Has carbon finance helped regional energy structure transformation? Evidence from 30 Chinese provinces
炭素金融は地域のエネルギー構造転換に貢献したか？中国30省からのエビデンス (AI 翻訳)
Jun Xu, Lingyue Zeng
🤖 gxceed AI 要約
日本語
中国の30省・自治区の2013～2023年のパネルデータを用い、炭素金融が地域のエネルギー構造転換に与える影響を媒介分析とシステムGMMモデルで検証。東部地域やエネルギー資源豊富な地域で効果が大きく、後期工業化地域でより顕著。エネルギー電化・知能化・デジタル化の3つの経路を通じて作用し、環境ガバナンス意欲と炭素強度に非線形閾値効果が存在する。
English
Using panel data from 30 Chinese provinces (2013-2023), this study employs mediation analysis and system GMM to examine how carbon finance affects regional energy structure transformation. The effect is stronger in eastern regions, resource-rich areas, and late-industrialization regions. Carbon finance drives transformation through energy electrification, intelligence, and digitization channels, with non-linear threshold effects from environmental governance willingness and carbon intensity.
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
中国の炭素市場とエネルギー転換に関する実証研究。日本の排出量取引制度や地域エネルギー政策の設計にも示唆を与えるが、日本特有のSSBJや有報への直接的な関連は薄い。
In the global GX context
Provides empirical evidence on how carbon finance can accelerate energy transition, relevant for global carbon market design and transition finance frameworks (e.g., EU ETS, China's national carbon market). Highlights regional and industrial heterogeneity and transmission channels, offering lessons for policymakers and practitioners seeking to align financial instruments with decarbonization goals.
👥 読者別の含意
🔬研究者:Useful for understanding the causal mechanism between carbon finance and energy transition, including mediation channels and non-linear effects.
🏢実務担当者:Corporates in energy-intensive sectors can learn how carbon finance instruments (e.g., carbon trading) may influence their energy transition investments and strategies.
🏛政策担当者:Insights for designing carbon market mechanisms that effectively drive energy restructuring, considering regional disparities and threshold effects.
📄 Abstract（原文）
In the pursuit of China’s ambitious "dual-carbon" objectives, reshaping the energy landscape has emerged as a pivotal strategy for simultaneously advancing sustainability and fostering robust, high-quality economic growth. In particular, as China's carbon market continues to evolve and mature, carbon financing has emerged as a key factor for accelerating the transition to sustainable regional energy systems. Drawing on panel data spanning 2013 to 2023 across 30 Chinese provinces and autonomous regions, this study uses a mediation analysis approach combined with a system generalized method of moments model to show that carbon finance influences regional energy structure transformation. This finding remains robust under several endogeneity and robustness tests. However, regional disparities exist in how carbon finance drives the transition toward cleaner energy. Compared to the central and western regions, the eastern region exhibits a more stronger effect. Additionally, areas rich in energy resources see a substantially greater impact than those with limited reserves, highlighting the role of natural endowments in shaping outcomes. Further, the impact of energy structure transformation in regions in the latter phase of industrialization is significantly stronger than that in regions in the first and middle stages of industrialization. Mechanism analysis reveals that carbon finance drives regional energy structure transformation through three channels: energy electrification, energy intelligence, and energy digitization. Finally, the main effect exhibits non-linear threshold effects with both environmental governance willingness and carbon intensity. By investigating how carbon finance affects regional energy structure transformation, this study provides insights and decision-making foundations for advancing sustainable development, and achieving China’s dual-carbon objective.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.1016/j.iref.2026.105660first seen 2026-07-27 04:44:40
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