• Energy Research

As a financial innovation model to promote sustainable economic development, carbon finance promotes green and inclusive economic development by reshaping the financial system. As a big energy consumer, China has been committed to the green transformation of energy structure, and carbon finance has been regarded as an important tool to support carbon emission reduction. This paper divides carbon finance from three levels, financial macro, environmental governance, and technological development, and selects 17 indexes to measure the development level of carbon finance in China. Time series regression model and the entropy weight method (EWM) are used to analyze the impact of carbon finance on China's energy consumption structure. The empirical results show that carbon finance plays a positive role in promoting China's energy consumption structure, and developing carbon finance is conducive to the use of clean energy and the optimization of energy consumption structure in China; carbon finance can further optimize China's energy consumption structure by investing capital, resources, and technology in industries related to promoting clean energy consumption. Therefore, China should continue to develop carbon finance and promote the establishment of a unified national carbon trading market; at the same time, China should use the CCER trading mechanism to promote the development of renewable energy and enhance the endogenous driving force of energy transformation by promoting technological progress.

The paper industry is a high-carbon emission and energy-intensive industry. From the perspective of low-carbon trade and carbon neutrality, its energy conservation and emission reduction are worthy of attention. This study used the input-output model to calculate the embodied carbon emissions of China’s paper industry’s export trade to the United States from 2006 to 2020 and used the logarithmic mean division index (LMDI) method to analyze influencing factors of the change of embodied carbon emissions. The study found that the embodied carbon emissions of China’s paper industry’s export trade to the United States generally shows a stable downward trend after reaching the peak with the increase of export trade scale; scale effect is the main factor that causes the embodied carbon emissions, while technological progress, policy support, and environmental regulations are important driving forces to promote carbon emission reduction. The research results of this paper not only can test and guide China’s paper industry trade policies and industrial policies, but they can also provide decision-making reference for China and the United States to promote the carbon emission reduction of the paper industry.