"Carbon Trading":A New Channel for Local Revenue Increase——Research on a Quasi-Natural Experiment of China's Carbon Emissions Trading System
Carbon emissions trading is an important tool for realizing the transformation of green and low-carbon development and opening a new mode of green income generation.Compared with other environmental regulatory policies,the market-orien-ted carbon market has been more widely recognized and applied in western countries.This paper examines the impact of market-oriented environmental regulatory policies represented by carbon trading on local government revenue based on China's provin-cial panel data from 2010 to 2021.It is found that carbon emissions trading significantly increases local government tax revenues.It is further found that the revenue-raising effect of the carbon market is more obvious when the carbon market adopts the mode of paid initial quota allocation and the non-compliant entities are more active in trading.In addition,the revenue-raising channels formed by carbon market transactions can simultaneously bring about energy saving and emission reduction by enterpri-ses,realizing a win-win situation for both the environment and the economy.This paper reveals the macroeconomic effects of China's carbon market construction from the government's perspective,and the conclusions of the study are of reference signifi-cance for improving the construction of the national unified carbon market and alleviating the debt of local governments.
carbon emissions tradinggreen revenue enhancementenergy saving and emission reduction in enterpriseslocal government debt
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