The role of energy-consuming right trading system in promoting regional energy structure transformation: A focus on industrial system

The energy structure transformation is a key path for China to establish a circular development economic system. The use of energy-consuming rights trading (ECRT) as a market environment regulatory tool plays an important role in the transformation process. From the perspective of industrial system, a difference-in-difference model, a synthetic difference-in-difference model, and an industrial system mechanism framework explore the impact of China's ECRT on the energy structure transformation by matching Chinese provincial panel data for the period 2011–2021. The results demonstrate that the China's energy structure transformation shows a dynamic transition. During the sample period, the ECRT accelerated the energy structure transformation. The implementation of policy effects benefits from the green technology innovation, secondary effects in the industrial chain, and industrial structure upgrading. Furthermore, heterogeneity test indicates that the ECRT has a stronger impact on the regions with higher industrialization levels and more severe environmental pollution. Based on these findings, the study proposes improvements in the policy construction of a long-term mechanism to promote the energy structure transformation. This paper provides theoretical basis and policy references for accelerating the new energy system reformation and promoting the achievement of the “dual control” goal.