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In order to test the energy saving and emission reduction effect of carbon emission trading policy pilot in China, this paper takes 287 prefecture-level cities as research samples from 2007 to 2018, measures the urban energy-environment efficiency from two dimensions, which are energy-environmental performance index and unified energy-environmental performance index, and uses the quasi-natural experiment method of difference-in-difference to examine the effect of carbon emission trading policy on energy environment efficiency and examines its influence mechanism. The results show that the carbon emission trading policy pilot can effectively promote the improvement of urban energy and environmental efficiency and promote urban energy conservation and emission reduction. Further research shows that the effect of carbon emission trading policy pilot is influenced by urban industrial structure, green innovation intensity and factor market development. In addition, carbon emission trading policy has a more significant role in promoting energy-environment efficiency of large-scale cities and old industrial base cities. Therefore, the further promotion process of carbon emission trading policy in China should focus on industrial structure optimization, green innovation incentive and factor market marketization, and focus on large cities, old industrial cities, so as to achieve the improvement of China’s overall energy environment efficiency. [ABSTRACT FROM AUTHOR]