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Employing the "Green Credit Guidelines" implemented in 2012 as the basis for a quasi-natural experiment, this study applies the method of Difference-in-Differences(DID) to investigate the influence of the Green Credit Policy on both the quantity and quality of enterprise innovation. The outcomes of our analysis reveal that the policy has significantly boosted both the quantity and quality of innovation among enterprises identified as heavy polluters. It is noteworthy that the policy's positive impact on innovation quantity surpasses its positive effect on innovation quality. This substantiates that the Green Credit Policy effectively generates incentivizing outcomes for innovation among the heavy polluters, thereby verifying Porter's hypothesis within the domain of green credit in China. Furthermore, we find that the positive impact is more significant for enterprises with lower innovation capabilities, large-scale enterprises, state-owned enterprises, and those situated in both the Eastern and Western regions. Through these findings, this study illuminates a novel perspective on the interplay between the Green Credit Policy and enterprise innovation dynamics in China. [ABSTRACT FROM AUTHOR]

The development of urbanization has brought new challenges to the ecological environment, and the promotion of green technology innovation and development is widely recognized as an essential method to achieve cities' economic benefits and environmental protection. This paper examines whether the new urbanization pilot policies (NUP) increase green technology innovation (GTI) from both theoretical and empirical perspectives. This paper examines the impact of new urbanization on GTI by analyzing data from 285 cities in China between 2010 and 2021, using the multi-period DID model with the implementation of NUP as an exogenous policy shock. The study results indicate that NUP significantly affects GTI, and the conclusion still holds after the parallel trend test, placebo test, and other robustness tests. Heterogeneity analysis shows that the NUP significantly enhances GTI in low environmental pollution, non-resource-based, Medium-sized, and Central Region cities. The test of moderating effect shows that NUP has a "linkage effect" with the government's environmental attention, financial investment in innovation, and regional talent pooling. The findings of this paper provide empirical evidence and decision-making reference for promoting NUP and sustainable development of cities. [ABSTRACT FROM AUTHOR]

Green technological innovation has the dual benefit of promoting economic development and limiting environmental pollution and is critical to sustainable development in developing countries. This study assessed the green innovation effects of ecological civilization pilot policies by using the difference-indifferences approach, mediating effects model, and causal forest algorithm. The results showed that: (1) The ecological civilization pilot policy increased the level of green technology innovation in the pilot area by 27.9 %. (2) Urbanization partially mediated the impact process of ecological civilization pilot policies on green technology innovation, and the green innovation effect transmitted through urbanization was about 28%. (3) When energy structure and financial support were taken as the conditions, the green innovation effect of the ecological civilization pilot policy respectively showed an S-shaped curve and an inverted U-shaped curve. The above results can provide a new scientific basis for promoting green development in developing countries. [ABSTRACT FROM AUTHOR]

The escalating levels of CO2 emissions from the transportation sector have been observed to exert deleterious effects on human well‐being and environmental sustainability. To mitigate these emissions, it is imperative to consider the potential contributions of environmental policies and financial innovation. Thus, this study examines the effects of financial innovation and environmental policy (environmental tax–environmental technology) on transport‐related CO2 emission (TCO2E) for BICS (i.e., Brazil, India, China and South Africa), which are characterized by substantial industrialization, rising TCO2E and growing environmental concerns. The analysis is complemented by including control variables, notably economic growth and the transition to cleaner energy, to offer a nuanced and holistic perspective on the dynamics governing this critical subject matter. The research adopts a novel econometric approach cross‐sectionally augmented auto‐regressive distributed lags for benchmark estimation and fully modified ordinary least squares–dynamic ordinary least squares for robustness analysis from 2000/Q1‐2018/Q4. The findings revealed that financial innovation and economic growth bolster TCO2E and decrease environmental quality in the region. In contrast, environmental tax, environmental innovation and energy transition decrease TCO2E. Based on findings, policy suggestions relating to implementing a carbon tax, promoting green financial innovation and others are discussed to decrease TCO2E. [ABSTRACT FROM AUTHOR]

