Research On The Policy Effect Of Carbon Emission Trading And The Operating Efficiency Of Carbon Market In China

Global warming caused by climate change is one of the biggest problems facing the world today.Behind this problem,carbon dioxide is considered to be the most important cause.To address this issue,countries around the world have established carbon markets to control carbon emissions and mitigate the impact of climate change.As one of the world’s largest greenhouse gas emitters,China began implementing carbon pilots in 2013.In 2021,the national carbon market has officially launched and started trading,and China has become one of the largest carbon emission trading markets in the world.The current national carbon market is in its early stages,and studying the policy effects of carbon emission trading during the pilot period can help us understand the impact of policy implementation on regional carbon emissions and grasp the efficiency of the carbon market operation.This can help us identify problems with the policy and propose corresponding improvement measures.This paper mainly studies the following:First,this paper uses carbon dioxide emissions and carbon dioxide intensity as the explanatory variables,and successively adopts the Differences-in-Differences(DID)model and the Propensity Score Matching and Differences-in-Differences(PSM-DID)model to study the impact of carbon emissions trading implementation on energy saving and emission reduction,which overcomes the endogenous problems caused by using DID model only,and further proves that studying the policy effect of carbon trading policy during the pilot period helps to understand its impact on regional carbon emissions.And the findings of this paper show that the implementation of carbon trading policy can reduce carbon dioxide emissions and carbon intensity in the pilot region,and multiple factors influence the carbon dioxide emissions and carbon intensity in the pilot region.Second,this paper takes the implementation of carbon emissions trading as the time node and uses a three-stage SBM-DEA(Slacks-Based Measure Data Envelopment Analysis)to investigate the carbon emission efficiency of 30 provinces and cities in China from 2009 to 2020.The research results show that after the implementation of carbon emissions trading,carbon emission efficiency has improved in most regions;by eliminating the impact of environmental and random variables,a more objective regional carbon emission efficiency can be obtained.Third,this paper adopts Super-Efficiency Slacks-Based Measure(Super-SBM)model in data envelopment analysis to analyze the operational efficiency of eight carbon markets between 2017 and 2020,and provides detailed annual level carbon market operational efficiency.Further comparison of regional carbon emission efficiency reveals a close relationship between the operational efficiency of carbon markets and regional carbon emission efficiency.The main innovations of this paper are as follows:(1)This paper adopts the DID model and the PSM-DID model to verify the impact of carbon emissions trading implementation on carbon emissions and carbon intensity in the region,which not only avoids the endogeneity caused by using only the DID model,but also better ensures the accuracy of the research results.(2)A threestage SBM-DEA model is used to study the carbon efficiency of thirty provinces and cities in China.Compared with the traditional DEA model,which only considers a single stage of the production process,this study divides the carbon emission trading into two stages,before and after the implementation of carbon emissions trading,to more comprehensively and carefully assess the change trend of regional carbon emission efficiency.In addition,this paper also compares the experimental results of the Super-SBM model with those of the three-stage SBM-DEA,and innovatively explores the relationship between regional carbon emission efficiency and the operational efficiency of the carbon market.