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Decoupling or Coupling? Climate Policy and Green Finance in the Era of China’s Carbon Neutrality: A Joint Impulse Response Function Perspective

デカップリングかカップリングか？中国のカーボンニュートラル時代における気候政策とグリーンファイナンス：同時インパルス応答関数の視点 (AI 翻訳)

Yi Shu, Kai-Hua Wang, Sorana Vătavu

Sustainability📚 査読済 / ジャーナル2026-05-25#炭素価格Origin: CN
DOI: 10.3390/su18115331
原典: https://doi.org/10.3390/su18115331

🤖 gxceed AI 要約

日本語

本論文は、同時インパルス応答関数（jIRF）を用いて、気候政策の不確実性（CPU）とグリーンファイナンス（GF）が炭素価格（CAP）に与える複合的ショックを分析。従来手法より正確な推定結果を示し、GFがCPUの影響を緩和する可能性を確認。パンデミック後ではGFとCAPに正の相関が見られ、生態ガバナンスの進化を示唆。中国の炭素市場とグリーンファイナンスの市場志向改革の重要性を強調。

English

This paper uses the joint impulse response function (jIRF) to investigate multiple shocks from climate policy uncertainty (CPU) and green finance (GF) to carbon prices (CAPs) in China. jIRF estimates are more accurate than traditional methods, highlighting GF's potential to mitigate CPU effects. A positive association between GF and CAPs is found in the post-pandemic era, indicating evolving ecological governance. The study reinforces the need for China to sustain growth, maintain climate policy consistency, and boost market-oriented reforms in green financing and carbon markets.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

中国の炭素価格とグリーンファイナンスの連関を新たな計量手法で示した研究。日本のGX政策（特に排出量取引制度やグリーンファイナンス促進）への示唆は間接的だが、同時ショックの考慮という手法面で参考になる。

In the global GX context

This paper contributes to global GX scholarship by introducing a novel econometric method (jIRF) to study the interaction between climate policy uncertainty, green finance, and carbon pricing. The findings on the post-pandemic positive link between green finance and carbon prices are relevant for countries developing carbon markets and green finance frameworks, though the empirical context is China.

👥 読者別の含意

🔬研究者:Highlights the value of joint impulse response functions for capturing interdependencies in climate policy and finance shocks; a methodological contribution applicable to other carbon markets.

🏢実務担当者:Provides evidence that green finance can buffer climate policy uncertainty in carbon markets, useful for risk management and investment strategy in emissions trading.

🏛政策担当者:Underscores the need for consistent climate policy and market-oriented reforms in green finance and carbon markets to support carbon neutrality.

📄 Abstract（原文）

This paper investigates multiple shocks from climate policy uncertainty (CPU) and green finance (GF) to carbon prices (CAPs) using the joint impulse response function (jIRF) method. The empirical findings indicate that jIRF estimates of CPU and GF on CAPs are more accurate compared to the simple sum of generalized impulse response functions, primarily due to the consideration of cross-correlations among simultaneous shocks. This highlights GF’s potential to alleviate the effects of CPU over the entire study period. Moreover, this study focuses on the post-pandemic era and reveals a positive association between GF and CAPs, indicating the evolving role of ecological governance. A key contribution lies in the introduction of the jIRF, which captures the interdependencies among concurrent shocks and underscores the evolving role of GF both before and after the COVID-19 pandemic. This study enhances the theoretical foundation of GF by illustrating its adaptation to changing macroeconomic conditions. Consequently, this study underscores the imperative for China to sustain economic growth, ensure consistency in climate policies, and bolster market-oriented reforms in green financing and carbon markets.

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