气候变化与能源转型专辑（GEs:汪锋教授&刘鹏飞教授）

Abstract: This study investigates the impact of extreme climate events on global systemic financial risk, utilizing a dataset of 32 representative economies from 2004 to 2019. By constructing a Climate Risk Index (CRI) and a systemic financial risk index (RISK), our findings reveal that extreme climate change significantly exacerbates global systemic financial risk. We find this effect to be particularly pronounced in developing countries. Furthermore, our analysis reveals that country-level ESG performance can effectively mitigate the adverse impact of extreme climate events, with the environmental (E) dimension exhibiting the most prominent moderating effect. We also find that the mitigating efficacy of ESG is conditioned by national cultural values. Additionally, this research uncovers a significant synergistic effect between ESG performance and robotics adoption, highlighting a cross-domain strategic complementarity that plays a crucial role in enhancing the resilience of the financial system.

国家层面的环境、社会与治理绩效能否抑制极端气候对全球金融风险的影响？

摘要：本文利用2004-2019年间32个代表性经济体的数据，探究极端气候事件对全球系统性金融风险的影响。通过构建气候风险指数（Climate Risk Index，CRI）和系统性金融风险指数（RISK），研究发现极端气候变化显著加剧了全球系统性金融风险，且该效应在发展中国家尤为突出。分析进一步表明，国家层面的环境、社会与治理（Environmental, Social, andGovernance，ESG）绩效能够有效缓解极端气候事件对系统性金融风险的负面冲击，其中环境（E）维度的调节效应最为显著。研究同时发现ESG的风险缓释作用受到国家文化价值观的制约。此外，本研究揭示国家ESG绩效与机器人技术应用之间存在显著的协同效应，凸显跨领域战略互补性对增强金融体系韧性的关键作用。

Effect of Climate Changes, Induced Risks, and Oil Price Appreciation on Energy Stock Returns in World Markets

Abstract: This study examines the impact of climate policy uncertainty (CPU) on world energy stock returns. Evidence shows that a rise in CPU causes stocks to plummet in individual countries, regions, and the world energy stock markets. The negative effects are also exhibited in climate induced risks, the covariance between a change in CPU and equity market volatility (EMV) as well as the covariance between energy and environmental uncertainty and EMV on stock returns. Evidence shows the presence of negative relationships between oil prices and stock returns, except in Gulf Cooperation Council region and Kuwait, which are oil-exporting markets.

气候变化、诱发风险及油价上涨对全球能源股票收益的影响

摘要：本文考察了气候政策不确定性（Climate Policy Uncertainty，CPU）对全球能源股票收益的影响。证据表明，气候政策不确定性的上升会导致各国、各地区及全球能源股票市场股价暴跌。气候诱发风险同样对能源股票收益呈现负面影响，具体体现在气候政策不确定性变化与股票市场波动性（Equity Market Volatility，EMV）之间的协方差，以及能源与环境不确定性与股票市场波动性之间协方差对股票收益的抑制作用。此外，研究结果显示，油价与股票收益之间总体存在负相关关系，但海湾合作委员会（Gulf Cooperation Council，GCC）地区及科威特等石油出口市场除外。

The Impact of Artificial Intelligence on Energy Conservation and Emission Reduction: Evidence From China's Listed Firms

Abstract: Artificial intelligence (AI) plays an increasingly pivotal role in advancing sustainable economic development. While existing literature predominantly examines the environmental impact of AI technologies from national or sectoral perspectives, this study provides a micro-level analysis of its effects on energy conservation and emission reduction (ECER) performance, utilizing a dataset of Chinese listed firms. We employ a large language model (LLM)-based intelligent scoring system to capture firms' ECER performance from publicly available environmental disclosures, and construct two-pronged measures of AI technological capabilities encompassing both innovation and adoption dimensions. The empirical analysis demonstrates that AI technologies significantly enhance ECER performance among Chinese listed firms, with results remaining robust to various alternative specifications and robustness tests. Mechanism analysis reveals that AI facilitates environmental improvements through the enhancement of productive efficiency and the promotion of green innovation. Heterogeneity analysis further indicates that AI-driven environmental effects are more pronounced among state-owned enterprises, mature-stage firms, firms in polluting industries, sectors with lower competitive intensity, labor-intensive and capital-intensive industries, and firms located in cities with stringent environmental regulations. These findings offer novel firm-level empirical evidence on AI's environmental implications, contributing to a more comprehensive understanding of the technology-environment nexus in emerging economies and laying a theoretical foundation for targeted AI-related environmental policy interventions.

