Study on the Emission Reduction Effect of Emissions Trading Policies—An Empirical Test Based on Chinese Provincial Data
China has implemented pilot projects for paid use and trading of emission rights in 12 provinces and cities since 2007.In order to study the practical effectiveness,this article treats the emissions trading pilot policy as a quasi-natural experiment,based on a panel data of 30 provincial-level regions from 2004 to 2021,the PSM-DID method is used to evaluate the environmental effects of the emissions trading pilot policy.The research results show that the emissions trading scheme has a significant inhibitory effect on the emissions of three types of pollutants:chemical oxygen demand,ammonia nitrogen and sulfur dioxide.The results of the heterogeneity test based on the degree of economic development show that in areas with relatively high economic development level,the emissions trading has more obvious emission reduction effect on the three types of pollutants,and the degree of environmental pollution also affects the implementation effect of the emissions trading scheme.In areas with relatively low environmental pollution levels,it is more conducive to exert the effect of emissions trading.The robustness test finds that the emissions trading pilot policy exerts environmental effects other than the"two control areas"and the pollution fee policy during the same period.In summary,the emissions trading pilot policy has achieved significant emission reduction effects.Government departments should improve the emissions trading policy system,pay attention to the heterogeneous effects of the emissions trading scheme,strengthen the publicity and guidance of environmental protection work in the whole society,and build a nationwide effective and standardized emissions trading market within the country.
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