The Nonlinear Effect of Industrial Structural Upgrading on Carbon Emission Intensity: An Empirical Analysis of 30 Provinces in China

Li Haiyan,LUO ZHENXING 한국아시아학회 2023 아시아연구 Vol.26 No.4

Given the urgent and disturbing state of global warming, a meticulous investigation into the determinants influencing carbon emission intensity becomes imperative. This paper comprehensively analyzes carbon emission intensity data and its influencing factors from 1997 to 2019 across 30 provinces in China. By constructing a panel dataset and employing the panel threshold model as a methodological tool, our study explores the nonlinear relationship between industrial upgrading and carbon emission intensity within the regional scope of Chinese provinces. Furthermore, in this specific context, our study examines various economic development determinants' impact on carbon emission intensity. Empirical research results indicate that the relationship between China's industrial structure upgrading and carbon emission intensity is rather complex. As the industrial structure continuously upgrades, a U-shaped curve relationship is observed between the two variables. Energy intensity and technological progress exhibit positive impacts of 0.56% and 0.04%, respectively, on carbon emission intensity. In contrast, the inhibitory effect of per capita GDP on carbon emission intensity is 0.17%. Therefore, to achieve low-carbon and sustainable development, the Chinese government must strategically prioritize cultivating high-value-added service sectors in the tertiary industry. Simultaneously, while promoting and developing low-carbon technologies, coordination is necessary to enhance energy-intensive sectors' synchronous enhancement. Additionally, the scope of efforts must also include the systematic decarbonization of the second industry by enhancing energy efficiency and increasing the proportion of clean energy utilization.

중소・중견기업의 탄소배출 결정요인 : 신용보증 이용기업을 중심으로

김경숙,장영민 신용보증기금 2023 중소기업금융연구=Journal of SME finance Vol.43 No.3

본 논문은 국내 중소・중견기업의 탄소배출 정보를 공시한 기업의 특성을 파악하고, 탄소배출에 영향을 미치는 요인이 무엇인지 분석하는 데 목적이 있다. 신용보증 이용기업이 2017년∼2020년에 공시한 탄소배출 정보를 활용하여, 탄소배출량 및 탄소배출집약도(탄소배출량/매출액)의 결정요인을 분석하였다. 실증분석의 주요 결과는 다음과 같다. 첫째, 탄소배출량은 중견기업이 중소기업보다 더 많은 데 반해, 탄소배출집약도는 중소기업이 중 견기업보다 높았다. 그 이유는 중소기업이 탄소 비효율적으로 생산활동을 하기 때문으로 분석된다. 둘째, 탄소배출량은 탄소집약업종에서 높았고, 부채비율이 높을수록 증가하였다. 탄소배출집약도 는 수도권에서 낮았고, 노동숙련도와는 비례적 관계를 보였다. 탄소배출량와 탄소배출집약도 모두 수출기업이 비수출기업보다 낮았고, 연구개발집약도와는 음(-)의 관계를 보이며, 자본집약도 및 광 고비지출비율과는 양(+)의 관계를 보였다. 셋째, 중견기업과 제조업을 대상으로 탄소배출 결정요인에 이질적 차이가 있는지 분석하였다. 중 견기업은 매출액순이익률이 증가할수록 탄소배출량이 증가하고, 제조업에서는 매출액순이익률과 현 금비율이 증가할수록 탄소배출집약도가 증가하였다. 마지막으로 총자산과 제조원가를 기준으로 탄소배출집약도를 측정하고 분석하였고, 일관된 결과 가 도출되어 본 실증분석 결과의 강건성을 확인하였다. 논문의 결과는 탄소배출 결정요인 관련 연구가 거의 없는 국내 실정에서 중소・중견기업의 탄소배 출에 관해 기본적 이해를 돕고, 정부의 탄소배출 저감 정책 추진과 기업 대응전략 수립 등에 활용할 수 있을 것으로 사료 된다. The purpose of this paper is to identify the characteristics of domestic SMEs and mid-sized enterprises that have disclosed carbon emissions information and to analyze the factors affecting carbon emissions. Using carbon emissions information disclosed by companies guaranteed Korea Credit Guarantee Fund from 2017 to 2020, we analyzed the determinants of carbon emissions for amount of Carbon Dioxide emissions and carbon emissions intensity (carbon emissions/sales). The main results of the empirical analysis are summarized as follows. First, while mid-sized enterprises had more carbon emissions than SMEs, the carbon emission intensity of SMEs was higher than that of mid-sized enterprises. We conclude that SMEs are more likely to carry out production activities in a carbon-inefficient manner. Second, carbon emissions were higher in carbon-intensive industries, and are statistically positively significant related to leverage. Carbon emission intensity in the metropolitan area was lower than the others. Empirical result also showed that carbon intensity has a proportional relationship with labor- skillfulness. Both carbon emissions and carbon emissions intensity were lower for exporting companies than for domestic-oriented companies, and showed a negative relationship with R&D intensity and a positive relationship with capital intensity and advertising expenditure ratio. Third, we analyzed whether there were heterogeneity in the determinants of carbon emissions for mid-sized companies and manufacturing companies. In mid-sized companies, carbon emissions increased as net income to sales increased, and in manufacturing sector, carbon emission intensity is positively significant related to net income to sales and cash ratio. Finally, for robustness test, carbon emission intensity was calculated as both carbon emission to total assets and carbon emission to manufacturing costs. We confirmed that the effects of explanatory variables on carbon intensity are similar to main results. The empirical results are expected to help SMEs and mid-sized companies provide a basic understanding and insight on the carbon emissions in a realistic situation where there is little research on the determinants of carbon emissions. It is worthwhile to note that this results can be utilized to establish the government’s carbon emissions abatement policy and to a company’s response strategy.