人工智能对节能减排的影响：基于中国上市企业的实证研究

摘要：人工智能（AI）在推动经济可持续发展方面发挥着日益重要的作用。现有文献主要从国家或行业层面探讨人工智能技术的环境影响，本研究则基于中国上市企业数据，从微观视角实证检验了人工智能对企业节能减排（Energy Conservation and Emission Reduction，ECER）绩效的影响。我们采用基于大语言模型（Large Language Model，LLM）的智能评分系统，从企业公开披露的环境信息中捕捉其节能减排表现，并构建了涵盖创新与应用双重维度的人工智能技术能力测度指标。实证分析表明，人工智能技术显著提升了中国上市企业的节能减排绩效，且该结论在多种替代性设定与稳健性检验中均保持成立。机制分析表明，人工智能主要通过提升生产效率和促进绿色创新两种途径改善企业环境绩效。异质性分析进一步发现，人工智能的节能减排效应在国有企业、成熟期企业、污染行业企业、竞争强度较低的行业、劳动密集型和资本密集型行业，以及环境规制严格城市的企业中更为显著。以上发现为理解人工智能的环境效应提供了新颖的企业层面实证证据，有助于更全面理解新兴经济体中技术进步与环境绩效的关系，并为制定更具针对性的人工智能环境政策提供了理论依据。

A study on the Impact of Household Income on the Carbon Footprint of Household Food Waste: Evidence From the China Health and Nutrition Survey

Abstract: Over the recent decades, China has witnessed a significant increase in household income, while food waste has also been on the rise. Food waste has an impact on the environment as it increases carbon emissions, which may hinder the realization of China's emission reduction targets. However, the specific impact of the growth in household income on the carbon footprint caused by food waste remains unclear. Using data from the China Health and Nutrition Survey, this study employs Logit and Tobit models to examine the impact of household income on food-waste behavior and the resulting carbon footprint. The results show that an increase in per capita household income is associated with a higher probability of food waste and an increase in the carbon footprint from household food waste. Heterogeneity analysis indicates that the effect of income growth is more pronounced among households in the northern provinces, rural areas, and those with lower educational levels. Additionally, we find an inverted U-shaped relationship between household income and the carbon footprint of food waste in households with better dietary knowledge. Further analysis reveals that rising household incomes affect food waste's carbon footprint through three mechanisms: increased food waste volume (scale effect), higher proportions of carbon-intensive foods in wasted items(structural effect), and improved food preservation/cooking infrastructure(technological effect).

家庭收入对家庭食物浪费碳足迹的影响——基于中国健康与营养调查的实证研究

摘要：近几十年来，中国家庭收入水平显著提高，但食物浪费现象亦日益突出。食物浪费通过增加碳排放对环境造成不利影响，进而可能妨碍中国减排目标的实现。然而，家庭收入增长对食物浪费所产生碳足迹的具体影响机制仍不甚明确。本文基于中国健康与营养调查（China Health and Nutrition Survey，CHNS）数据，采用 Logit 模型和 Tobit 模型，剖析了家庭收入对食物浪费行为及其碳足迹的影响。结果显示，人均家庭收入的提高显著增加了家庭发生食物浪费的概率，并导致家庭食物浪费碳足迹的上升。异质性分析表明，收入增长的影响在北方省份、农村地区以及受教育程度较低的家庭中更为显著。此外，在具备较好膳食知识水平的家庭中，家庭收入与食物浪费碳足迹之间呈现倒 U 型关系。进一步分析发现，家庭收入上升主要通过三类机制影响食物浪费碳足迹：食物浪费总量增加（规模效应）、浪费食物中碳密集型食品占比提高（结构效应）以及食物储存/烹饪设施改善（技术效应）。

The Efficiency of Green Development Between Eastern and Western Regions of China

Abstract: The Super-SBM model was utilized to assess and quantify the effectiveness of green development (EGD) in China's eastern and western regions from 2004 to 2020. Building upon this, the kernel density estimation method, the Dagum Gini coefficient method, and the spatial panel convergence model were employed to investigate the dynamic changes,regional disparities, and spatial convergence trends of EGD. This study finds: (1) Both the eastern and western regions experience a specific downward pressure on EGD, demonstrating a spatial pattern characterized by “high in theeast and low in the west”. (2) The overall difference in EGD between the eastand west has an expanding trend, presenting polarization characteristics from regional differences. (3) The EGD between the east and west as a whole has σ-convergence trend, absolute β-convergence trend, and conditional β-convergence trend, and the impact of the industrial composition, the urbanization level, the openness degree, the technological innovation, and the government intervention on EGD has significant regional heterogeneity. The above findings are significant for narrowing the regional differences in EGD and promoting coordinated development of the two regions.