The concept of circular economy (CE) is proposed to lead humanity toward a sustainable future. Public authorities increasingly build on CE narratives. The progress of private sector actors is key to enable more circular resource flows. Still, the world falls far short from becoming circular and large‐scale implementation of CE in actual problem–solution spaces is scarce. This study sheds light into the external strategies of circular start‐ups (CSUs) in building an adequate socio‐institutional embedding for circular business models (CBMs) and puts the findings in the context of CE and sustainability transformations research. CSUs are a distinct group of CE‐oriented actors that build and implement CBMs wholistically and from scratch. Thereby, they can directly and indirectly contribute to the creation of circular innovation systems. This study defines the common CE mission of CSUs, sets it in context of respective socio‐political CE missions, and scrutinizes the roles that CSUs adopt to drive systemic CE implementation. We observe that CSUs' strategic interventions go further than only novelty creation. This article proposes and elaborates on four roles that CSUs adopt: conveners, reinforcers, pioneers, and champions. The roles differ according to the CSU business models, stakeholders, the institutional elements that are addressed, as well as the directionalities that CSUs set. The findings are discussed considering the governance, policies, and strategic management of various directionalities in which CE innovation develops. It sheds light on inadequacies and limitations for bottom‐up CE innovation in existing norms and cognition, policy, and network governance. [ABSTRACT FROM AUTHOR]

In recent years, the intensification of global industrialization coupled with the enterprise's production and operating activities have caused pollution, increasing the current environmental pressure. Relevant government departments in China have instituted several stringent measures (environmental protection sensitization and awareness activities, training sessions, and exchange activities targeted towards enterprise managers) to address these rising environmental problems. Though these measures have gained traction over the years, there is a dearth of research on their effectiveness on the green innovation performance of enterprises. To bridge the gap, this research explores the effect of environmental awareness training, knowledge exchange activities, and commitment on green innovation performance with survey data from 285 medical equipment manufacturing companies in China. It further expands the theoretical application of environmental awareness training, commitment, and innovation performance from the lens of the Knowledge-Based View. The findings depict a positive relationship between environmental awareness training and innovation performance. It also finds a mediating influence of environmental commitment in the relationship between environmental awareness training and green innovation performance. Furthermore, environmental knowledge exchange activities positively moderate the relationship between environmental awareness training and environmental commitment. These findings offer valuable insights for the green development of medical equipment manufacturing enterprises and the government to formulate environmental protection policies. [ABSTRACT FROM AUTHOR]

The green credit policy serves as a crucial instrument for achieving the dual objectives of optimal resource allocation and green development. It plays a pivotal role in curbing inefficient investments in innovation by enterprises. This research employs the PSM-DID method to effectively explore the practical effects of the green credit policy on the innovation inefficiency investments of heavily polluting enterprises in China. Examining the impact from the perspectives of environmental regulation and financial constraints, the study utilizes panel data from listed companies on the Shanghai and Shenzhen A-shares markets spanning from 2010 to 2020. The following conclusions are drawn: (1) Green credit policy has proven effective in inhibiting the inefficient investment in innovation by heavily polluting enterprises when compared to non-heavily polluting enterprises. (2) Moreover, this effect is more pronounced in state-owned enterprises and regions with less financial development. (3) Mechanism testing reveals that the green credit policy can discourage corporate over-investment by influencing financing constraints and can alleviate under-investment through commercial credit. [ABSTRACT FROM AUTHOR]