기후변화 위험요인이 기업가치에 미치는 영향분석

홍수희 ( Suhee Hong ),고영아 ( Youngah Ko ) 사단법인 아시아문화학술원 2020 인문사회 21 Vol.11 No.6

본 연구는 2012년부터 2018년까지의 온실가스배출량과 에너지소비량 공개수치를 토대로 실증분석을 실시하였다. 기업의 부정적인 환경활동 및 성과가 기업가치에 부정적인 영향을 미친다는 기존의 연구결과들이 있는데, 본 연구에서는 기후변화의 위험요인으로 energy intensity와 GHG intensity가 기업의 가치에 어떠한 영향을 미쳤는지 살펴봄으로써, 우리나라의 기후변화 및 탄소배출권제도 등에 대한 투자자들의 인식을 살펴보고자 하는데 연구의 목적이 있다. 기후변화를 가져오는 위험요인으로 기업들의 에너지 사용원단위 및 온실가스배출원단위를 사용하여 이러한 변수들이 기업의 시장가치에 미치는 영향에 대해서 살펴보았다. 에너지사용원단위는 1% 수준에서, 온실가스배출원단위는 5% 수준에서 유의적으로 기업가치에 부(-)의 영향을 미치는 것으로 나타났다. 따라서 본 연구에서 살펴보고자 한 가설인 기후변화 위험요인이 기업가치에 부(-)의 영향을 미친다는 가설은 채택되었다. An empirical study was conducted using open data on greenhouse gas emissions and energy consumption obtained from 2012 to 2018. While previous studies have shown that negative environmental activities and performance of companies have a negative impact on corporate value, this study intended to examine how energy intensity and GHG intensity have affected corporate values as climate change risk factors. The purpose of the study is to examine investors’ perceptions of climate change and carbon emission systems in our country by looking at how these factors have affected corporate values. We looked at the impact of these variables on the market value of enterprises using energy intensity and GHG intensity as risk factors for climate change. The energy intensity was found to have a significant negative impact on corporate value at the 1% level and the GHG intensity at the 5% level. Therefore, one hypothesis that the risk factors for climate change, which we are looking at in this study, have a negative impact on corporate value has been adopted.