中国东西部地区绿色发展效能比较研究

摘要：本文采用超效率 SBM（Super-SBM）模型，评估并量化了2004-2020年中国东部和西部地区的绿色发展效能（effectiveness of green development，EGD）。在此基础上，综合运用核密度估计法、Dagum 基尼系数分解方法以及空间面板收敛模型，深入剖析绿色发展效能的动态演变、区域差异及其空间收敛趋势。研究发现：（1）中国东西部地区的绿色发展效能均存在一定的下行压力，呈现出显著的“东高西低”空间分布格局；（2）东西部地区绿色发展效能的总体差异呈扩大趋势，并表现出明显的区域极化特征；（3）整体上看，东西部地区绿色发展效能均存在 σ 收敛、绝对 β 收敛和条件 β 收敛特征，且产业结构、城镇化水平、对外开放程度、技术创新以及政府干预等因素对东西部地区绿色发展效能的影响具有显著的区域异质性。上述研究结论对于缩小中国东西部地区绿色发展效能差距、推动区域协调发展具有重要意义。

“Pollution Halo” or “Pollution Haven”? Foreign Shareholding and Cleaner Production of Domestic Polluting Enterprises: Quasi Natural Experimental Evidence from China

Abstract: In the context of global value chains, it is becoming increasingly common for foreign-funded enterprises to participate in local industrial chain activities through shareholding. However, as an external force, do multinational corporations play a balancing role or a collusion role in the production process of enterprises in pollution intensive host countries? This study explores whether the participation of foreign capitals will drive pollution-intensive local enterprises to realize cleaner production and how it works. We employ staggered DID model to regress the composition of the nature of equity and the degree of cleaner production of listed firms from China. The result shows that foreign ownership can significantly drive cleaner production by promoting green technology innovation and improving environmental management capability of domestic polluting enterprises. In addition, the stronger the degree of foreign ownership and the higher the R&D investment, the more obvious the promotional effect of foreign investment on cleaner production of local firms. Moreover, the foreign-shareholding serves as a more significant element to realize cleaner production when the percentage of Hong Kong, Macao and Taiwan capitals of China is higher. This study provides new evidence for the classic "pollution halo" hypothesis from the perspective of foreign equity holdings. In the wave of globalization, it remains important for developing countries to learn advanced environmental management concepts and clean production technologies from foreign capital.

“污染光环”还是“污染避难所”？外资持股与本土污染企业的清洁生产——来自中国的准自然实验证据

摘要：在全球价值链背景下，外资企业通过股权参与方式嵌入东道国产业链的现象日益普遍。然而，作为一种外部力量，跨国公司在污染密集型东道国企业的生产过程中究竟扮演着平衡者还是合谋者的角色？本文探讨了外资参与是否会推动本土污染企业实现清洁生产及其作用机制。基于中国上市企业的股权性质构成与清洁生产程度数据，本文采用交错双重差分模型进行回归分析。研究发现，外资持股能够通过推动绿色技术创新和提升环境管理能力，显著促进本土污染企业的清洁生产。此外，外资持股比例越高、企业研发投入强度越大，外资对本土企业清洁生产的促进效应越为显著。当企业股权结构中来自中国香港、澳门和台湾地区资本占比较高时，外资持股对清洁生产的推动作用更为突出。本文从外资股权参与的视角为经典的“污染光环”假说提供了新的证据。在全球化浪潮中，发展中国家通过引入外资学习先进环境管理理念与清洁生产技术依然具有重要意义。

New Quality Productive Forces Enable the High-Quality Development of Energy Enterprises

Abstract: This study investigates the impact of new quality productive forces (NQPFs) on the high-quality development of energy enterprises in China. Using panel data from 572 listed energy enterprises between 2011 and 2022, a comprehensive NQPF index was constructed to evaluate its influence on financial and social performance. The empirical results reveal that NQPF significantly enhances the financial performance and carbon performance of energy enterprises, indicating its role in improving market valuation and reducing carbon emissions. However, the impact of NQPF on overall employment is not significant. Heterogeneity analysis shows that while non-new energy enterprises experience reduced labor demand due to technological substitution, these workers face structural unemployment caused by skill mismatches. Furthermore, NQPF has a stronger impact on financial and carbon performance in non-state-owned enterprises (NSOEs) compared to state-owned enterprises (SOEs). And regional differences are also observed, energy enterprises with eastern regions benefiting more significantly from NQPF than central and western regions. These findings provide valuable insights for governments and enterprise leaders to promote sustainable growth through targeted investments in innovation, green technologies, and workforce development.

