气候变化领域集成服务门户(CCPortal): Macroeconomic effect of energy transition to carbon neutrality: Evidence from China's coal capacity cut policy

CCPortal

DOI	10.1016/j.enpol.2021.112374
	Macroeconomic effect of energy transition to carbon neutrality: Evidence from China's coal capacity cut policy
	Zhang Y.; Shi X.; Qian X.; Chen S.; Nie R.
发表日期	2021
ISSN	03014215
卷号	155
英文摘要	While the retirement of fossil fuel capacity is an inevitable consequence of the energy transition to carbon neutrality, policymakers face challenges in setting the pace in order that the energy transition policies do not significantly damage the economy. This paper designs a dynamic stochastic general equilibrium (DSGE) model to examine the macroeconomic effects of coal capacity cut policy (CCP) shocks on the Chinese economy. The results show that: firstly, an energy policy shock can distort the transmission effect of coal supply and demand and other factors on coal prices. Secondly, the impact of different policy tools is significantly different on the macroeconomic system, in which the economic effect of advanced capacity replacement is the weakest. Thirdly, in the short term, no matter which policy tool is adopted, the CCP will inevitably lead to a reduction in social welfare levels. The study suggests that in the short term, the Chinese government can further release more replacement quotas of capacity with advanced production efficiency, and innovate other policy tools for coal industrial structural optimization and synergistic effects with environmental regulation. In addition, the results highlight the need for market mechanisms to further accelerate the energy transition over the long run. © 2021 Elsevier Ltd
关键词	Carbon neutrality Coal capacity cut Coal price DSGE model Energy transition
英文关键词	Carbon; Coal; Economics; Environmental regulations; Stochastic models; Structural optimization; Carbon neutralities; Coal capacity cut; Coal price; Dynamic stochastic general equilibrium model; Energy transitions; General equilibrium models; Policy makers; Policy tools; Short term; Stochastics; Stochastic systems
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/205438
作者单位	College of Economics and Management, Nanjing University of Aeronautics and Astronautics, Nanjing, 210016, China; Australia-China Relations Institute, University of Technology Sydney, Ultimo, NSW 2007, Australia; School of Management and Economics, Beijing Institute of Technology, Beijing, 100081, China; School of Economics and Management, China University of Mining and Technology, Xuzhou, 221116, China
推荐引用方式 GB/T 7714	Zhang Y.,Shi X.,Qian X.,et al. Macroeconomic effect of energy transition to carbon neutrality: Evidence from China's coal capacity cut policy[J],2021,155.
APA	Zhang Y.,Shi X.,Qian X.,Chen S.,&Nie R..(2021).Macroeconomic effect of energy transition to carbon neutrality: Evidence from China's coal capacity cut policy.Energy Policy,155.
MLA	Zhang Y.,et al."Macroeconomic effect of energy transition to carbon neutrality: Evidence from China's coal capacity cut policy".Energy Policy 155(2021).