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The Impact of Global Value Chain Embedment on Energy Conservation and Emissions Reduction: Theory and Empirical Evidence

【Authors】
BAI Junhong, YU Xuewei
【WorkUnit】
BAI Junhong (Nanjing Normal University, 210023)YU Xuewei (Southeast University, 211189)
【Abstract】

 An in-depth investigation into the effect of embedment in global value chain (GVC) on energy conservation and emissions reduction is of great significance for scientifically assessing the environmental impact of GVC participation, and promoting high-quality development in China. This paper brings GVC embedment, energy consumption and carbon emissions into the same analysis framework for the first time. From the perspective of energy consumption intensity and structure, it theoretically analyzes the impact of GVC embedment on energy conservation and emissions reduction. On this basis, the WIOD database was used to estimate the GVC embedment of 54 industries in 43 economies around the world from 2000 to 2014, and through the construction of a dynamic multidimensional fixed effects model, an empirical study was conducted on the impact of GVC embedment on emissions and how it worked. The study found that during the inspection period, GVC embedment significantly reduced the industry's carbon emission intensity; developing economies' embedding in GVC helped reduce their carbon emission intensity, while the effect was not obvious in developed economies; GVC embedment has a significant inhibitory effect on the carbon emissions of industries in the GVC upstream and downstream; the impact of GVC embedment on carbon emission intensity of non-manufacturing and high-tech manufacturing industries is significantly negative, but not conducive to carbon reduction in low-tech manufacturing. The mechanism test shows that the GVC embedment not only exhibits the dual effects of energy conservation and emissions reduction, but also has a significant impact on carbon emissions by reducing the energy consumption intensity and improving the energy consumption structure. The conclusions of this paper provide enlightenment for China's deep participation in GVC against the background of globalization, thereby promoting the green transformation of economic development.


JEL:F10, F18, Q56

【KeyWords】
Global Value Chain, Energy Conservation and Emissions Reduction, Multidimensional Fixed Effects Model