Study On The Impact Of Carbon Market Pilot Policies On The Carbon Efficiency Of China’s Industrial Sectors

Chinese industrial sector is the main source of Chinese carbon emissions.Under the goal of ‘carbon neutrality’,it is an important task for the industrial sector to transform from high-carbon to low-carbon.The carbon market is a market-oriented environmental regulatory means to control carbon emissions.Since 2013,China has established pilot carbon markets in pilot areas such as Beijing,Tianjin,Shanghai,Shenzhen,etc.the cumulative trading volume of carbon emission rights in pilot carbon market has exceeded 13.9 billion yuan.The national carbon market will officially start trading in June 2021,and the pilot carbon market is relatively mature.The former can summarize and learn from the experience of the latter to speed up the construction process.Carbon efficiency is a commonly used indicator to measure carbon emission performance.The higher the carbon efficiency,the lower the carbon emissions under a given level of input and output.Based on the theory of environmental economics and the hypothesis of heterogeneous effects of carbon market pilot policies,this paper studies the impact of carbon market pilot policies on the carbon efficiency of industrial industries.This thesis uses panel data of of 33 industrial sectors in 30 provinces.First,through the SBM undesired output model,using 2008 as the base period,the carbon efficiency of the provincial-level industrial sector from 2009 to 2016 is measured.The results show that the overall carbon efficiency of my country’s industrial sectors is showing an upward trend.At the same time,combined with the GML index method,carbon efficiency is decomposed into frontier level and technical efficiency level.Then,combining the double difference method and panel data from 2009 to 2016,analyze the impact of carbon market pilot policies on carbon efficiency,and combine the decomposition of carbon efficiency factors to explore the channels of carbon market pilot policies.On the one hand,methods such as parallel trend test,placebo test,and the use of carbon price as the core explanatory variable have confirmed the robustness of the results;On the other hand,from the perspectives of quota allocation method,industry capital intensity,industry trade degree,etc.,the analysis of heterogeneity is started.Main conclusions:(1).The carbon market pilot policy has significantly improved the carbon efficiency level of the included industries;(2).The carbon market pilot policy mainly affects carbon efficiency by improving the frontier level;(3).The carbon market control and carbon efficiency are inverted.Type relationship;(4).The impact of carbon market pilot policies on the carbon efficiency of industries with different trade levels is obviously heterogeneous.Finally,this thesis proposes policy recommendations for the construction of a national carbon market based on the research conclusions of the pilot carbon market,such as drawing on the market stability reserve mechanism of EU Emission Trading System,to avoid excessive or low emission reduction burdens.