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Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China

Catalyzed by COVID-19 and the Russia–Ukraine conflict, oil prices fluctuate dramatically on the worldwide market. Both international oil price changes and carbon tax policies have a direct impact on energy costs, thus influencing energy security and emission reduction impacts. Therefore, assessing t...

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Autores principales: Mo, Shu, Wang, Ting
Formato: Online Artículo Texto
Lenguaje:English
Publicado: MDPI 2022
Materias:
Acceso en línea:https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9657743/
https://www.ncbi.nlm.nih.gov/pubmed/36361057
http://dx.doi.org/10.3390/ijerph192114177
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author Mo, Shu
Wang, Ting
author_facet Mo, Shu
Wang, Ting
author_sort Mo, Shu
collection PubMed
description Catalyzed by COVID-19 and the Russia–Ukraine conflict, oil prices fluctuate dramatically on the worldwide market. Both international oil price changes and carbon tax policies have a direct impact on energy costs, thus influencing energy security and emission reduction impacts. Therefore, assessing the interaction effects of international oil price variations and carbon tax policies can assist in resolving the competing challenges of energy security and carbon emission reduction. The impact of international oil price fluctuations on China’s energy–economic–environment system under the baseline scenario and carbon taxation scenario is analyzed by constructing a computable general equilibrium model comprising six modules: production, trade, institutions, price, environment, and equilibrium. The findings indicate that, in addition to reducing high-carbon energy consumption and increasing demand for clean electricity, rising international oil prices have a negative effect on real GDP, resulting in lower output in sectors other than construction, and a positive effect on the environmental system by driving carbon emission reductions. In contrast, decreasing international oil prices have the opposite effect. Nevertheless, the impact of rising and decreasing international oil prices is asymmetrical, with the positive shock effect being smaller than the negative. The carbon tax policy can effectively offset the increase in carbon emissions caused by the decline in international oil prices, which is conducive to promoting the development of clean energy, while simultaneously causing an increase in product prices and arousing a contraction in consumer demand, which has a limited negative impact on the macroeconomy.
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spelling pubmed-96577432022-11-15 Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China Mo, Shu Wang, Ting Int J Environ Res Public Health Article Catalyzed by COVID-19 and the Russia–Ukraine conflict, oil prices fluctuate dramatically on the worldwide market. Both international oil price changes and carbon tax policies have a direct impact on energy costs, thus influencing energy security and emission reduction impacts. Therefore, assessing the interaction effects of international oil price variations and carbon tax policies can assist in resolving the competing challenges of energy security and carbon emission reduction. The impact of international oil price fluctuations on China’s energy–economic–environment system under the baseline scenario and carbon taxation scenario is analyzed by constructing a computable general equilibrium model comprising six modules: production, trade, institutions, price, environment, and equilibrium. The findings indicate that, in addition to reducing high-carbon energy consumption and increasing demand for clean electricity, rising international oil prices have a negative effect on real GDP, resulting in lower output in sectors other than construction, and a positive effect on the environmental system by driving carbon emission reductions. In contrast, decreasing international oil prices have the opposite effect. Nevertheless, the impact of rising and decreasing international oil prices is asymmetrical, with the positive shock effect being smaller than the negative. The carbon tax policy can effectively offset the increase in carbon emissions caused by the decline in international oil prices, which is conducive to promoting the development of clean energy, while simultaneously causing an increase in product prices and arousing a contraction in consumer demand, which has a limited negative impact on the macroeconomy. MDPI 2022-10-30 /pmc/articles/PMC9657743/ /pubmed/36361057 http://dx.doi.org/10.3390/ijerph192114177 Text en © 2022 by the authors. https://creativecommons.org/licenses/by/4.0/Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/).
spellingShingle Article
Mo, Shu
Wang, Ting
Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title_full Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title_fullStr Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title_full_unstemmed Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title_short Synergistic Effects of International Oil Price Fluctuations and Carbon Tax Policies on the Energy–Economy–Environment System in China
title_sort synergistic effects of international oil price fluctuations and carbon tax policies on the energy–economy–environment system in china
topic Article
url https://www.ncbi.nlm.nih.gov/pmc/articles/PMC9657743/
https://www.ncbi.nlm.nih.gov/pubmed/36361057
http://dx.doi.org/10.3390/ijerph192114177
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