The establishment of green finance reform and innovation (GFRI) pilot zone is an important measure of the Chinese government to urge enterprises to develop green transformation. This paper explores the impact of pilot policies in the GFRI pilot zone on corporate environmental investment. Based on 819 A-share listed enterprises from 2010 to 2020, our staggered difference-in-differences (staggered DID) estimation documents revealed that enterprises in the GFRI pilot zone significantly increased the corporate environmental investment efficiency but reduced the scale of corporate environmental investment.This conclusion remained robust after Propensity Scores Matching difference-in-differences (PSM-DID), replacing dependent variables, and shortening the time window. We contend that the increased research and development (R&D) expenditure and technological innovation are the potential mechanisms at work. Heterogeneity analysis showed that the establishment of GFRI improved the environmental investment efficiency of polluting enterprises but had no effect on green enterprises.Meanwhile, the effect of GFRI exhibited heterogeneity in the type of enterprise ownership. This paper evaluates the implementation effect of GFRI from the perspective of corporate environmental investment, and provides theoretical support and an empirical basis for green finance policy to serve China's green economy. [ABSTRACT FROM AUTHOR]

Today's global economy faces the most devastating challenges of global warming occasioned by overdependence on natural resources. Besides, the dilemma of choosing between economic benefits and environmental costs emanating from natural resources heightens the empirical relevance of green energy in recent times. To solve this developmental puzzle, the current study presents extends the knowledge frontier by evaluating the impacts of natural resource dependence, green energy (captured by biofuels and renewable energy), carbon tax, and technological innovation on environmental sustainability in G7 economies. The empirical model endogenizes environmental policy stringency and financial development from 1996 to 2019. The empirical verification anchors on second‐generation estimators entailing Cross‐Sectional Autoregressive Distributed Lag (CS‐ARDL), Common Correlated Effects Mean Group (CCEMG), augmented mean group (AMG), and novel Method of Moment Quantile Regression (MMQR). The fallouts from the analyses uncover that natural resource dependence militates against the attainment of the sustainability blueprint by escalating the surge in CO2 emissions in G7 countries. Similarly, the feedbacks from financial development support the surge in emissions. On the flip side, green energy, technological innovation, carbon tax, and environmental policy appear as effective tools for mitigating the surge. The Fully Modified Ordinary Least Square (FMOLS) estimator for the country‐specific analysis corroborates the panel findings. Additionally, two channels of causalities, including unidirectional and bidirectional nexuses, are apparent from the estimated model. Policy measures are suggested based on empirical findings. [ABSTRACT FROM AUTHOR]

This article explores the impact mechanism of different types of environmental regulations on corporate green technology innovation (GTI). The research focuses on analyzing three types of environmental regulations: command based environmental regulation (ER1), market-oriented environmental regulation (ER2), and voluntary environmental regulation (ER3), and how they affect corporate GTI. This study selected enterprise GTI as the dependent variable and measured it by the number of applications for green invention patents and green utility model patents. The independent variables are the three types of environmental regulations mentioned above. According to data from Chinese A-share listed companies. Using benchmark regression models to analyze the impact of different environmental regulations on GTI, and constructing a moderating effect model to study the role of corporate R&D investment and government support in the process of environmental regulations affecting GTI. The results indicate that (1) ER1, ER2, and ER3 can all promote enterprise GTI, and the three environmental regulatory methods have a better synergistic effect. (2) R&D investment has a positive correlation with the relationship between ER2 and GTI, and a negative correlation with ER 3 and ER 1. (3) There are differences in the GTI performance of enterprises in different regions, ownership nature, factor density, and industry types under the influence of environmental regulations. (4) The impact of environmental regulatory policies on corporate GTI is mainly short-term. This study provides a new perspective on how environmental regulations affect corporate GTI, especially in the context of developing countries like China. The research findings emphasize the role of different types of environmental regulations in incentivizing corporate GTI, while also pointing out factors that governments need to consider when formulating environmental policies, such as regional differences and corporate characteristics, which are of great significance for promoting green development of enterprises and achieving broader sustainable development goals. [ABSTRACT FROM AUTHOR]