Methane Emission from Semi-aerobic Landfill Test Cell Operated in Tropical Climate: Case Study of Thailand

( Noppharit Sutthasil ),( Chart Chiemchaisri ),( Wilai Chiemchaisri ),( Komsilp Wangyao ),( Kazuto Endo ),( Tomonori Ishigaki ),( Masato Yamada ) 한국폐기물자원순환학회(구 한국폐기물학회) 2015 한국폐기물자원순환학회 3RINCs초록집 Vol.2015 No.-

Two test cells (4,000 ton deposit solid wastes each) were used to investigate methane emission from semi-aerobic landfill condition and compared to that of typical anaerobic landfill at a solid waste disposal site in Thailand. Surface methane emission rate was measured by static flux chamber method whereas methane content in landfill gas inside waste body was also monitored. The measurements revealed that average methane emission rate from semi-aerobic test cell (57.9 g/m².d) was about half of the emission from anaerobic test cell (124.6 g/m².d). Nevertheless, methane emission rates during wet period in semi-aerobic landfill (88.3 g/m².d) were found to be about 4 times of that during dry period (25.0 g/m².d) whereas it was only about 2 times in anaerobic landfill, being 171.9 g/m².d and 77.3 g/m².d during wet and dry periods respectively. Methane emission rate from the test cells fluctuated and influenced by rainfall intensities. The measurements of methane concentrations in landfill layer beneath the landfill surface at 1 m depth suggests an increase of high methane concentration hotspots on the surface of semi-aerobic landfill after rainfall events leading to higher localized surface emission. This research demonstrates that semi-aerobic landfill concept could be applied to reduce methane emission in landfill operated in tropical region.

Spatial impacts of digital industry development on carbon emission intensity: Empirical evidence from China

Li, Yaxuan,Lim, Jungmin 한국기후변화학회 2024 한국기후변화학회지 Vol.15 No.2

The digital industry, as a new driver for high-quality economic development, is poised to play a pivotal role in energy conservation and carbon reduction in the era of climate change. This study explores the relationship between the digital industrys growth and carbon emission intensity, including empirical testing of this relationship. We also examine whether regional industrial and socio-economic factors in China induce spatial spillover effects on carbon emissions. To this end, we employ a Spatial Durbin Model (SDM) with fixed effects to analyze provincial-level panel data from 2005 to 2019. The empirical findings suggest that Chinas digital sectors progress can potentially lower carbon emission intensity. However, this reduction effect varies regionally, being more pronounced in the central and eastern regions than in the less developed western regions. When contemplated through a spatial lens, the digital industrys evolution appears to contribute to localized and broader carbon emission reductions. Yet, our study indicates that the spatial spillover effect among provinces remains limited. In addition, our research identifies a significant inverse relationship between economic development and carbon emission intensity, suggesting that economic growth may lead to reduced emissions. On the other hand, a larger labor force, aging population, foreign trade are positively correlated with higher emissions. Controlling for the level of digital industry development and industrial structure, R&D investment is found to be associated with higher emission intensity. This paper not only offers a novel understanding of the digital industrys impact on carbon emissions but also provides policy insights for integrating environmental sustainability into Chinas economic and social development towards carbon neutrality.

