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Environmental regulation faces theoretical and practical research challenges on global scale, due to differences such as language and policy environment. Research reflects the beneficial exploration of scholars, policymakers, and enterprises in the cognitive and behavioural norms of economic development, environmental protection, and social governance. This study demonstrated that the relevant research is motivated by the enaction of environmental regulations and discussed the influence of relevant research on the evolution of environmental regulations. Under the assumption that environmental regulations are consistent with related research, this study used 9185 papers in the field of environmental regulation from 2000 to 2019 to construct a research network panorama and explored the development and revelation of environmental regulation. The results revealed that environmental regulation research is motivated by the introduction of policies, and regulation is influenced by research evolution with the path of 'competitiveness-technological change-innovation.' In addition, after the twenty-first session of the Conference of the Parties (COP21), the number of studies increased significantly, with the USA in the leading position in the research field. Furthermore, governance strategies were inspired by real events, including the increasing concern with climate change, regional research preferences, and the promotion of information disclosure. These results suggest that environmental governors should focus on climate change, localisation, and mechanisms of information disclosure.

The impact of the digital economy is increasing, and its environmental effect has attracted more and more attention. The digital economy promotes the improvement of production efficiency and the government's environmental governance capacity, and contributes to the reduction of urban carbon emission intensity. In order to study the impact of digital economy development on urban carbon emission intensity, this paper analyzes the theoretical basis of the digital economy on the reduction of carbon emission intensity, and then, based on the panel data of cities from 2011 to 2019, uses the two-way fixed effect model for empirical testing. The regression results show that the development of the digital economy has promoted the reduction of carbon emission intensity of cities, promoted the green transformation and upgrading of cities, and lays a foundation for China to achieve carbon peaking and carbon neutralization through the improvement of human capital investment and green innovation level. The basic conclusion is robust by changing core explanatory variables, changing samples, replacing regression methods, and shrinking and truncating tests. The impact of the digital economy on urban carbon emission intensity varies with the location, grade and size of the city. Specifically, the development of the digital economy in cities in the eastern and central regions, cities at or above the sub provincial level, large cities and non-resource-based cities has promoted the reduction of urban carbon emission intensity. In terms of resource-based cities, the development of the digital economy in renewable resource-based cities and resource-based cities dominated by iron ore and oil mining has promoted the decline in urban carbon emission reduction intensity.

In the process of China's economic transformation, enterprises urgently need to use green innovation networks to realize corporate sustainability. Based on resource-based theory, this study explores the internal mechanism and boundary conditions of green innovation network embeddedness that affect corporate environmental responsibility. This paper conducts an empirical study based on panel data of listed companies engaged in green innovation in China from 2010 to 2020. Drawing on network embeddedness theory and resource-based theory, we found that relational and structural embeddedness influenced green reputation, which affected corporate environmental responsibility. We also identified the importance of ethical leadership and examined its role in moderating the effect of green innovation network embeddedness. A further investigation revealed that the impact of network embeddedness on corporate environmental responsibility was particularly pronounced in the samples of enterprises with high-level political ties, loose financing restrictions, and nonstate ownership. Our findings highlight the advantages of embedded green innovation networks and offer theoretical references and recommendations for enterprises considering network participation. Enterprises should attach great importance to the network embedding strategy of green innovation for corporate environmental responsibility and actively integrate the concept of green development into network relationship embedding and network structure embedding. Moreover, the relevant government department should provide necessary environment incentive policies according to the enterprise's development needs, especially for the enterprises with low-level political ties, high financing restrictions, and state ownership.

Analyzing the spatial difference and convergence of ecological common prosperity (ECP) in the Yellow River Basin (YRB) will be beneficial for the environmental governance and multi-regional economic coordination. Based on the panel data of 97 cities in the YRB from 2003 to 2019, this paper measured and analyzed the index of ECP, the Gini coefficient of ECP, and the convergence of ECP. The results indicate that the ECP of YRB shows a steady growth trend (with an average growth rate of 4.71% yearly) and the overall differences are low (average Gini coefficient is 0.1509 from 2003 to 2019). In different areas, the Gini coefficient between the medium-stream and downstream of YRB is the largest (average value of Gini coefficient is 0.1561). From the decomposition of the overall differences of ECP, the contribution degree of the density of transvariation is the highest for annual average, with a contribution rate of 43.37%, the rate of intra-regional and the inter-regional differences are 31.86% and 24.77%, respectively. The results indicate that the overall differences of ECP in YRB are getting smaller because of cooperation and governance, but the differences between and within regions exist because of geographical feature. There is a significant spatial β convergence trend of ECP, the convergence rate in the upstream and downstream area is faster under the economic geographical matrix than others, and the rate in the medium-stream area is faster under the administrative adjacency matrix. Therefore, strengthening economic and environmental cooperation between and within regions is more beneficial to achieve a better quality of life, as well as the long-term goals of 2035.

