Journal
CHINA ECONOMIC REVIEW
Volume 59, Issue -, Pages -Publisher
ELSEVIER SCIENCE INC
DOI: 10.1016/j.chieco.2019.101364
Keywords
Energy efficiency; Firms; China; Productivity; Cost function
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Funding
- MIT Energy Initiative's Seed Fund Program
- MIT Joint Program on the Science and Policy of Global Change
- Energy Information Administration of the U.S. Department of Energy
- National Science Foundation of China [71690244]
- MIT [DE-EI0003030]
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We study the impact of a national energy efficiency program on total factor productivity (TFP) growth in firms in China's iron and steel industry. Using detailed firm-level survey data and multiple approaches to estimate program effects, we find participating firms experienced greater annualized TFP change. Our base specification estimates the program increased annual TFP growth by 3.1 percentage points, implying an annual private benefit of 148.7 million RMB/year per firm, with approximately equal contributions from technical change and scale efficiency change. Our results suggest that firms undervalued energy efficiency investments prior to the start of the program.
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