Based on the two-stage innovation value chain model, incorporating environmental regulation policies and three-waste emissions into the research framework, constructing a green technology innovation efficiency evaluation index system from the perspectives of green inputs and outputs, and utilizing the super-efficiency SBM model and the Malmquist-Luenberger index model, assessing the effectiveness of green technological innovation in two aspects, namely, static, and dynamic, respectively. The results show that: the average value of green technical innovation efficiency of China's hightech industries is 0.5277, with significant differences between provinces, but the overall is constantly improving, showing an upward trend; the green technological innovation efficiency decreases from east to west, and the differences among the three major regions are not only embodied in spatial patterns, but also in the growth rate; during the period of investigation, the inefficient provinces are gradually decreasing, and the level of green technological innovation of China is constantly getting better; China's The average value of ML index of green technical innovation efficiency of high-tech industries in China is greater than 1, and the overall development trend is better; the increase of ML index in the eastern and central regions mainly relies on the positive influence of technological efficiency, while the decrease of ML index in the western part is affected by the recession of technological progress and technological efficiency, and the efficiency of technology research and development stage is generally higher than that of scientific and technical achievements transformation stage, and low efficiency of achievements transformation stage is mainly affected by the inhibiting effect of technological progress - inhibitory effect of technological advancement. [ABSTRACT FROM AUTHOR]

Environmental pollution caused by many factors including energy use has been a major problem around the world. A sustainable energy structure can help improve environmental sustainability. The roles of green innovation and environmental policies in determining an effective energy structure and achieving environmental sustainability have gained attention in recent research, but there are gaps to fill. Given the rapid development and unification of Africa to boost economies, this article aims to establish whether or not green innovation and environmental policies have influenced energy structure and environmental sustainability. Thirty-one (31) countries out of the 55 African Continental Free Trade Area (AfCFTA) countries were used in the analysis. The study adopted the Fully modified ordinary least squares (FMOLS) and the Dynamic ordinary least squares (DOLS) models in its analysis. Major empirical results revealed that a 1% increase in green innovations reduces ecological footprints by 0.7% and 1% (DOLS and FMOLS). Also, a percentage increase in environmental policies can reduce ecological footprints by 10.12% (DOLS) and 21.87% (FMOLS). A 1% rise in renewable energy improves their environmental sustainability by 3.26% (DOLS) and 1.82% (FMOLS). A 1% consumption of non-renewable energy reduces environmental sustainability by 4.59% (DOLS) and 1.55% (FMOLS). These results provide insights into the importance of green innovation, environmental policy, and renewable energy in improving environmental sustainability. Stringent measures and policies to boost green investment, sustainable energies, and environmental sustainability are necessary for the region. • Role of green innovation in energy structure and environmental sustainability is examined. • Thirty-one AfCFTA countries were examined. • Green innovation and environmental policy influence energy structure. • Policy implications to boost environmental sustainability are outlined. [ABSTRACT FROM AUTHOR]

The trading of carbon emissions is a crucial regulatory method to address environmental pollution issues. This study takes China's carbon emission trading pilot policy established in 2013 as a quasi-natural experiment and uses the DID model to empirically test the urban panel data from 2006 to 2019. The results show that the carbon emission trading pilot policy can effectively reduce urban environmental pollution, and this effect is more noticeable in mid-western cities, northern cities, cities with fewer resources, and large-scale cities. In addition, to address the urban environmental pollution problem through this policy, the government is encouraged to raise its environmental protection awareness and put more effort into the innovation of technology. In general, this study uses carbon emission trading policies from China to confirm that market-based incentive environmental regulation tools can effectively reduce environmental pollution in urban areas. These findings can provide more theoretical support and empirical evidence for the government to use mechanisms of the market to effectively solve pollution problems, improve ecological environment quality, and accelerate the realization of green economy. • The DID model is used to track pilot policy impact on urban environmental pollution. • Carbon emission trading pilot policy can reduce urban environmental pollution. • The government's environmental awareness is the channel of action. • The government's technological innovation efforts are the channel of action. [ABSTRACT FROM AUTHOR]