Promoting environmental governance to achieve green and low-carbon development is the focus of attention from all walks of life. As a policy tool to control environmental pollution, the effectiveness of environmental audits remains to be verified. Based on China's provincial data from 2004 to 2019, this paper aims to examine the impact and mechanisms of government environmental auditing on environmental quality. Results show that government environmental auditing helps to improve overall environmental quality, but there is a certain lag effect occurring. The heterogeneity test suggests that the impact of environmental auditing on comprehensive environmental quality is more significant when the government competition is smaller, the financial situation is better, and the institutional environment is weaker. Our analysis provides empirical evidence for understanding the role and function of government environmental auditing in environmental governance.

Waste classification is the key initiative to solve environmental pollution and achieve resource recycling, environmental improvement, and high-quality development in rural areas. Under the perspective of "external support-internal drive", this paper adopts the survey data of 2628 rural residents in Jiangsu province to analyze the influence and spatial effect of policy support (PS) on the behavior and effectiveness of rural residents' domestic waste separation and the mediating effect of environmental protection perception using the PSM and Sobel test. The study found that: (1) PS has a significant positive effect on the governance of the domestic residents' waste classification in rural areas. The variation in classification behavior (BWC) is more obvious than classification effectiveness (EWC). (2) PS has a significant difference in the positive influence on waste separation by regions. Specifically, the enhancement effect of PS on BWC decreases from south to north, and the enhancement effect on EWC is more obvious in southern Jiangsu than in central Jiangsu, but not significant in northern Jiangsu. (3) The mediating effect indicates that PS promotes the enhancement of BWC and EWC by strengthening farmers' environmental protection perceptions, and the effect of EWC enhancement is more obvious. Drawing on the results of this paper, the government should improve the policy support system for waste classification, strengthen environmental protection-related policy publicity and knowledge popularization, stimulate the endogenous motivation of rural residents, narrow the regional environmental governance gap, and promote green and sustainable development in rural areas.

Carbon tax is an important economic instrument in achieving the goal of carbon emission reduction and sustainable development. This paper investigates the effects of carbon tax on carbon emission reduction in China. First, a non-competitive input-output table for Carbon Emissions of 28 sectors in China after Carbon Tax was established, based on the "2018 China Non-competitive Input-Output Table (42 Sectors)" and the carbon emission data of sectors provided by China Carbon Emission Accounts and Datasets (CEADs). Then, an input-output price model was established to study the changes on product price, GDP, employment, and carbon dioxide emissions of 28 sectors after carbon taxing ranged from 10 to 200. When the carbon tax rate reaches 200 yuan/ton, the inflation rate will be 5.907%, the total GDP will be decreased to 1.910%, the total labor force will be decreased to 1.744%, and the total carbon emission reduction rate will be increased to 8.171%. Results showed that with the increases in carbon tax, the inflation rate was increased, the rate of carbon emission reduction was increased, and the negative effects on GDP and employment were also increased. Suggestions on policy making, such as combination of carbon taxing and carbon trading, dynamic adjustment mechanism, tax neutrality, and forcing active carbon reduction, were proposed to minimize the adverse effect of levying carbon tax. The results from this paper would provide a reference for the policy making on carbon management.

With the aim of achieving the goal of ecological livability in Chinese rural society, the issue of rural environmental governance has received great attention from the CCP and the government. However, due to local governments' model of development in exchange for economic interests and the "urban and rural binary" structure of environmental governance, rural environmental governance faces many dilemmas, such as lack of normative standards, lack of environmental governance subjects, and lack of judicial security. In order to improve the development of rural ecological civilization and realize ecologically friendly agriculture, this paper proposes a solution path for rural environmental governance from the perspective of the idea of the community with a shared future for humanity. Specifically, this solution path includes establishing the concepts of cooperation and governance of environmental protection, improving villagers' participation in environmental protection, balancing economic and environmental interests in rural environmental governance, and building a long-term mechanism for the rule of law in rural environmental governance.

