The Economic Effect of EU ETS Carbon Emission Reduction Policies on Emission-Controlling Enterprises——Enlightenment to the Implementation of China's"Carbon Peaking and Neutrality"Strategy and the Construction of CCETE
As China Carbon Emissions Trading Exchange(CCETE)enters into the third phase in 2024,the formulation of emission reduction policies and the development of the carbon trading market to promote the"carbon peaking and neutrality"strategy have become central concerns.The European Union Emissions Trading Scheme(EU ETS)has undergone 4 phases,recognized as the foremost exemplar of a global carbon emissions trading framework,often serving as a significant reference for the formulation of carbon emission reduction policies and the establishment of carbon trading markets.This study empirically investigates the economic effects of the European Union's carbon emission reduction policies on companies by utilizing the difference-in-differences(DID)model combined with multi-dimensional fixed effects,and selecting quarterly panel data of European companies spanning from the third quarter of 1999 to the third quarter of 2023,using Return on Assets(ROA)to assess corporate performance.The results reveal a negative impact in the initial phases and a positive impact in the latter phases.Through heterogeneity anal-ysis,emission reduction policies in earlier phases have a long-lasting negative impact on larger companies,while the emission reduction policies in later phases have a stronger positive effect on larger companies.
EU ETSDID model"Carbon peaking and neutrality"strategy
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