Table 2_ESG performance and carbon emission intensity: examining the role of climate policy uncertainty and the digital economy in China’s dual-carbon era.xls

In line with the Sustainable Development Goals (SDGs) proposed by the United Nations and the general direction of global green and low-carbon transformation, China has formulated a dual-carbon target. It aims to peak carbon dioxide emissions by 2030 and strive for carbon neutrality by 2060. Therefore, carbon emission intensity (CEI) has gradually become a research focus. This study investigates the effect of ESG performance on CEI, and explores the moderating effect of climate policy uncertainty (CPU) and the digital economy (DE) on ESG performance and CEI. Provincial-level data in China from 2011 to 2020 was used under the panel data analysis method. The analysis reveals that ESG performance significantly alleviates CEI. In addition, CPU weakens the efficiency of ESG initiatives in decreasing CEI due to regulatory unpredictability, while the digital economy’s expansion, although innovative, may exacerbate CEI in regions dependent on fossil fuels. The study contributes to the literature by highlighting the need for integrated policies that harmonize digital growth with sustainability goals. Additionally, it underscores the significance of considering CPU and DE as critical moderating factors in ESG-CEI dynamics, offering insights for policymakers aiming to balance technological advancement with environmental responsibility.

契合联合国提出的可持续发展目标（Sustainable Development Goals, SDGs）以及全球绿色低碳转型的整体方向，中国制定了双碳目标，旨在2030年前实现二氧化碳排放达峰，并力争于2060年前达成碳中和。故此，碳排放强度（carbon emission intensity, CEI）逐步成为研究热点。本研究考察了ESG绩效（Environmental, Social and Governance, ESG）对碳排放强度的影响，并探讨了气候政策不确定性（climate policy uncertainty, CPU）与数字经济（digital economy, DE）在ESG绩效与碳排放强度关系中的调节作用。本研究采用2011至2020年中国省级面板数据，运用面板数据分析方法展开实证分析。结果表明，ESG绩效可显著降低碳排放强度。此外，由于监管不确定性，气候政策不确定性会削弱ESG举措降低碳排放强度的效能；而数字经济扩张虽具备创新性，但在依赖化石燃料的地区可能会加剧碳排放强度。本研究通过强调需制定整合性政策以协调数字发展与可持续发展目标，丰富了相关学术文献。同时，本研究凸显了将气候政策不确定性与数字经济作为ESG与碳排放强度关系中的关键调节因素的重要性，为旨在平衡技术进步与环境责任的政策制定者提供了决策参考。