China's economic development has gradually entered a new period of slowing down and changing from quantity to quality, which has put forward higher requirements for environmental quality. How to better fulfill environmental responsibilities and realize a virtuous circle of "environmental protection for development" and a value growth model are essential issues that enterprises should consider and solve. Overconfidence, as one of the significant psychological characteristics of management, has caused more and more attention to its economic consequences. In order to clarify the internal logical relationship between the two and help enterprises optimize their environmental responsibility decisions, the paper is based on upper echelon theory and stakeholder theory. It focuses on the micro-situation of the corporate, empirically testing the influence of management overconfidence on corporate environmental responsibility by using the OLS regression analysis method, taking the manufacturing listed companies in the Shanghai and Shenzhen Stock Exchange of China from 2010 to 2017 as the research sample. The study discusses the moderating effect of government environmental governance and media attention on the relationship between management overconfidence and corporate environmental responsibility. The empirical results show a negative correlation between management overconfidence and corporate environmental responsibility. Both government environmental governance and media attention will weaken the negative correlation between management overconfidence and corporate environmental responsibility. Further research finds that management overconfidence has a weakening effect on corporate value, and corporate environmental responsibility plays a partial mediating role between management overconfidence and corporate value.

Based on a sample of 92 listed renewable energy enterprises in China from 2007-2017, this paper empirically examines the nonlinear effect of environmental policies on renewable energy investments using a semiparametric regression model. Environmental policies are divided into three groups in terms of pre-control, in-process governance, and post-accounting-the groups being green supervision and public regulations, green standardized regulations, and green accounting regulations-and this paper explores the differences in the effects of environmental policies at different stages. The results indicate that the relationship between environmental policies and renewable energy development has been unstable, following a "W-shaped" pattern. Green supervision and public regulations can greatly enhance investments in the renewable energy industry, with an estimated coefficient of 10.8173. Green standardized regulations have a similar "W-shaped" impact on renewable energy development. However, the nonlinear impact of green accounting regulations on renewable energy development fails the significance test. In addition, the effect of environmental policies on investment in the solar energy industry is positive, with a coefficient of 1.0697. The positive effect of environmental policies on investments in the renewable energy industry is reflected mainly in medium-, small-, and micro-sized enterprises. These findings contribute to the literature on the effectiveness of environmental policies by putting a set of environmental policies into a unified framework to explore their combined effects.

At present, China's economy is developing rapidly; however, at the same time, it is also bringing more and more serious environmental problems. Although many laws have been established in the country to limit pollution by enterprises-and enterprises are actively saving energy and reducing pollution-the situation is still not optimistic. In 2016, there were 35 cities across the country that exceeded the annual average air quality standard; these regions have been plagued by haze for a long time, which seriously threatens people's health and sustainable social and economic development. Therefore, while pursuing economic benefits and realizing greater value, importance must be attached to environmental performance, especially for enterprises with serious pollution. Using the panel regression analysis method, based on the data of enterprises from 2010 to 2019, this paper empirically analyzes the effects of government environmental protection subsidies and internal control quality on the environmental performance of heavily polluting enterprises, and verifies the nonlinear critical effect of government subsidies and internal control on environmental performance. In addition, this paper also uses the intermediate effect model to verify the mechanism by which environmental subsidies impact the environmental performance of heavily polluting enterprises. Through the empirical analysis, the effects of environmental protection subsidies and internal control on the environmental performance of enterprises with serious pollution are obtained. In the process of environmental subsidy affecting the environmental performance of heavy-polluting enterprises, internal control plays a key intermediary role. In addition, environmental subsidies and internal controls have a certain impact on the environmental performance of heavily polluting enterprises. Through the empirical analysis, it is concluded that there are obvious differences between government subsidies and internal control on the environmental governance effects of heavily polluting enterprises in different regions and with different property rights. Among them, the environmental protection subsidies have the greatest impact on pollution degree in the central region, followed by the eastern region; in the western region, it is not obvious. Secondly, the incentive effect of government environmental subsidies on state-owned enterprises with serious environmental pollution is better than the environmental governance effect of non-state-owned enterprises.

Digitization offers fresh impetus to the transformation and upgrading of mining enterprises, while on the other hand, the rapid development and broad application of digital technologies make the environmental governance of mining enterprises the most important themes of theoretical research and practical exploration. In this paper, A-share companies listed between 2007 and 2020 are taken as samples to study the influence of digital transformation on the environmental governance of mining enterprises, and its relative acting paths. Our main research methods are multiple linear regression analysis, the panel fixed-effect model and the intermediary effect model. The results show that digital transformation significantly improves the environmental governance of mining enterprises, which is still tenable even after going through a series of endogeneity and robustness tests. It is found via the path test that, by strengthening the supervision of the media, the digital transformation performed in mining enterprises helps improve their environmental governance level, but the comparability of the accounting data shows no significant mediation effect between digital transformation and environmental governance. The heterogeneity test found that the promotion of digital transformation in environmental governance was significant only in non-state-owned enterprises, large-scale enterprises, and mature-growth enterprises. The findings enrich studies on the economic consequences and the environmental governance influences brought by mining enterprise's transformation based on advanced technologies. This provides an important reference and is of great heuristic significance in promoting digital transformation and strengthening the environmental governance of mining enterprises.

