Impact of renewable energy technology innovation on carbon intensity and carbon peaking policy in China

With the rapid development of China's economy, its energy consumption and carbon emissions have ranked first in the world. The Chinese government has proposed to peak its carbon emission by 2030. In order to achieve this goal, the realization of a low-carbon economy through energy technology innovation, especially renewable energy technology innovation (RENTI) is necessary. Based on the panel data of 30 provinces in China from 2004 to 2018, this paper measures the relationship between RENTI and CO₂ intensity. Therefore, empirical tests were performed using the augmented mean group estimation and pooled mean group-autoregressive distributive lag models to investigate the impact of RENTI on CO₂ intensity. The results of the heterogeneity study showed that the impact of RENTI on CO₂ intensity was the largest in the eastern region, followed by the central region. Although the influence of RENTI on CO₂ intensity in the western region was negative, it did not pass the significance test. To reach its emission goal, based on regional characteristics, the Chinese government should increase the financial support for RENTI, implement differentiated RENTI policies, train RENTI talents, accelerate the development and transformation of renewable energy technology, implement energy substitution, and develop the rural renewable energy market.