Research On The Impact Of Carbon Emissions Trading On Huaneng International’s Green Innovation And Performance

Climate change caused by greenhouse gases is a common challenge for all mankind.China attaches great importance to climate change and has implemented a series of policies and actions.It is pointed out that China aims to achieve a peak in carbon dioxide emissions by2030 and achieve carbon neutrality by 2060 in September 2020.The carbon emissions trading mechanism is an important policy tool for realizing the "dual carbon" vision.In October 2011,the pilot policy of carbon emissions trading was launched in 7 provinces and cities nationwide,accumulating valuable experience for the construction of the national carbon market.On July 16,2021,the national carbon market was officially launched,and the electric power industry became the first industry to be included in the market.This article uses inductive analysis to firstly review and summarize the literature on carbon emission rights,green technology innovation,environmental performance and financial performance,then identifies and proposes the issues deserved to be studied.In theory,the carbon emissions trading policy uses market mechanisms to guide the optimal allocation of carbon emission resources,and has an economic impact on enterprises through carbon emissions trading.Besides,green technology innovation can have a mediating effect between carbon emissions trading and enterprise performance through innovation compensation effects.Based on this theoretical analysis,this article studies the issue through case study.Firstly,this article reviews the development and operation of carbon emissions trading systems at home and abroad,and briefly analyzes the background of the national carbon market firstly covering the power industry.Then,Huaneng International Power Co.,Ltd.,a leading enterprise in the power generation industry,is selected as the case to study the impact of carbon emissions trading on green technology innovation,environmental performance,and financial performance.Secondly,this article analyzes the impact of carbon emissions trading on Huaneng International’s green technology innovation from the perspectives of green technology innovation input and green technology innovation output.Thirdly,this article analyzes the impact of carbon emissions trading on Huaneng International’s environmental performance by constructing an environmental performance evaluation system.Finally,this paper studies the impact of carbon emissions trading on Huaneng International’s financial performance through capital expenditure analysis and input-output analysis.This study finds that:(1)Carbon emissions trading can force enterprises to carry out green technology innovation;(2)Carbon emissions trading can promote enterprises to improve environmental performance;(3)Carbon emission trading has short-term negative effects and long-term positive effects on financial performance.Finally,this article puts forward suggestions from the government level and the enterprise level.Government level:(1)Improve the carbon emissions trading market system;(2)Further improve supportive policies for the carbon market;(3)Establish and improve a mandatory carbon information disclosure system.Enterprise level:(1)Incorporate carbon emission reduction planning into enterprise strategic management level;(2)Strengthen green technology innovation.