배출권거래제 참여 기업의 탄소집약도가 기업 가치에 미치는 영향 연구

지도현,전우영 재단법인 에너지경제연구원 2024 에너지경제연구 Vol.23 No.1

2018년 대비 40% 감축을 제시한 2030 국가온실가스 감축목표(Nationally Determined Contribution, NDC)는 산업경쟁력 약화를 최소화하면서 달성하기 위해 산업부문의 감축부담을 일부 전환부문이 떠안는 구조로 설정되었다. 하지만 궁극적으로 2050 탄소중립을 실현하기 위해서는 국가 온실가스 배출량의 1/3 이상을 차지하는 산업부문의 탄소저감 노력이 필수적이다. 본 연구에서는 산업부문에서 탄소저감과 기업경쟁력 확대가 함께 달성될 수 있는 지속가능한 탄소저감 체계 구축이 가능한지 살펴보기 위해 배출권거래제에 참여하는 687개 기업의 2011년-2021년 패널자료를 바탕으로 탄소 집약도가 기업 가치에 미치는 영향을 실증 분석하였다. 본 연구의 주요 결과는 다음 3가지로 요약 가능하다. 첫째, 탄소 집약도 개선이 기업 가치 증가에 긍정적인 영향을 미쳐 지속가능한 탄소저감 유인이 한국에서 작동되고 있음을 확인했다. 둘째, 배출권거래제는 탄소 집약도와 단기적 기업성과인 순이익 간의 관계를 강화하는 데는 유의하지 않지만, 장기적 기업 잠재력을 나타내는 시가총액과의 관계는 긍정적으로 강화하는 것으로 나타났다. 셋째, 기업의 규모가 클수록 그리고 다배출 업종일수록 탄소 집약도와 기업 가치 간의 관계가 더욱 강화되는 것으로 관찰되었다. 본 연구는 저탄소경제 전환을 위한 핵심적인 유인인 탄소 집약도 개선이 기업 가치 증가로 이어지는 구조가 국내에서 작동하고 있다는 것을 보여준다. 향후 RE100, 탄소국경조정세 등 탄소저감 노력이 기업의 가치에 영향을 강화하는 추가적인 제도가 본격화될 경우 이러한 경향은 더욱 강화될 것으로 예상된다. In order to achieve the 2030 Nationally Determined Contribution (NDC), which proposed a 40% reduction compared to 2018, Korea designed the reduction path so that a power sector bears the reduction burden of the industrial sector to minimize the harm in industry competitiveness. However, in order to achieve carbon neutrality in the end, it is essential to reduce carbon in the industrial sector, which accounts for more than one-third of national greenhouse gas emissions. In this study, the impact of carbon intensity on firm value was empirically analyzed based on panel data from 2011-2021 of 687 firms participating in the emission trading system to study if it is possible to establish a sustainable carbon reduction system that can achieve both carbon reduction and competitiveness expansion in the industrial sector. The main results of this study can be summarized into the following three. First, it was confirmed that the improvement of carbon intensity had a positive effect on the increase in firm value, and sustainable carbon reduction incentives are properly operating in Korea. Second, the emission trading system is not significant in strengthening the relationship between carbon intensity and profit, but it was significant with market capitalization, which represents long-term corporate potential. Third, it was observed that the relationship between carbon intensity and firm value was strengthened in larger firms and industries that produce carbon more heavily. This study shows that the structure in which the improvement of carbon intensity leads to an increase in firm value is working in Korea, which is a key incentive for the transition to a low-carbon economy. In the future, this trend is expected to strengthen further when additional policies such as RE100 and carbon border adjustment mechanism (CBAM) are imposed.

An empirical analysis on emissions reduction effect and main reduction drivers of China's carbon emissions trading pilot

luo zhenxing,임정민 한국기후변화학회 2024 한국기후변화학회지 Vol.15 No.1

Empirical evidence substantiates the utilization of market-oriented trading mechanisms as a significant strategic tool for many counties to effectively regulate greenhouse gas (GHG) emissions. This research endeavors to comprehensively evaluate the impact of carbon emission trading scheme on the reduction of carbon emissions in China. To this end, we analyze provincial panel data from China for the period from 2005 to 2019. Our empirical analyses explore the policy effects by employing two-way Fixed Effects model and Propensity Score Matching Difference-in-Differences model. Importantly, we shed a new light on the role of energy intensity on this relationship. The panel analyses find a notable reduction of 27.2% in total carbon emissions in provinces where Emission Trading Pilot has been implemented. Furthermore, we attempt to better understand the underlying mechanism how GHG emissions reduction is achieved, by elucidating the mediating effects of energy intensity in reducing carbon emissions. Our analysis reveals a substantial role of energy efficiency enhancement in reducing carbon emissions: when controlling for the energy intensity level, the policy effect of Emission Trading Pilot shrinks to 9.1%. It implies that 18.1% out of total 27.2% reduction effects are largely attributable to the enhancement of energy intensity. Our findings highlight the importance of efficient use of energy in reducing carbon emissions in a growing economy as well as in enabling sustainable growth.

