Impact of Climate Policy Uncertainty on Energy Structure Low-Carbon Transition: From the Perspective of Enterprise’s “Willingness and Ability”

Against the backdrop of frequent adjustments and iterations in global climate policies, the issue of policy uncertainty surrounding corporate energy structure upgrades has become increasingly prominent. A key concern for achieving global green sustainable development is how to efficiently advance corporate low-carbon transition. In view of this, we construct the energy structure low-carbon transition at the enterprise level, and explore the influence and mechanism of climate policy uncertainty on the energy structure low-carbon transition of enterprises from the perspective of enterprise willingness and ability. The research findings indicate: (1) Corporate energy structure low-carbon transition is substantially impeded by climate policy uncertainty, and this conclusion is upheld by a battery of robustness and endogeneity analyses. (2) Climate policy uncertainty inhibits corporate energy structure low-carbon transition by reducing management’s long-term behavior, lowering green technology innovation levels, and weakening effective investment. (3) According to heterogeneity analysis, non-state-owned businesses, areas with lax environmental regulations, and businesses with poor climate risk awareness are more affected by the inhibiting impact caused by climate policy uncertainty. In addition to offering theoretical underpinnings and helpful advice for governments looking to create stable climate policies and enhance climate governance systems, this paper gives fresh perspectives on the fundamental reasoning behind corporate energy structure decarbonization.