The ongoing debate concerning the ranking of taxes versus cap and trade for climate policy begins with Weitzman's (1974) seminal slope-based criterion and concludes that taxes likely dominate quotas. We challenge this conclusion and the intuition behind it. Because technology shocks and pollution stocks are both persistent, a technology shock alters the intercepts of both the marginal damage and abatement cost curves. The ratio of these two intercept shifts is as important as the ratio of slopes in ranking policies. Technology innovations diffuse gradually, strengthening the importance of the ratio of intercept shifts. For plausible parameter combinations, quotas can dominate taxes. [ABSTRACT FROM AUTHOR]

Over the last decade, waste management and prevention have become important in the transition towards a circular economy (CE). This study explores how voluntary environmental policies, adopted at a regional level, contribute to green transition from the perspective of the CE. By considering general and region-specific trends in waste management and environmental certifications, we perform a two-step analysis on a panel of 20 Italian regions between 2015 and 2019: the first step extrapolates the relative efficiency by using a Data Envelopment Analysis (DEA), while the second step extrapolates the efficiency in terms of productivity changes supported by Malmquist Productivity Analysis (MPA). The DEA results show an overall rising trend of efficiency among the Italian regions, supported by the MPA. Furthermore, they reveal that technological innovation in Italian waste management contributes to a greater efficiency in socio-economic systems which are characterized by 'environmental federalism'. From a decision-making perspective, this study suggests that measures such as the incentivization of voluntary environmental policies should be proposed to promote techno-organizations' transition to CE, in coherence with regional economic/industrial specializations and strategies, possibly based on a diversified policy mix, setting a knowledge-based framework by using budgetary measures and policy actions at the regional level. • Circular Economy with resource recovery is a driving force to achieve green transition. • Increase in resource efficiency is an unexplored economic opportunity to support growth. • EMAS and UNI EN ISO certifications are proxies for the level of attention paid to the environment. • Voluntary environmental certifications facilitate the transition. • Choices made at the regional level contribute to the transition. [ABSTRACT FROM AUTHOR]

China's ambitious endeavor to curtail carbon emissions has led to heightened governmental attention on addressing the issue of excessive carbon emissions. As governmental tolerance for such emissions diminishes, governments promote and support more proactive emission reduction methods of green innovation in enterprises. This study analyzes panel data from Chinese-listed businesses to explore the correlation between regional carbon emission pressure and green innovation. Our findings indicate a positive relationship between carbon emission pressure and enterprises' engagement in green innovation initiatives. Governmentenvironmental attention, punitive regulations, and incentive subsidies are the main channels. Market policies, including carbon emission trading and green credit policies, potentially impact the interplay between carbon emission pressure and green innovation. Moreover, our heterogeneity analysis underscores that enterprises facing looser financing constraints, exhibiting more social responsibility initiatives, and operating within polluting industries tend to experience a more pronounced positive impact than their counterparts in other sectors. • Regional carbon emission pressure has significantly promoted enterprises' green innovation. • Government awareness, punitive regulations, and incentive subsidies are the main channels. • The 2015 Paris Agreement in 21st United Nations Climate Change Conference contributes to the promotion of green innovation of enterprises. • The carbon emission trading and green credit policies enhance the promotion of green innovation. [ABSTRACT FROM AUTHOR]

Green energy efficiency (GEE) is pivotal for sustainable economic growth, particularly in the context of China's ambitious environmental goals. This study assesses the impact of Green Financial Reform and Innovation Pilot Zones on GEE from 2005 to 2020, using the SBM-GML method and a Double Difference Model (DID). Findings indicate a significant improvement in GEE within these zones, driven by advancements in green innovation and environmental regulation. At the micro level, firms in pilot zones show enhanced Environmental, Social, and Governance (ESG) performance and experience fewer financial constraints. The effectiveness of green finance policies is more pronounced in resource-rich and financially efficient regions, suggesting that these initiatives can significantly contribute to sustainable development. Based on empirical evidence, we recommend expanding pilot zones, promoting green technological innovation, and developing tailored green finance policies to address regional ecological sensitivities. [ABSTRACT FROM AUTHOR]

