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How does energy policy synergy affect the energy transition? Based on evidence from high-energy-consuming enterprises
1School of Economics and Management, North China Electric Power University, Beijing, 102206, China; Beijing Key Laboratory of New Energy and Low-Carbon Development, North China Electric Power University, Beijing, 102206, China.
Abstract:
There is a general consensus on the importance of energy transition in society; however, the synergistic interactions of energy policies and their effects on enterprise energy transitions (EETs) have yet to be fully elucidated. In this study, we develop a PMC index model and a synergy model utilizing text mining technology to assess the efficiency and synergy levels of various types of energy policies in China. Furthermore, we employ a fixed-effects model to investigate the impact and underlying mechanisms of energy policy synergy (EPS) on the ET of high-energy-consuming enterprises. The results show that the PMC index of technology energy policies (TEP) is significantly higher than that of supervisory energy policies (SEP), with TEP accounting for 75.88 % compared to SEP's 23.81 % among excellent policies. China's energy policies exhibit a high degree of synergy and fall under the category of synergistic development. The fluctuation curve of these policies aligns with that of SEP, demonstrating the "barrel principle," wherein the overall effectiveness is determined by the least effective element. Both TEP and EPS significantly and positively influence EET, with the facilitating effect of EPS being substantially greater than that of individual policies (0.1477 > 0.0202). This highlights the synergistic characteristic, encapsulated by the adage "1 + 1 > 2." Mechanism tests reveal that enhancing clean energy supply capacity further amplifies the impact of EPS on EET. Heterogeneity analysis shows that the contribution of EPS to EET is more pronounced among high-carbon and non-new energy enterprises. Moving forward, it is crucial to advance EPS and support EET by improving policy comprehensiveness and complementarity, strengthening synergies, and establishing both incentive and penalty frameworks.
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