In environmental authoritarian countries, environmental pollution control relies on government environmental regulation. Theoretically, the certainty and severity of environmental regulation are the key factors in achieving its political goals. According to regulatory space theory, an effective regulatory system needs regulatory power and resources. However, the effectiveness of regulation may be decreased by the desperate need for resources, and the regulated enterprises can also affect environmental regulation through their information advantage and social networks. This paper focuses on how local environmental regulation can be achieved under these conditions. The analysis is conducted from two perspectives: the deterrence effect of punishment and the political connections maintained by enterprises. An empirical test was conducted by analyzing the research data from the 12th China Private Enterprise Survey in 2016. The study found that the severity of punishment is a mediator of environmental regulation in the promotion of enterprises' investment in pollution control, and that it is moderated by the political relationships of enterprise managers. Compared with counterparts that have a less substantial political network, enterprises with more political networks may feel more pressure from environmental regulation policies, which leads to higher pollution fines. However, the promotion effect of environmental fines on an enterprise's investment in pollution control is weakened due to its political relationships, thus weakening the effectiveness of the punishment. This paper clarifies the mechanism through which political connections weaken the effect of environmental regulation: political connections encourage firms to avoid real harm and do false good. Regulation is supposed to use fines as an incentive to improve the environment, but politically connected companies are more willing to pay fines (doing false good), than to invest in cleaning up pollution (avoiding real harm).

To deal with the pollution issue caused by long-term economic development, China has introduced a number of environmental governance measures and made some progress. In the context of the strategy of developing a "Healthy China", the Chinese government proposed to include health in the formulation and implementation of environmental regulation policies, which places a higher demand on the implementation effect of environmental policies. This study attempts to clarify the causal link between market-based environmental governance and public health, and quantify the implementation effects of market-oriented environmental governance, so as to provide accurate assessments for addressing environmental degradation and improving public health. Based on the CHNS database and provincial panel data from 2000 to 2015, this paper constructs a binary logit-based difference-in-difference model to investigate the effects of the emission trading system (ETS) pilot policy on public health measured by the incidence of respiratory diseases, heart disease, and other diseases. The results show that ETS significantly reduces the incidence of respiratory and other diseases but has no significant impact on the incidence of heart diseases. The improvement effects of ETS on public health mainly come from the reduction of SO 2 under the principle of total volume control. However, heterogeneity analysis reveals that the health-improving effects of ETS are not as expected. Although ETS can enhance the health of vulnerable populations, such as workers near pollution sources and rural residents, it has no discernible impact on the health of those far from pollution sources and urban residents.

This paper took the panel data of 1052 heavily-polluting listed companies from both the Shanghai and Shenzhen Stock Exchange from 2010 to 2017 to empirically analyze the impact of environmental regulation (ERG) on firm performance (FP). The article introduces a mediating effect model to test the mediating role of corporate tax burden (ETR) within the relationship between ERG on FP. The results showed that: (1) ERG has exerted a significant enhancement effect on the performance of heavily polluted firms via the ETR reduction mechanism. (2) The mediating effect of ETR depends on the duration of ERG. A significant time lag exists before the mediating effect starts to work, and the magnitude of the mediating effect increases with the time lag from the execution of the ERG. (3) The mediating effect of ETR varies significantly with the nature of corporate property rights. It is significant for the state-owned firms, while for non-state-owned firms, there is no evidence supporting the existence of the mediating effect of ETR despite ERG still having a significant direct-impact on FP. Based on these findings, we discuss the policy suggestion to optimize the impact of environmental regulation policies in terms of incentivizing the green development of polluting firms.

The green finance policy is crucial for enterprises to participate in environmental governance actively. Taking the "Green Credit Guidelines" issued by China in 2012 as a quasi-natural experiment, this study investigated the impact of green finance policies on corporate environmental, social, and governance (ESG) performance by using a continuous Difference-in-Differences (DID) model based on the data of listed companies from 2006 to 2020. The conclusions are: (1) The green finance policy significantly improves corporate ESG, but the effects vary across enterprises. (2) The policy has encouraged enterprises to develop and adopt green products and technologies. Still, it has not had a positive effect on the treatment of enterprise pollutant emissions because the implementation of the policy makes enterprises pay more attention to front-end risk control than pollution treatment after production. (3) Research results have heterogeneity. The impact of green finance policies on enterprises at different levels of environmental regulation is different. Enterprises in areas with high intensity of environmental regulation are more vulnerable to green credit. The conclusion of this paper helps improve the green finance policy system, enhance the awareness and level of corporate ESG, and strengthen the collaborative governance of policies and enterprises on environmental issues in combination with the mandatory environmental regulations and incentive mechanisms to promote the green development of enterprises and realize the goal of carbon neutrality.