The escalating demand for resources in urban and rural construction development raises the crucial question of achieving green development within limited resource constraints. This study delves into the interplay between environmental policy and green development in urban and rural construction. Utilizing the spatial Durbin model for analysis, findings reveal that investment-oriented environmental regulation significantly impacts green development and positive spillover effects in neighboring regions when considering spatial weight matrices. In contrast, cost-based environmental regulations positively affect green development when spatial interactions are disregarded. However, they exhibit negative effects at the spatial level, potentially leading to a "pollution relocation" phenomenon. Although the influence of R& D subsidy-based environmental regulations on green development is not significant, their impact becomes notable upon considering spatial interactions, potentially generating positive effects across regions through mechanisms such as technology diffusion and knowledge transfer. Furthermore, from an endogeneity perspective, the impact of environmental regulatory tools on green development exhibits a time lag effect. Moreover, investment-type regulation in the eastern regions significantly fosters green development, whereas cost-based regulation shows a suppressive effect; investment-type regulation in central regions has a positive spillover on neighboring areas; and R&D subsidies in western regions negatively impact local green development. Moreover, the quality of governmental institutions, market integration, and technological innovation are key factors influencing green development in China's urban and rural construction. This study reveals the direct and indirect effects of various environmental policy tools on green development in urban and rural areas. It emphasizes the importance of considering spatial interactions in implementing environmental policies, providing a theoretical foundation and practical guidance for optimizing environmental policies. [ABSTRACT FROM AUTHOR]

Green credit can alleviate the financing constraints of green enterprises, and thus is an important policy to encourage green development and mitigate climate change. However, how green credit affects the technological innovation of clean energy enterprise (TICEE) and the role of corporate policy catering behavior (CPCB) both need to be further explored. Therefore, the impact mechanisms of green credit and the roles of CPCB are empirically tested by the mediation model and moderation model, respectively. Compared with large, eastern and mature enterprises, green credit plays a stronger positive role in the technological innovation of small, central and western and growing enterprises. Green credit optimizes enterprises' debt financing by alleviating financing constraints, reducing debt costs and extending debt maturity structure, thus driving technological innovation. Besides, the two most typical types of CPCB — research and development (R&D) manipulation and rent-seeking — weaken the positive effect of green credit on TICEE. However, CPCB weakens less on the quality of innovation of large, mature and eastern enterprises. Accordingly, green credit should be strengthened to promote TICEE, and the supervision of corporate speculation should also be strengthened to avoid the policy's failure. [Display omitted] • Green credit promotes the technological innovation of clean energy enterprises. • Corporate financing constraints, debt cost and debt maturity mediate the effect. • Policy catering behavior inhibits the role of green credit in corporate innovation. • The effects are stronger on small, growing enterprises in developing regions. • Various policy priorities and avoiding corporate speculation should be highlighted. [ABSTRACT FROM AUTHOR]

This paper is the inaugural attempt to investigate the herding behavior of firms in the context of environmental orientation to achieve the UN SDGs (Sustainable Development Goals) in the ASEAN region. Insights from the previous literature infer that peer effect is visibly seen in firms across various fields, especially amongst their CSR and ESG performance. Using data from the Thai listed firms, we document strong evidence of peer effects concerning environmental performance and its dimensions (emission reduction, product innovation, and resource reduction). The targeted time frame for the current study is from 2009 to 2019 for which we analyze the firms listed on the Thailand Stock Exchange (SET). Moreover, the results of our study support the fact that mimicking behavior is one of the common behaviors that is followed by the majority of the firms keeping in view their varied purposes which include enhancing their market reputation, increasing profits, attracting shareholders and investors and most importantly raising their sustainability standing. Thus, overall our study highlights the main perspective that peer effects and herding behavior a common practices amongst firms concerning their environmental policies. [ABSTRACT FROM AUTHOR]

