IDEAS home Printed from https://ideas.repec.org/a/gam/jijerp/v20y2023i2p950-d1025420.html
   My bibliography  Save this article

The Emission Reduction Effect of Financial Agglomeration under China’s Carbon Peak and Neutrality Goals

Author

Listed:
  • Yanan Wu

    (School of Economics & Management, South China Normal University, Guangzhou 510006, China)

  • Biyu Peng

    (School of Economics & Management, South China Normal University, Guangzhou 510006, China)

  • Yehui Lao

    (College of Economy and Trade, Zhongkai University of Agriculture and Engineering, Guangzhou 510225, China)

Abstract

The existing literature on the influencing factors of carbon emissions ignores the relationship between financial agglomeration and carbon emissions. Based on the analysis of the emission reduction history of major countries, this paper mainly uses the provincial-level data of China from 2002 to 2018 to explore the impact of financial agglomeration on carbon emissions. The conclusions are as follows: (1) China lacks carbon tax policies; there are many drawbacks in the carbon trading market, and a “bottom-up” voluntary emission reduction mechanism has not been formed. (2) China’s carbon emissions and financial development are characterized by spatial agglomeration. (3) Financial agglomeration can reduce carbon emissions. In central China, the low-carbon region, and the pilot regions for carbon trading, financial agglomeration has a greater impact on reducing emissions. (4) Financial agglomeration can reduce emissions by reducing the proportion of the secondary industry and increasing the proportion of the third industry. (5) Financial agglomeration can still lower carbon emissions when the spacing effect is taken into account. Finally, according to the conclusion, this paper puts forward relevant suggestions to help China reduce carbon emissions.