To clarify the evolution of "production-living-ecological" function coupling in the Yellow River Basin, coordinating the spatial allocation of resources, development management and layout optimization, is an important means for achieving ecological protection and high-quality development in the region. In this paper, we conducted an empirical analysis and ARIMA prediction of the coupled production-living-ecological function coordination level in the Yellow River Basin of China from 2008 to 2018, and found that: (1) In terms of temporal evolution, the production-living-ecological function and coupling coordination level of each province and region in the Yellow River Basin generally shows a sharp and then slow upward trend, with the living functions changing more than the production and ecological functions; (2) in terms of spatial pattern, the production and living functions of each province and region show the trend of functional level increasing from east to west over time; the ecological functions, contrary to production and living functions, show a "high-low" aggregation, midstream shows "low-low" aggregation, and downstream shows "low-high" aggregation; (3) According to the regression results of the spatial Dubin model, the environmental governance level, technological research and development level, and social security level and resource dependence degree have positive promoting and spillover effects on the coupling coordination level of the "production-living-ecological" function in the region. However, population density and carbon emission intensity will hinder the development of regional coupling coordination level; (4) from the ARIMA prediction, the coupling coordination level of "production-living-ecological" in the Yellow River Basin continues the development trend of 2008-2018 in the short term, the overall coordination level is at a high level, and the variability of coupling coordination level among provinces and regions is further reduced. Finally, corresponding development countermeasures and suggestions are given to different provinces and regions based on the spatial and temporal evolution characteristics, influencing factors and development trend of the "production-living-ecological" function in the Yellow River basin.

The advancement of technology and economic development has raised the standard of living and at the same time brought a greater burden to the environment. Environmental governance has become a common concern around the world, and although China's environmental governance has achieved some success, it is still a long way from the ultimate goal. This paper empirically analyzes the impact of environmental publicity and education on environmental governance performance, using public participation as a mediator. The results show that: the direct effect of environmental publicity and education on environmental governance performance is not significant; environmental publicity and education have a significant positive effect on public participation; public participation significantly contributes to environmental governance performance; public participation shows a good mediating effect between environmental publicity and education and environmental governance performance. The government should adopt diversified environmental protection publicity and education in future environmental governance, and vigorously promote public participation in environmental governance so that the goal of environmental governance can be fundamentally accomplished by all people.

There is a close connection between export trade and environmental regulations. How to realize the green development of export trade under the constraint of environmental regulation policy is a controversial topic in both theoretical research and practice. Considering the leading role of Zhejiang export trade in China, based on the extended gravity model, this paper attempts to explore the impact of environmental regulations on export trade using the panel data of Zhejiang Province together with that of 18 major "Belt and Road" trading countries (regions) from 2004 to 2016. It provides a theoretical basis for promoting the coordinated development of environmental protection and export trade. This not only has theoretical and practical significance for various regions in China but also for other countries and regions in the world when formulating environmental regulation standards and implementation intensity. The empirical results show that there is a U-shaped relationship between environmental regulations and the development of export trade; namely, the former suppresses the latter before promotion happens. Specifically, environmental regulation could increase the cost of export products and curb the development of export trade in the short term. On the other hand, it encourages enterprises to carry out technological innovation and improve efficiency and competitiveness, thus contributing to the development of export trade in the long term.

China's carbon emissions trading scheme (ETS) is an institutional arrangement that China intends to explore as a means of energy conservation and emission reduction. It is the core of China's goal of achieving carbon peaking and carbon neutrality. This paper regards the introduction of pilot carbon emission trading policies as a quasi-natural experiment. Propensity Score Matching (PSM), Differences-in-Differences (DID), and spatial Durbin methods were used to evaluate the policy effects of pilot carbon emission trading policies on the carbon intensity of Chinese cities. We empirically tested the impact mechanism using the panel data of 281 cities at the prefecture level and above in China from 2006 to 2019. The results show that (1) the pilot policy of carbon emission trading has significantly reduced the carbon intensity of Chinese cities and shows characteristics of heterogeneity; (2) the dynamic effect test shows that the mitigation effect of the pilot carbon emission trading policy has increased gradually with time; (3) the mediation effect shows that the pilot carbon emission trading policy alleviates urban pollution in the region by improving the level of environmental governance and jointly reduces urban carbon intensity by increasing the level of green technology innovation; (4) the Durbin test suggests that pilot carbon emissions trading policy enforcement can significantly improve the carbon intensity of the area surrounding the city. In summary, the national carbon emissions trading market appears to be a successful experiment that also can contribute to China's sustainable development. Its promise in achieving the "double carbon" target provides important policy implications.

