Institutional Performance and Carbon Reduction Effect of High-Quality Development of New Energy: China's Experience and Policy Implication

Based on the policy text from 1999 to 2022, this paper quantitatively analyzes photovoltaic power, wind power and new energy policies in mainland China by keyword capture and policy strength and establishes a spatial Durbin model to study the carbon reduction effects. The results show the following: (1) The development of new energy is primarily project-based and concentrated in rural areas. (2) Financial support is a double-edged sword. (3) After the implementation of the Renewable Energy Law in 2015, the change trend in policy quantity, total policy intensity, and average policy intensity is generally consistent. (4) The increase in the strength of new energy policies has effectively reduced the intensity of provincial carbon dioxide emissions. (5) New energy policies introduced in a single region are less effective in reducing carbon emissions than joint regional regulation. Therefore, it is necessary to improve the quality and coordination of new energy policies through the effective convergence of policies and regular evaluations to enhance the positive guidance of the policies. Policy measures for new energy are refined in three areas: improving the amount and quality of new energy policies, strengthening new energy policies and establishing cooperation mechanisms for the cross-regional consumption of new energy.