What drives the green transformation of enterprises? A case of carbon emissions trading pilot policy in China

As an important policy instrument to achieve greenhouse gas emission reduction, carbon emissions trading has also promoted the green transformation of enterprises while achieving carbon reduction targets. This study uses the implementation of the Chinese carbon emissions trading pilot policy (CETPP)...

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Veröffentlicht in:Environmental science and pollution research international 2023-04, Vol.30 (19), p.56743-56758
Hauptverfasser: Ge, Wenfeng, Xu, Yang, Razzaq, Asif, Liu, Guangliang, Su, Xufeng, Yang, Xiaodong, Ran, Qiying
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container_issue 19
container_start_page 56743
container_title Environmental science and pollution research international
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creator Ge, Wenfeng
Xu, Yang
Razzaq, Asif
Liu, Guangliang
Su, Xufeng
Yang, Xiaodong
Ran, Qiying
description As an important policy instrument to achieve greenhouse gas emission reduction, carbon emissions trading has also promoted the green transformation of enterprises while achieving carbon reduction targets. This study uses the implementation of the Chinese carbon emissions trading pilot policy (CETPP) as a quasi-natural experiment and analyzes the impacts of the CETPP on the green transformation of enterprises with the difference-in-differences (DID) method based on a sample of 297 listed Chinese A-share high-energy-consuming enterprises. The result findings show that CETPP can significantly promote the green transformation of enterprises. The heterogeneity analysis also reveals that CETPP has differential effects on enterprises belonging to different industries, which is caused by the fact that enterprises in different industries differ significantly in their green transformation paths and modes. Moreover, CETPP has a significant facilitating effect on the green transformation of non-state-owned enterprises compared to state-owned enterprises. Finally, marketization and enterprise social responsibility are two major mechanisms for the CETPP to promote the green transformation of enterprises. Our findings reveal that policymakers should further deepen the dynamic management of carbon emission allowances and guide enterprises to actively undertake social responsibility, thus leveraging the market regulation mechanism to promote the green transformation of enterprises.
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subjects Aquatic Pollution
Atmospheric Protection/Air Quality Control/Air Pollution
business enterprises
Carbon
Carbon Footprint
China
Commerce
Earth and Environmental Science
Ecotoxicology
Emissions control
Emissions trading
Environment
Environmental Chemistry
Environmental Health
Environmental Policy
Environmental science
greenhouse gas emissions
Greenhouse Gases
Heterogeneity
Industry
issues and policy
Marketing
markets
Pilot Projects
Policy
Public enterprise
public ownership
Research Article
Social Responsibility
Sustainable Development
Transformations
Waste Water Technology
Water Management
Water Pollution Control
title What drives the green transformation of enterprises? A case of carbon emissions trading pilot policy in China
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