Extreme climate attention and corporate energy innovation: Empirical evidence from China

IF 14.2 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-06-15 DOI:10.1016/j.eneco.2025.108681

Hua Wang , Xinyu Tan , Mengzhe Li

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Abstract

This paper examines Chinese A-share companies between 2007 and 2023 to find out how extreme climate attention affects their energy innovation. Extreme climate attention notably promotes corporate energy innovation. Mechanism analysis reveals that extreme climate attention primarily enhances corporate energy innovation by increasing R&D investment, promoting digital transformation, and reducing agency costs. We conduct a deeper analysis and determine that the observed impact is more pronounced for businesses facing heightened regional environmental regulatory pressures, greater uncertainty of climate policy and fierce industry competition. A good governance environment and financial position make extreme climate attention even more conducive to corporate energy innovation. In addition, extreme climate attention has only been a significant contributor to alternative energy innovations. Finally, the energy innovations promoted by extreme climate attention have improved enterprises' energy efficiency. This paper provides empirical evidence and enlightenment to help enterprises handle climate change and promote low-carbon energy transformation and sustainable development.

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极端气候关注与企业能源创新：来自中国的经验证据

本文以2007 - 2023年中国a股公司为研究对象，探讨极端气候关注对其能源创新的影响。对极端气候的关注显著促进了企业的能源创新。机制分析表明，极端气候关注主要通过增加研发投入、促进数字化转型和降低代理成本来促进企业能源创新。我们进行了更深入的分析并确定，对于面临更高的区域环境监管压力、更大的气候政策不确定性和激烈的行业竞争的企业，所观察到的影响更为明显。良好的治理环境和财务状况使极端气候关注更有利于企业的能源创新。此外，对极端气候的关注只是替代能源创新的一个重要贡献者。最后，极端气候关注推动的能源创新提高了企业的能源效率。本文为企业应对气候变化，促进低碳能源转型和可持续发展提供了经验证据和启示。

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

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.