Although technological innovation plays a critical role in promoting sustainable development and environmental sustainability, there are few studies in the existing literature that address this relationship. This study aimed to investigate the relationship between technological innovation (TI), renewable energy consumption (REC), natural resource rent (NRR) and ecological footprint (EF) of E-7 countries (i.e. Brazil, China, India, Indonesia, Mexico, Russia and Turkiye) from 1992 to 2018 in order to ensure environmental sustainability in the context of the Sustainable Development Goals (SDGs). Analysis was performed using the ARDL estimator, robustness test and Dumitrescu-Hurlin panel causality (DHC) test. Long-term empirical estimates from the PMG-ARDL technique have shown that a 1 % increase in TI and REC reduces EF by 0.064 % and 0.234 %, respectively, i.e. increases environmental sustainability. At this point, it is possible to say that TI and REC contribute to the achievement of SDG-7 and 13 in E-7 countries while NRR and real income (GDP) were found to impede the achievement of SDG-7 and 13 in E-7 countries through an increase in EF. The results were confirmed using robustness techniques. In the DHC test results, while there is a unidirectional causality from TI to EF, from EF to NRR and trade openness, a bidirectional causality was found between GDP and EF. This study suggests that policymakers should focus on introducing environmentally friendly equipment to reduce environmental degradation, increase the share of RECs and focus on sustainable development within the framework of the SDGs. • We explore nexus between technological innovation affect the ecological footprint in E-7 economies. • Adoption of second-generational panel econometrics techniques. • Technological innovation and renewable energy consumption help in mitigating climate change. • Green growth policies should be pursued in E7 energy mix. [ABSTRACT FROM AUTHOR]

Climate change is a non-traditional security crisis affecting the global economy and diplomatic progress. In order to curtail carbon emissions and alleviate the perils of climate change at their roots, urban green innovation (UGI) has emerged as a pivotal technological solution. Using the expansion of the Yangtze River Delta urban agglomeration in China as a case study, this paper develops a quasi-experimental model to analyze the effects of regional integration policies on UGI. The main findings are: (1) Regional integration policies significantly enhance UGI and their impact is more pronounced with the expansion of urban agglomerations; (2) Regional integration policies contribute to the advancement of exploitative green innovation while tending to diminish exploratory green innovation; (3) The green innovation effects (GIEs) created by the expansion of regional integration policies are largely influenced by governmental mechanisms on environmental governance as well as residents' green preferences. Based on these findings, recommendations are put forward to promote UGI from the perspective of policy implementation. • The quasi-experimental models of urban agglomeration expansion on green innovation are constructed. • The positive effects of urban agglomeration expansion on green innovation are proven. • Urban agglomeration expansion can enhance exploitative green innovation and also reduce exploratory green innovation. [ABSTRACT FROM AUTHOR]

Rapid developments in environmental infrastructure have contributed to significant improvements in green total factor productivity, but further investigation is required to provide a detailed assessment to understand the policy mechanisms involved. This paper analyzes environmental progress in China through MMQR, CCEMG, and AMG as empirical strategies for 30 provinces in China. Our empirical results reveal that energy optimization through renewable energy is the most effective channel to improve green total factor productivity, though it is not the only available option. Since environmental regulations, infrastructure development, and green technology innovation also directly impact energy efficiency, adopting these within policy channels will positively impact environmental sustainability. Our empirical approach helps suggest novel environmental policy suggestions. In particular, policymakers must introduce structural changes within energy developments to foster renewable energy. Furthermore, China must increase environmental spending to upgrade its energy infrastructure further and solve ecological issues. These insights offer valuable policy guidance for decision-makers in China and globally, aiming to foster economic and environmental sustainability and achieve zero-carbon transition goals. • The current study analyses the role of green factor productivity in zero carbon transition. • We use 30 chinese provincial datasets from 2005 to 2020. • Energy transition is the most effective channel to improve green total factor productivity. [ABSTRACT FROM AUTHOR]

