Spatial Effects of Green Credit on Air Quality: An Empirical Test Based on the Dual Carbon Perspective

Round 1

Reviewer 1 Report

The author in this manuscript “    Spatial effects of green credits on air quality：An empirical test based on the double carbon perspective   ” presented some attractive experimental results. Therefore, my decision regarding this manuscript is “minor revision”. However, few comments are there to fix it before publication.
• Abbreviation is needed before Introduction section
• Formatting issues have been reported. Table and caption not placed properly.
• Check the citations pattern. It should be same throughout the text.
• The manuscript exhibits grammatical and syntax errors, as well as typos. The Authors are kindly requested to carefully proofread their work and, in case needed, consult a Native English speaker or professional expert to improve English usage and grammar. All changes made to the manuscript should be properly tracked.

I suggest to authors to improve the reference section with connected research articles for examples   1.  Exposure and health: A progress update by evaluation and scientometric analysis. Stoch Environ Res Risk Assess 37, 453–465 (2023). https://doi.org/10.1007/s00477-022-02313-z
2.   Burning of Municipal Solid Waste: An Invitation for Aerosol Black Carbon and PM2.5 Over Mid–Sized City in India. Aerosol Sci Eng (2023). https://doi.org/10.1007/s41810-023-00184-7
     

ok

Author Response

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Reviewer 2 Report

The topic of financially incentifying the decarbonization of transport is very relevant. Understanding China's predominantly indirect financing system in which green credit plays a central role in the green financial system is relevant to scientists, financial institutions, and regional policymakers (in using it for regional policies and objectives). With increasing global interest rates, specific green credit terms must support sustainable investments (in carbon reduction).

A relevant conclusion is: "Looking at the interaction term between green credit and environmental regulation, we can see that in terms of the degree of influence and significance, regions with well-developed financial markets are significantly stronger than regions with poorly developed financial markets".

The authors present a relevant review of recent literature. The review of the available literature reveals that scholars are now well-established in their research on traditional finance and air pollution, while there is less literature on green credit and air pollution and even less literature on green credit and air quality.

The data part shows great efforts in quantitative analysis and modeling (and tested for the robustness of the model and regional factors). It is important to understand geographical differences and implement differentiated regional regulatory policies. Local governments should formulate targeted plans to improve air quality according to their own development and location advantages and improve the corresponding green credit policies in order to maximize the environmental benefits of green credit.

The results will surely lead to debate (and further research) as the regression results of the moderation effect model show that although both environmental regulation and green credit can significantly reduce air pollution concentration and improve air quality at this stage, they do not form a good interaction mechanism, and the constraint on carbon dioxide concentration does not promote the pollution reduction and emission reduction of green credit better. What other measures are necessary?

 

Some minor mistakes and type-o's.

Author Response

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Reviewer 3 Report

Review note for manuscript entitled "Spatial effects of green credits on air quality：An empirical test based on the double carbon perspective".

Line 38 reduce reduction is meaningless.

Line 166 Environmental regulation (ers). What to Mean?

Line 172, what are the units for energy, CO2 and GDP. Write in parenthesis. Is GDP introduced here or GRP Gross Regional Product?

The structure of the paper should follow the order of  1.Introduction, 2.Materials and Methods, 3.Results and Discussion and finally Conclusions. 2.Review of the Literature or Model building and variable measurement 4.Empirical Analysis are inconvenient, Hence needing to be reformatted.

All items in Table 1 and other tables should have proper units. Insert the SI or other proper metric units for items.

The research needs a wide discussion part. In present form it is dealt with only presenting results which are not enough for a scientific paper. Please insert a Discussion Part including Model Optimizations, Challenges around the proposed analyses, Sensitivity analyses, Applicability of Models for other case studies and of course limitations of the study. These are the utmost important terms for being thoroughly elaborated in discussion part.

Equations 6 to 11 all propose a fitting for natural logarithm of AQI. So some questions arise here:

1.       Why LnAQI? Why not other functions like linear ones e.g. AQI itself?

2.       What method/methods introduced for optimization of weights?

3.       Why not to utilize ANOVA (Analysis of Variance) and DoE Design of Experiment Models for this aim? By this means you can provide more efficient responses. Besides you can receive help from well-known software like Design Expert.

4.       Why not to use interaction terms like gd×Xi or gd×ers?

5.       How to achieve the optimized states i.e. optimized AQI and corresponding GDs and other inferred variables? For example for receiving AQI 50 –the marginal of GOOD Level- what are the proper optimized inferred values like green credits?

Please clearly state the assumptions made for construction of proposed models in bullets.

I guess it is necessary to present the 3-dimensional surfaces and curves of two by two variables for fitting AQI. Patterns and trends of these charts help a lot for understanding the models and their features. Expressing Fitting Coefficients like R-Squared and error analysis can help too in this case.

Eventually the novelty of the manuscript is high and has new insights for sustainability measures which can receive acceptance after performing revisions.

English editing needed.

Author Response

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Reviewer 4 Report

1.                In the introduction section, data relevant to green credit and air quality must be added. The extent of environmental damage due to industrial activities in China and its mitigation needs to be explained.

2.                Previous research with similar concern has not emerged. Thus, no gap research can be found in detail. Therefore the novelty of the study is not clearly present.

3.                The contribution of research results to business, government and society is not delivered systematically. This should be explained through the purpose of the study, therefore the purpose of the research can be stated at the beginning.

4.                The theory used in developing the hypothesis is inadequate.

5.                The robustness research and test model is good.

6.                The discussion of empirical discussion results can be directly compared with the conditions in the field in 30 provinces as the object of this research

7.                Give the logical consequences of the results of this research to the recipients of direct benefits.

It's good enough

Author Response

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Round 2

Reviewer 3 Report

Revisions have been made very well. Nice job! I suggest acceptance of the manuscript.