통합오염원단위 지수를 이용한 환경성과 측정

강상목,정영근,조주현 한국환경경제학회 한국자원경제학회 2005 자원·환경경제연구 Vol.14 No.1

본 연구의 목적은 한국의 24개 광업과 제조업종을 대상으로 1995~1999년간 통합된 오염원단위 지수와 변화지수를 제시하고 이를 통하여 환경성과를 측정하고자 함이다. 본 연구는 오염원단위의 새로운 정의와 통합된 오염원단위를 측정하는 새로운 기법을 제시한다. 광업과 제조업을 경공업, 중공업 그리고 중공업내 오염산업과 여타중공업으로 구분하고 실증적으로 통합원단위 지수와 변화지수를 계측한다. 통합오염원단위 지수 기준으로 중공업내 오염산업은 가장 오염집약적인 업종인 반면, 같은 중공업내 여타 중공업에 속한 업종은 가장 오염저감에 성공적이다. 통합오염원단위 변화지수를 기준으로 산업 전체의 평균치는 1,091로서 오염배출량변화지수가 1.133으로 연간 13.3% 증가한 반면 산출량변화지수는 1.039로 연간 3.9% 증가하여 약 9.1% 상승하였다. 경공업과 중공업의 통합원 단위 변화지수는 각각 1.125와 1.042였고, 오염산업의 평균이 1.287로 가장 높았음에도 중공업의 평균이 낮았던 것은 역시 여타 중공업의 평균이 0.9)3으로 연간 약 9% 가량 감소하였기 때문이다. This paper measures integrated pollution intensities and changes in pollution intensity, and figure out environmental performance. We introduce a new definition of pollution intensity and its method measuring integrated pollution intensities. We distinguish 24 manufacturing industries into light industry and heavy industry, and divide heavy industry into pollution industry and the other residual heavy industry to measure the integrated pollution intensities and their changes. While the pollution industry within heavy industry, based on the integrated pollution intensity, was the most pollution-intensive, the other residual heavy industry within the heavy industry was the most successive in reducing pollutants. The annualized average index of the integrated pollution intensities grew as much as 9.1 percent, of which the annualized change in the index of pollution emission increased 13.3 percent, but the improvement of 3.9 percent in the change of output quantity offset the increase in the index of pollution emission. The changes in the integrated pollution intensity for the light and heavy industries were 1.125 and 1.042, respectively. The reason the heavy industry showed the lower change in the index of pollution intensity, while the change in the pollution industry was very high, was because the average change in the other heavy industry decreased around 9 percent.

이중차분모형을 이용한 중국 배출권거래제 시범사업의 효과 분석

김광익 ( Guangyi Jin ),유소라 ( Sora Yoo ),조용성 ( Yongsung Cho ) 한중사회과학학회 2018 한중사회과학연구 Vol.16 No.2

With the expectation of a rise in compliance of carbon emission reduction target from the Paris Agreement, the Chinese central government implemented the nationwide Emission Trading Scheme(ETS) in early 2018 highlighting the importance of carbon emission reduction. This study investigates how effective the ETS pilot program is in reducing carbon intensity and emissions using DID(Difference-in-Difference) model. As a result showed that the ETS pilot program is effective in promoting reduction of carbon intensity and of carbon emissions. In addition, the data from pilot project was used including the seven pilot areas from 2013 to 2016. The result shows that the coefficient of Gross Regional Domestic Product(GRDP) was negative in carbon emissions at 0.01% of the significance level during the implementation of the pilot emission trading system which implies that as GRDP increases, the amount of carbon emissions reduces. Also, the comparative analysis was carried out to compare the result from the nationwide with that from the pilot areas. The result represents that decoupling the economic growth from carbon emission in the seven pilot areas began earlier than other areas, which infers that the emission trading system accelerates decoupling.

축사 악취 특성 및 관리 (II) : 악취 배출 특성

조경숙,류희욱 한국냄새환경학회 2023 실내환경 및 냄새 학회지 Vol.22 No.1

In this review paper, the sources of odor, major odor compounds, and emission characteristics from livestock farms are summarized. The main sources of odor on livestock farms are barn facilities, manure storage facilities, manure composting facilities, and wastewater treatment facilities. High concentrations of odor are emitted during the manure removal process, and livestock odor tends to be the most severe in summer. There was a remarkable difference in odor intensity depending on the farm size and the cleaning condition, and odor intensity varied greatly depending on the weather parameters such as wind direction and speed. The concentrations of ammonia and hydrogen sulfide were high among the odor compounds emitted from livestock farms, and these compounds also contributed to odor intensity. The odor intensity in poultry and swine farms was higher than in cattle farms. Information on livestock odor emission is very useful for managing livestock odor complaints and designing odor abatement technologies.