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In order to attain the mutually reinforcing advantages of pollution reduction and carbon emissions, it is imperative to give precedence to the prevention and control of carbon pollution from its source, hence promoting a forward-thinking approach to governance. Hence, there is an urgent need for theoretical explanation and empirical verification to determine whether the energy-consuming right trading system, which serves as a conventional method for preventing and controlling pollution, has effectively achieved the desired outcome of reducing carbon emissions and promoting a mutually beneficial outcome. This study employs a panel data analysis of 266 prefecture-level cities in China spanning the years 2011 to 2020. The objective is to investigate the influence and underlying mechanism of the energy-consuming right trading system on the synergistic effects of pollution reduction and carbon emissions. At the same time, the heterogeneity analysis is carried out at three levels, including geographical location characteristics. The findings indicate that the energy-consuming right trading system has a substantial impact on enhancing the synergistic effects of pollution reduction and carbon emissions. In comparison to cities that did not implement the system, the pilot cities experience a reduction of 84.8% in CO2 and 34.5% in SO2. Eco-environment attention, clean energy substitution, energy consumption structure, and green technology innovation are the key transmission mechanisms of the energy-consuming right trading system affecting the synergistic effects of pollution reduction and carbon emissions. In addition, the effect is significantly different in different cities.
Han et al. (Sat,) studied this question.