Green development is the core goal for contemporary urban areas. It has become essential to explore new types of urban green development, and the concept of the "national civilized city" which is the most influential city brand in China, has emerged. Drawing upon the administrative competing theory, based on the panel data of 281 cities in China from 2000 to 2018, this paper employs a propensity scores matching (PSM) design and a difference-in-difference (DID) approach to examine the influence of the establishment of the national civilized city policy on the green development of prefecture-level cities in China. First, the result shows that the establishment of the national civilized city policy can significantly improve the urban green total factor productivity (GTFP). Second, the mediation mechanism analyses show that the establishment of national civilized city policy can promote cities to increase their investment in R&D, increase the financial investment in environmental governance, and optimize the industrial structure, which further lays a solid foundation for urban green development. Third, the heterogeneity analysis shows that the impact of civilized city construction on urban GTFP is different in terms of population and economic scales. The results show that the weight of environmental management and R&D investment should be increased in the evaluation index of the national civilized city, and the promotion of urban green development should be maximized.

Carbon emission abatement is very important for manufacturers regulated by environmental policies. However, choosing an optimal carbon abatement strategy is difficult for many firms. This paper attempts to explore the appropriate carbon abatement strategy for firms that are regulated by cap-and-trade. Specifically, by bringing remanufacturing into consideration, this paper examines a manufacturer that has four alternative carbon abatement strategies: (1) do nothing, (2) invest in carbon abatement, (3) engage in remanufacturing, or (4) become involved in investment and remanufacturing together. The models of these four strategies are first developed in a monopolistic operating environment. The results show that among the four carbon abatement strategies, although the fourth strategy has the highest costs, it generates the largest profits for the manufacturer, passes the greatest benefits along to consumers, and has the best environmental performance. Next, this study is extended to a competitive environment. The results show that the optimal strategy in the monopolistic environment no longer maximizes profits, and decision guidance is offered for the manufacturer operating under such an environment., Competing Interests: The authors declare no conflict of interest.

Facing the intensification of global carbon emissions and the increasingly severe pressure of environmental pollution, listed companies urgently need to promote green innovation, achieve green transformation, and alleviate environmental problems. Green finance policy has played a significant role as a financial strategy for environmental governance in affecting green innovation level over the years. In this context, taking the green finance reform and innovation pilot zone (GFRIPZ) implemented in 2017 in China as a quasi-natural experiment, this paper analyzes the impact of green finance policy on green innovation level of listed companies by the difference-in-difference model. Based on the data of Chinese A-share listed companies from 2008 to 2020, the results of empirical analysis show that green finance significantly promotes green innovation of listed companies. The effect is profound on green utility model patents, but less pronounced on green invention patents. Among all these pilot zones, the policy effects of GFRIPZ ranked in descending order are Zhejiang, Guangdong, Jiangxi, Guizhou, and Xinjiang. In addition, green finance has a more significant impact on heavy-polluting industries, large and state-owned enterprises, and listed companies located in the eastern region. Furthermore, the effects of industry heterogeneity ranked in descending order are energy, manufacturing, processing, and engineering industry, while it is not obvious in the service industry. Mechanism analysis suggests that the effect is driven by a reduction in the cost of debt financing and an increase in the long-term debt ratio. The findings provide implications for policymakers to promote the level of green innovation and environmental governance. Therefore, policymakers should support the long-term creative development of green invention patents by reducing the cost of debt financing and increasing the long-term debt ratio and consider the heterogeneous characteristics of listed companies when formulating green finance policies.

Promoting the carbon emission trading system has been a crucial measure for China to fulfill its carbon neutrality commitment. Taking the carbon emission trading system implemented in China in 2013 as a quasi-natural experiment, based on the provincial panel data of China from 2005 to 2019, this paper adopts the difference-in-difference (DID) method and the synthetic control method (SCM) to evaluate the impact of the carbon emission trading system on energy conservation and emission reduction in pilot provinces and cities. The research findings reveal that, on the whole, the carbon emission trading system has significantly promoted the process of energy conservation and emission reduction in pilot provinces and cities. Other robustness tests, including the parallel trend test, PSM-DID stationarity test and placebo test have also been passed. Heterogeneity analysis shows that the most significant policy effects occur in Tianjin and Shanghai, followed by Hubei. The emission reduction effect of Guangdong displays a trend of first decreasing and then increasing. The test results demonstrate that the carbon emission trading system can strengthen the process of energy conservation and emission reduction by optimizing the industrial structure and energy structure. In conclusion, policy makers should coordinate the relationship between the government and the market and speed up the transformation of environmental policy from command control type to market incentive type. Meanwhile, improve the property right system and accelerate the promotion of carbon emission trading pilot policies in China according to local conditions. By encouraging technological innovation, a new market-oriented path of energy conservation and emission reduction guided by the enhancement of energy efficiency and the optimization of energy and industrial structures ought to be formed.

