The Effectiveness and Trade-Offs of Renewable Energy Policies in Achieving the Dual Decarbonization Goals in China: A Dynamic Computable General Equilibrium Analysis

China's government has enforced a series of renewable energy policies to promote renewable energy development and achieve the dual decarbonization goals. However, there exists great disparity in previous studies on the effectiveness and suitability of renewable energy policies in abating carbon...

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Bibliographic Details
Published in:International journal of environmental research and public health 2022-05, Vol.19 (11), p.6386
Main Authors: Wei, Wei, He, Ling, Li, Xiaofan, Cui, Qi, Chen, Hao
Format: Article
Language:English
Subjects:
Carbon
Carbon dioxide
Carbon Dioxide - analysis
China
Coal
Costs
Decarbonization
Economic growth
Economic indicators
Elasticity of demand
Electricity
Emissions
Emissions trading
Energy
Energy consumption
Energy development
Energy policy
Environmental policy
Equilibrium
Equilibrium analysis
Five year plans
Fossil fuels
Goals
Policy
Renewable Energy
Renewable resources
Subsidies
Tariffs
Tradeoffs
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Summary:China's government has enforced a series of renewable energy policies to promote renewable energy development and achieve the dual decarbonization goals. However, there exists great disparity in previous studies on the effectiveness and suitability of renewable energy policies in abating carbon emissions. This study employs a dynamic general equilibrium model and assesses the effectiveness and trade-offs of renewable energy policies in achieving the dual decarbonization goals by 2060 in China. These policies include carbon market (CRP), the reduction of feed-in tariffs (FIT), the reduction of fossil fuel subsidies (FSB), the reduction of renewable energy costs (REC), resource taxes (RTX), and renewable portfolio standards (REP) as well as the mix of these policies. We find that renewable energy policies together could abate China's CO emissions in 2060 by 2.57 billion tons, but their effectiveness is very different. The REC would have the greatest effectiveness in abating CO emissions, followed by REP and CRP. Renewable energy policies would cause relatively slight damage to China's GDP, with the exception of the REC (raising GDP by 1.1713%). Regarding trade-offs, most policies will sacrifice China's internal and external demand but benefit employment. Renewable energy policies will effectively promote the low-carbon transformation of China's energy structure.
ISSN:1660-4601
1661-7827
1660-4601
DOI:10.3390/ijerph19116386