Green innovation (GI) is increasingly recognised as an effective strategy for tackling climate change, mitigating environmental issues, and promoting sustainable development. Using panel data of the Chinese listed firms from 2007 to 2019, this study adopts the difference-in-differences approach to assess the impact of the green finance policy (GFP) initiated by the Chinese government in 2012 on the green innovation performance of firms. The findings reveal that the GFP significantly boosts the green innovation performance of heavily polluting enterprises (HPEs). Notably, this effect is more pronounced in state-owned enterprises and firms with high dependence on external finance. Compared with penalty-based regulations, incentive-based and voluntary environmental regulations demonstrate more significant moderating effects on the relationship between the GFP and green innovation performance for HPEs. We also identify improved efficiency in the usage of green investments as a potential mechanism through which the GFP enhances the green innovation performance of HPEs. Further comparative analysis shows that green enterprises can achieve simultaneous improvement in both the quality and quantity of green innovation, whereas HPEs predominantly exhibit enhancements in innovation quantity. To maximise the GFP's positive effects, it is recommended to facilitate more targeted bank lending towards HPEs to support their structural transformation. Additionally, the coordinated deployment of diverse environmental policy instruments is advised to exploit their synergistic effects. • This paper confirms the positive relationship between Green Finance Policy (GFP) and the green innovation. • We develop a novel machine learning approach to enhance the accuracy of variable measurements. • Firms with different ownership structure and external finance reliance are impacted differently by the GFP. • Both incentive-based and voluntary environmental regulations have positive moderation effects. • GFP can improve the green innovation by enhancing the green investment efficiency. [ABSTRACT FROM AUTHOR]

Encouraging enterprises to engage in green innovation is a potent strategy for reducing carbon emissions from production. As one of the largest carbon emitters, China has launched a series of policies to achieve carbon peaking and neutrality collectively referred to as China's dual carbon policy. However, existing research on the impact of China's dual carbon policy on green innovation by heavy-polluting enterprises is insufficient. To fill this gap, this study constructed a theoretical model to draw hypotheses about the impact of the dual carbon policy on enterprises' green innovation and verified this impact using a difference-in-differences model to conduct a quasi-natural experiment based on data from 2010 to 2022 from Chinese A-share-listed enterprises. The results indicate that the dual carbon policy had a significantly positive influence on green innovation in heavy-polluting enterprises. Moreover, environmental tax mediated this effect, while enterprises' total costs and subsidies positively moderated it. Additionally, the impact exhibited variations based on several key factors, including green patent type, carbon emissions, enterprise ownership structure, and Environmental, Social, and Governance ratings. This study supplements related research on the effects of environmental policy on green innovation and provides both theoretical and empirical support for adapting subsequent environmental policies. • This study explores the impact of China's dual carbon policies on green innovation by firms. • We create a theoretical model and validate it using data from listed Chinese firms. • The dual carbon policies significantly increase green innovation by firms. • This relationship is mediated by environmental tax and moderated by firm costs and subsidies. [ABSTRACT FROM AUTHOR]

This paper investigates the impact of China's environmental regulations, with a focus on the green credit policy, on green innovation in pursuit of the "carbon peak and carbon neutrality" goal. Given the implementation of the 2012 Green Credit Guidelines, this paper employs the Difference-in-Difference Method (DID) and conducts a quasi-natural experiment to empirically examine the interactions among the central government, local governments, and high-pollution and high-emission enterprises by exploring the impact of green credit policies on green innovation of these enterprises. Relying on 4503 samples of 237 high-pollution and high-emission enterprises listed in the main board in China from 2003 to 2021, this study reveals that the green credit policy can improve green innovation of these enterprises. Specifically, this study explores the detailed mechanism through which the green credit policy enables these enterprises to increase their market concentration and then the monopoly profits, which in turn promotes their green innovative productivity. In addition, this paper also reveals how local governments' political and financial incentives may serve as positive and negative moderating factors, respectively, within the impact mechanism. This study has valuable implications for how to effectively formulate and implement environmental regulations by balancing the interests of the central government, local governments and enterprises. [ABSTRACT FROM AUTHOR]