How do green municipal bonds affect carbon emissions in China? Evidence from the staggered difference-in-differences approach.

IF 8 2区 环境科学与生态学 Q1 ENVIRONMENTAL SCIENCES
Journal of Environmental Management Pub Date : 2025-01-01 Epub Date: 2024-12-14 DOI:10.1016/j.jenvman.2024.123692
Ping Zhang, Qinghua Guo
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引用次数: 0

Abstract

Under the "Dual Carbon Goals", China's municipal government bonds play a vital role in advancing local environmental governance. This paper constructs a quasi-natural experiment based on the issuance of green municipal bonds, and empirically examines its carbon emission reduction effects by using the staggered difference in differences approach. The issuance of green municipal bonds can substantially diminish the level of carbon intensity and pass a series of robustness tests. Green municipal bonds can generate green project financing effect, greening effect and industrial structure allocation effect to promote the reduction of carbon emission level in a region. At the same time, there exists heterogeneity in local governments' emphases on environmental protection, economic development, carbon peaking progress and urban resource endowment. Further research found that green municipal bonds have significant spatial spillover effect, which not only promotes the reduction of local carbon intensity, but also leads to the reduction of carbon intensity in the surrounding cities. The proposed policy implications include: increase the proportion of green municipal bonds in local government bonds; establish standardized issuing criteria of green municipal bonds, accelerate credit rating and improve performance management of green municipal bonds; design green municipal bonds according to local conditions; and strengthen green finance and its supporting services.

绿色市政债券如何影响中国的碳排放?来自于交错差异中的差异方法的证据。
在“双碳目标”下,中国的地方政府债券在推进地方环境治理方面发挥着至关重要的作用。本文以绿色市政债券发行为研究对象,构建准自然实验,运用差异中的交错差异方法对其碳减排效果进行实证检验。发行绿色市政债券可以大幅降低碳强度水平,并通过一系列稳健性检验。绿色市政债券可以产生绿色项目融资效应、绿化效应和产业结构配置效应,促进区域碳排放水平的降低。同时,地方政府对环境保护、经济发展、碳调峰进度和城市资源禀赋的重视程度存在异质性。进一步研究发现,绿色市政债券具有显著的空间溢出效应,不仅促进了当地碳强度的降低,还带动了周边城市碳强度的降低。建议的政策影响包括:提高绿色市政债券在地方政府债券中的比例;建立规范的绿色市政债券发行标准,加快绿色市政债券的信用评级,完善绿色市政债券的绩效管理;因地制宜设计绿色市政债券;加强绿色金融及其配套服务。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Journal of Environmental Management
Journal of Environmental Management 环境科学-环境科学
CiteScore
13.70
自引率
5.70%
发文量
2477
审稿时长
84 days
期刊介绍: The Journal of Environmental Management is a journal for the publication of peer reviewed, original research for all aspects of management and the managed use of the environment, both natural and man-made.Critical review articles are also welcome; submission of these is strongly encouraged.
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