Against the background of green and sustainable development strategy, it is an effective way to carry out green innovation to cope with the increasing intensity of government environmental regulation for enterprises. Nevertheless, the regulatory role of ESG performance has been ignored. Based on panel data from Chinese listed companies from 2010 to 2019, this paper mainly studies whether the environmental regulation intensity and ESG performance have a substitution effect on the impact of green innovation by constructing a double fixed effect model. The empirical results showed that first, positive ESG performance is conducive to promoting green innovation. Second, there is a U-shaped relationship between the intensity of environmental regulation and high-quality green innovation, which reflects the effect of "offset before compensation". With the increasing intensity of environmental regulation, high-quality green innovation tends to crowd out low-quality green innovation, which further improves the practical test of the "Porter Hypothesis". Third, the positive ESG performance showed a negative regulatory effect between environmental regulation intensity and enterprise green innovation, which means that environmental regulation intensity and ESG performance have a substitution effect, and the effect is heterogeneous in different enterprises. This paper makes a beneficial exploration on how environmental regulation intensity and ESG performance affect enterprise green innovation, and demonstrates the regulatory role of ESG performance between environmental regulation intensity and green innovation, which reveals the impact of macro environmental policies on the green innovation behavior of micro subjects, and contributes to the further improvement of ESG concept and green innovation theory.

Fiscal decentralization (FD), as an institutional arrangement for the fiscal division between central and local governments, gives local governments the enthusiasm and autonomy to provide public products and services. With the dominance of environmental governance, how local governments can avoid intergovernmental "race to the bottom" issues through green technology innovation (GTI) is a matter of regional green development and continuous improvement of atmospheric environmental quality. Based on a sample of 30 provinces in China from 2003 to 2018, this paper uses the spatial Durbin model (SDM) to examine the relationship between FD, GTI, and regional air pollution and explores their spatial spillover effect and regional heterogeneity from the perspective of intergovernmental competition. The results indicate that the FD and GTI in various provinces had significant and regionally differentiated inhibitory effects on local air pollution. In Western China, due to the regional competition among local governments in terms of economic development, economic development-oriented fiscal expenditures crowd out environmental governance-oriented fiscal expenditures, which has led to the consequence that FD can intensify local air pollution and has a positive spillover effect, but the demonstration effect of green technological innovation can well moderate the effect of FD on air pollution. FD in the eastern region has played a positive role in promoting regional air quality improvement. However, its green technological innovation has not played a positive role in reducing emissions, and it plays a significant negative regulatory role in the emission reduction effect led by FD. Finally, the article puts forward policy recommendations in terms of a fiscal decentralization system, green technological innovation, and performance evaluation mechanism.

Pharmaceutical products, including active pharmaceutical ingredients and inactive ingredients such as packaging materials, have raised significant concerns due to their persistent input and potential threats to human and environmental health. Discourse on reducing pharmaceutical waste and subsequent pollution is often limited, as information about the toxicity of pharmaceuticals in humans is yet to be fully established. Nevertheless, there is growing awareness about ecotoxicity, and efforts to curb pharmaceutical pollution in the European Union (EU), United States (US), and Canada have emerged along with waste disposal and treatment procedures, as well as growing concerns about impacts on human and animal health, such as through antimicrobial resistance. Yet, the outcomes of such endeavors are often disparate and involve multiple agencies, organizations, and departments with little evidence of cooperation, collaboration, or oversight. Environmental health disparities occur when communities exposed to a combination of poor environmental quality and social inequities experience more sickness and disease than wealthier, less polluted communities. In this paper, we discuss pharmaceutical environmental pollution in the context of health disparities and examine policies across the US, EU, and Canada in minimizing environmental pollution.

Concern has been expressed in many parts of the world that community relations in rural areas are breaking down, making issues such as rural environmental degradation harder to resolve without external regulation. Guanxi is a specific Chinese idiom for characterizing social networks, as a broad term to represent existing relations among people, which can be loosely translated as ''relationship''. Based on a case study of an underdeveloped mountainous area of Southern China, this paper examined the problem from the perspective of guanxi, and explored the impacts of internal group differentiation catalyzed by pig farming pollution and the subsequent influences on the distribution of costs and benefits of different shareholders. It was found that the guanxi in the village were changed from blood relationship centered to economic interest centered. This disparity exerts a significant influence on the distribution of costs and benefits of pollution control and exacerbates environmental inequalities. This means that pig farmers dominated the narrative of pig farming pollution, while the ordinary villagers chose to suffer without protesting, which hinders the advancement of pollution control, and pig farmers took the benefits of weak pollution control and managed to transfer the external cost to others, while others became direct victims. The paper concludes that the rich become richer and the poor become poorer in both economic and environmental perspectives. It is strongly suggested that guanxi should be integrated into the consideration and decision-making process of rural environmental governance in order to guarantee the efficiency and efficacy of its implementation.

