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<p>This article constructs a climate policy uncertainty index for China through textual analysis of public media reports and examines its impact on corporate technological innovation, with a particular focus on the role of environmental, social, and governance (ESG) performance. Using data from A-share listed companies between 2014 and 2022, the findings indicate that increased climate policy uncertainty drives companies to invest more in technological innovation, with both patent output and green patents increasing. Furthermore, climate policy uncertainty encourages companies to enhance their ESG performance, which further facilitates technological advancement. This enhancement effect is particularly pronounced among low-tech, heavily polluting, and high-carbon enterprises. These findings suggest that policymakers should adopt proactive and targeted climate policies to strengthen guidance on corporate ESG transformation, promote technological innovation, and achieve sustainable development.</p>

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Climate policy uncertainty, corporate ESG performance and technological innovation: evidence from China

  • 期刊论文

  • 发表日期：

    2025年4月4日

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  • Xu Zhang,
  • Yin Dang,
  • Chentong Sun,
  • Xiang Li

摘要

This article constructs a climate policy uncertainty index for China through textual analysis of public media reports and examines its impact on corporate technological innovation, with a particular focus on the role of environmental, social, and governance (ESG) performance. Using data from A-share listed companies between 2014 and 2022, the findings indicate that increased climate policy uncertainty drives companies to invest more in technological innovation, with both patent output and green patents increasing. Furthermore, climate policy uncertainty encourages companies to enhance their ESG performance, which further facilitates technological advancement. This enhancement effect is particularly pronounced among low-tech, heavily polluting, and high-carbon enterprises. These findings suggest that policymakers should adopt proactive and targeted climate policies to strengthen guidance on corporate ESG transformation, promote technological innovation, and achieve sustainable development.