*3.4. Descriptive Statistics*

The dependent variable consists of city-level CO2 emissions (LnCO2). The average LnCO2 is 2.704, the standard deviation is approximately 0.830, the average Treat\*Post value is 0.321, and the standard deviation is 0.467. This indicates that there are significant differences in various cities. In terms of the standard deviation of the control variables, there is a degree of variation among the cities; city-level CO2 emissions may be affected by these differences. The descriptive statistics of the main variables are shown in Table 2.



## **4. Empirical Results**
