.803 * |
(55.769) | (1.267) | (68.249) | (1.551) | |
_cons | −535.680 | −2.745 | −472.785 | 24.534 |
(733.785) | (18.856) | (938.252) | (38.038) | |
N | 180 | 180 | 150 | 150 |
r2 | 0.944 | 0.588 | 0.956 | 0.595 |
ar2 | 0.928 | 0.469 | 0.940 | 0.451 |
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Fang, C.; Wang, W.; Wang, W. The Impact of Carbon Trading Policy on Breakthrough Low-Carbon Technological Innovation. Sustainability 2023, 15, 8277. https://doi.org/10.3390/su15108277
Fang C, Wang W, Wang W. The Impact of Carbon Trading Policy on Breakthrough Low-Carbon Technological Innovation. Sustainability. 2023; 15(10):8277. https://doi.org/10.3390/su15108277
Chicago/Turabian StyleFang, Chengyu, Wanyi Wang, and Weidong Wang. 2023. "The Impact of Carbon Trading Policy on Breakthrough Low-Carbon Technological Innovation" Sustainability 15, no. 10: 8277. https://doi.org/10.3390/su15108277
APA StyleFang, C., Wang, W., & Wang, W. (2023). The Impact of Carbon Trading Policy on Breakthrough Low-Carbon Technological Innovation. Sustainability, 15(10), 8277. https://doi.org/10.3390/su15108277