Taking 286 cities above the prefecture level in China as the research object and the research period from 2003 to 2019, through the two-way fixed effect model, this paper empirically analyzes the impact of the city level on environmental collaborative governance. The threshold regression model is used to reveal the nonlinear relationship between urban levels and environmental collaborative governance and to analyze the phase characteristics of different urban levels for environmental collaborative governance. The results show that: (1) The city level has a significant role in promoting collaborative environmental governance. (2) The regression results of the three major sections show that the urban level promotion in the eastern region has the strongest promoting effect on the coordinated environmental governance, and the western region is the weakest. (3) The impact of the city level on collaborative environmental governance is nonlinear. When the city scale reaches a certain critical point, its impact on the collaborative environmental governance tends to intensify.

To answer to global climate change, promote climate governance and map out a grand blueprint for sustainable development, carbon neutrality has become the target and vision of all countries. Green finance is a means to coordinate economic development and environmental governance. This paper mainly studies the trend of carbon emission reduction in China in the next 40 years under the influence of green finance development and how to develop and improve China's green finance system to help China achieve the goal of "carbon neutrality by 2060". The research process and conclusions are as follows: (1) Through correlation test and data analysis, it is concluded that the development of green finance is an important driving force to achieve carbon neutrality. (2) The grey prediction GM (1,1) model is used to forecast the data of carbon dioxide emissions, green credit balance, green bond issuance scale and green project investment in China from 2020 to 2060. The results show that they will all increase year by year in the next 40 years. (3) BP neural network model is used to further predict carbon dioxide emissions from 2020 to 2060. It is expected that China's CO 2 emissions will show an "inverted V" trend in the next 40 years, and China is expected to achieve a carbon peak in 2032 and be carbon neutral in 2063. Based on the results of the research above, this paper provides a supported path of implementing the realization of the carbon-neutral target of China from the perspective of developing and improving green financial system, aiming to provide references for China to realize the vision of carbon neutrality, providing policy suggestions for relevant departments, and provide ideas for other countries to accelerate the realization of carbon neutrality.

This paper employs the global Malmquist Luenberger (GML) index and the System Generalized method of moments (GMM) estimation method to investigate the influence of both environmental regulation and financial development on green total factor productivity in 41 cities of the Yangtze River Delta (YRD) in China from 2003-2019. We select the relevant input-output data to measure the green total factor productivity (GTFP) and its decomposition index including undesirable output. The results show that the GTFP and its decomposition index in the YRD have a slow fluctuating upward trend. The YRD mainly depends on improving the level of technological progress and environmental governance to promote the improvement of regional economic green development level. The empirical research results show that there is an inverted U relationship between environmental regulation and GTFP in the YRD, too strict environmental regulation will inhibit the growth of green total factor productivity. By adding control variables, the inflection point of environmental regulation is 0.5034, which is lower than that without control variables. There is a strong interaction and superposition effect between financial development and environmental regulation, which is closely related to the established financial cooperation mechanism, perfect financial system arrangement and cross-regional financial cooperation platform in the YRD. Government intervention should be reduced, the introduction of foreign capital should be controlled appropriately, foreign capital should be guided to green industries, and the use efficiency of foreign capital should be improved. This paper holds that we should pay attention to the strength of environmental regulation, prevent overcorrection, increase the guidance of credit funds, deepen the reform of the financial system, appropriately intervene in the market by the government, strengthen the guidance of foreign capital, and promote the development and transformation of the green economy in the YRD region with the help of several policies.

As the continuous changes in environmental regulations have a non-negligible impact on the innovation activities of micro subjects, and economic policy uncertainty has become one of the important influencing factors to be considered in the development of enterprises. Therefore, based on the panel data of Chinese high-tech enterprises from 2012-2017, this paper explores the impact of heterogeneous environmental regulations on firms' green innovation from the perspective of economic policy uncertainty as a moderating variable. The empirical results show that, first, market-incentivized environmental regulation instruments have an inverted U-shaped relationship with innovation output, while voluntary environmental regulation produces a significant positive impact. Second, the U-shaped relationship between market-based environmental regulation and innovation output becomes more pronounced when economic policy uncertainty is high. However, it plays a negative moderating role in regulating the relationship between voluntary-based environmental regulation and innovation output. This paper not only illustrates the process of technological innovation by revealing the intrinsic mechanism of environmental regulation on firm innovation, but also provides insights for government in environmental governance from the perspective of economic policy uncertainty as well.