Suggested Citation

  • Yanan Wu & Biyu Peng & Yehui Lao, 2023. "The Emission Reduction Effect of Financial Agglomeration under China’s Carbon Peak and Neutrality Goals," IJERPH, MDPI, vol. 20(2), pages 1-18, January.
    • Handle: RePEc:gam:jijerp:v:20:y:2023:i:2:p:950-:d:1025420
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/1660-4601/20/2/950/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/1660-4601/20/2/950/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. ., 2017. "The concept of economic welfare," Chapters, in: Morality and Power, chapter 6, pages 59-68, Edward Elgar Publishing.
    2. Tamazian, Artur & Chousa, Juan Piñeiro & Vadlamannati, Krishna Chaitanya, 2009. "Does higher economic and financial development lead to environmental degradation: Evidence from BRIC countries," Energy Policy, Elsevier, vol. 37(1), pages 246-253, January.
    3. Sadorsky, Perry, 2010. "The impact of financial development on energy consumption in emerging economies," Energy Policy, Elsevier, vol. 38(5), pages 2528-2535, May.
    4. Venables, Anthony J, 1996. "Equilibrium Locations of Vertically Linked Industries," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 37(2), pages 341-359, May.
    5. Masahisa Fujita & Paul Krugman & Anthony J. Venables, 2001. "The Spatial Economy: Cities, Regions, and International Trade," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262561476, December.
    6. Baldwin, Richard E., 1999. "Agglomeration and endogenous capital," European Economic Review, Elsevier, vol. 43(2), pages 253-280, February.
    7. Philippe Martin & Gianmarco I.P. Ottaviano, 2021. "Growing locations: Industry location in a model of endogenous growth," World Scientific Book Chapters, in: Firms and Workers in a Globalized World Larger Markets, Tougher Competition, chapter 1, pages 3-24, World Scientific Publishing Co. Pte. Ltd..
    8. Hua Wang & Yanhong Jin, 2007. "Industrial Ownership and Environmental Performance: Evidence from China," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 36(3), pages 255-273, March.
    9. J. Elhorst, 2010. "Applied Spatial Econometrics: Raising the Bar," Spatial Economic Analysis, Taylor & Francis Journals, vol. 5(1), pages 9-28.
    10. Tibor Scitovsky, 1954. "Two Concepts of External Economies," Journal of Political Economy, University of Chicago Press, vol. 62(2), pages 143-143.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Jiang Zhu & Xiang Li & Huiming Huang & Xiangdong Yin & Jiangchun Yao & Tao Liu & Jiexuan Wu & Zhangcheng Chen, 2023. "Spatiotemporal Evolution of Carbon Emissions According to Major Function-Oriented Zones: A Case Study of Guangdong Province, China," IJERPH, MDPI, vol. 20(3), pages 1-20, January.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. G Ottaviano & Diego Puga, 1997. "Agglomeration in a global Economy: A Survey," CEP Discussion Papers dp0356, Centre for Economic Performance, LSE.
    2. Orlando Gomes, 2007. "Space, growth and technology: an integrated dynamic approach," Studies in Economics and Finance, Emerald Group Publishing Limited, vol. 24(4), pages 248-265, October.
    3. BEHRENS, Kristian, 2003. "International trade and internal geography revisited," LEG - Document de travail - Economie 2003-09, LEG, Laboratoire d'Economie et de Gestion, CNRS, Université de Bourgogne.
    4. Nicholas Crafts & Anthony Venables, 2003. "Globalization in History.A Geographical Perspective," NBER Chapters, in: Globalization in Historical Perspective, pages 323-370, National Bureau of Economic Research, Inc.
    5. Kurt A. Hafner, 2011. "Trade Liberalization and Technology Diffusion," Review of International Economics, Wiley Blackwell, vol. 19(5), pages 963-978, November.
    6. Paolo Guerrieri & Filippo Vergara Caffarelli, 2004. "International Fragmentation of Production and Euro-Med Integration," EUI-RSCAS Working Papers 28, European University Institute (EUI), Robert Schuman Centre of Advanced Studies (RSCAS).
    7. Richard E. Baldwin & Philippe Martin & Gianmarco I. P. Ottaviano, 2021. "Global Income Divergence, Trade, and Industrialization: The Geography of Growth Take-Offs," World Scientific Book Chapters, in: Firms and Workers in a Globalized World Larger Markets, Tougher Competition, chapter 2, pages 25-57, World Scientific Publishing Co. Pte. Ltd..
    8. Alberto Franco Pozzolo, 2004. "Research and Development, Regional Spillovers and the Location of Economic Activities," Manchester School, University of Manchester, vol. 72(4), pages 463-482, July.
    9. Masahisa Fujita & Jacques‐François Thisse, 2003. "Does Geographical Agglomeration Foster Economic Growth? And Who Gains and Loses from It?," The Japanese Economic Review, Japanese Economic Association, vol. 54(2), pages 121-145, June.
    10. J.Peter Neary, 2001. "Of Hype and Hyperbolas: Introducing the New Economic Geography," Journal of Economic Literature, American Economic Association, vol. 39(2), pages 536-561, June.
    11. Helena Marques, 2008. "Trade And Factor Flows In A Diverse Eu: What Lessons For The Eastern Enlargement(S)?," Journal of Economic Surveys, Wiley Blackwell, vol. 22(2), pages 364-408, April.
    12. Stefan Wrzaczek, 2014. "Social optimality in the constructed-capital model," Central European Journal of Operations Research, Springer;Slovak Society for Operations Research;Hungarian Operational Research Society;Czech Society for Operations Research;Österr. Gesellschaft für Operations Research (ÖGOR);Slovenian Society Informatika - Section for Operational Research;Croatian Operational Research Society, vol. 22(1), pages 211-232, March.
    13. CRESPO, Nuno & FONTOURA, Maria Paula, 2013. "Regional Integration And Internal Economic Geography - An Empirical Evaluation With Portuguese Data," Regional and Sectoral Economic Studies, Euro-American Association of Economic Development, vol. 13(2), pages 99-116.
    14. Karolina Ekholm & Katariina Hakkala, 2007. "Location of R&D and High-Tech Production by Vertically Integrated Multinationals," Economic Journal, Royal Economic Society, vol. 117(518), pages 512-543, March.
    15. Pontus Braunerhjelm & Per Thulin, 2009. "Agglomeration, Relative Wage Costs and Foreign Direct Investment—Evidence from Swedish MNCs 1974–1998," Journal of Industry, Competition and Trade, Springer, vol. 9(3), pages 197-217, September.
    16. Giulio Bottazzi & Ugo M. Gragnolati & Fabio Vanni, 2017. "Non-linear externalities in firm localization," Regional Studies, Taylor & Francis Journals, vol. 51(8), pages 1138-1150, August.
    17. Gianmarco Ottaviano, 2003. "Regional Policy in the Global Economy: Insights from New Economic Geography," Regional Studies, Taylor & Francis Journals, vol. 37(6-7), pages 665-673.
    18. Niebuhr, Annekatrin & Stiller, Silvia, 2002. "Integration Effects in Border Regions - A Survey of Economic Theory and Empirical Studies," Discussion Paper Series 26340, Hamburg Institute of International Economics.
    19. BARRIOS, Salvador & BERTINELLI, Luisito & STROBL, Eric, 2002. "Coagglomeration and growth," LIDAM Discussion Papers CORE 2002053, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
    20. Kurt A. Hafner, 2015. "Tax Competition and Economic Integration," Review of Development Economics, Wiley Blackwell, vol. 19(1), pages 45-61, February.

    More about this item

    Keywords

    ;
    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jijerp:v:20:y:2023:i:2:p:950-:d:1025420. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.