新质生产力赋能能源企业高质量发展

摘要：本文探讨新质生产力（New Quality Productive Forces，NQPF）对中国能源企业高质量发展的影响。基于2011-2022年572家上市能源企业的面板数据，本文构建了新质生产力综合指数，评估其对企业财务绩效与社会绩效的影响。实证结果表明，新质生产力显著提升了能源企业的财务绩效和碳绩效，体现为市场估值改善和碳排放水平下降，但其对企业整体就业规模的影响并不显著。异质性分析发现，非新能源企业因技术替代导致劳动力需求下降，相关员工面临技能错配引发的结构性失业。此外，相较于国有企业，新质生产力对非国有能源企业的财务绩效和碳绩效具有更为显著的促进作用。区域差异同样存在：东部能源企业从中受益程度远超中西部地区。上述研究结论为政府部门和企业管理者通过有针对性地加大创新投入、发展绿色技术以及加强劳动力技能培育，以推动能源企业可持续发展提供了重要的政策启示。

Energy Justicein Transition: Perceptions From India's Coal-Dependent Regions

Abstract: Climate change has emerged as a critical barrier to economic development, prompting a global shift toward low-carbon energy systems. For India, whose economy remains heavily reliant on coal, this transition entails complex socioeconomic and institutional challenges related to energy security, livelihoods, and regional dependence. This study assesses India's readiness for a just energy transition by engaging purposively selected respondents from government, research, and civil society sectors. Employing a justice framework that encompasses distributional, recognition, and procedural dimensions, a thematic-analytical approach is used to examine the challenges, opportunities, and impacts shaping India's coal transition. The findings indicate that concerns of distributional justice, particularly the invisibility of informal labor and regional economic dependency, dominate stakeholder perceptions but are closely intertwined with recognition and procedural deficits. Weak procedural inclusion and limited recognition of informal actors reinforce inequities in benefit distribution, highlighting institutional barriers within India's transition architecture. Simultaneously, emerging opportunities through technological innovation, green finance, and inclusive governance hold potential to enhance fairness and resilience, provided they are effectively institutionalized. This study contributes to Global South energy justice debates by offering an analytical understanding of how informality and institutional inertia shape transition outcomes. It underscores that embedding justice principles within governance and policy frameworks through coordination, participatory mechanisms, and targeted inclusion of informal workers is essential for achieving an equitable and sustainable low-carbon future.

转型中的能源正义：对印度煤炭依赖地区的观察

摘要：气候变化已成为制约经济发展的关键障碍，推动全球能源体系向低碳转型。对于经济高度依赖煤炭的印度而言，这一转型涉及能源安全、生计保障以及区域依赖等方面错综复杂的社会经济与制度性挑战。本文通过有针对性地选取来自政府、研究机构和公民社会领域的目的性抽样受访者进行调研，评估印度实现公正能源转型的现实准备程度。研究采用涵盖分配正义、承认正义和程序正义三大维度的能源正义分析框架，并运用主题分析方法，系统考察影响印度煤炭转型进程的主要挑战、潜在机遇及其社会影响。研究发现，分配正义问题（尤其是非正规劳动者的“不可见性”以及地区经济对煤炭产业的高度依赖）主导着利益相关者的认知，但这些问题与承认正义和程序正义的缺失紧密交织。程序包容性薄弱以及对非正规主体的认可不足，加剧了转型收益分配不公，凸显出印度能源转型制度架构中存在的深层制度性障碍。与此同时，技术创新、绿色金融和包容性治理带来的新兴机遇，若能形成有效的制度化安排，则有望提升能源转型的公平性与韧性。本文为全球南方能源正义议题提供了新的实证分析，深化了对非正规性与制度惯性如何塑造能源转型结果的理解。研究强调，通过加强制度协调、完善参与机制以及有针对性地纳入非正规劳动者，将正义原则嵌入治理与政策框架，是实现公平且可持续低碳未来的关键。

扫码加我拉你入群

请注明：姓名-公司-职位

以便审核进群资格，未注明则拒绝

扫码加我 拉你入群

分享

扫码加好友，拉您进群

扫码加我拉你入群