Journal
TECHNOLOGICAL FORECASTING AND SOCIAL CHANGE
Volume 160, Issue -, Pages -Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.techfore.2020.120222
Keywords
Carbon efficiency; Industrial sub-sectors; Fixed-effect panel stochastic frontier analysis; Total factor carbon efficiency
Categories
Funding
- pilot programs for major science, technology and innovation projects toward 2030 of China Energy Investment Corporation [GJNY2030XDXM-19-20.1]
- National Research Foundation of Korea [NRF-2019R1A2C1005326]
- MOE (Ministry of Education in China) Project of Humanities and Social Sciences [20YJC790130]
- Youth Academic Team in Humanities and Social Sciences of Wuhan University [4103-413100001]
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In China, climate policy has been strengthened by the mandated carbon intensity reduction target, which is a simple measurement of carbon efficiency under the single-factor framework. Is this carbon regulation during the 12th Five-Year Plan (FYP) actually effective for total factor carbon efficiency (TFCE) in China? To answer this research question, we estimate the TFCE and its policy and economic drivers using the fixed-effect stochastic frontier approach. The main results are as follows. First, the TFCE shows time and sector heterogeneity ranging from 0.235 to 0.996. Moreover, the changing pattern implies a positive relationship between TFCE and the 12th FYP. Second, the implementation of carbon regulations during the 12th FYP not only helped meet the carbon intensity reduction target, but also assisted in effectively improving TFCE. Third, carbon regulations have positively enhanced the role of energy prices in TFCE promotion and alleviated the negative role of exports. The results have significant policy implications for the carbon regulations in China's forthcoming 14th FYP. It is necessary to introduce market-oriented tools aside from the existing command-and-control policies.
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