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<p>The Net-Zero goal has become a critical objective for organizations, highlighting the need to assess the environmental impact in the digital economy (DE) era. We use provincial panel data, covering both the developing and mature stages of DE, and introduce natural gas into the By-Production model to calculate the carbon shadow price (CSP). By examining the influence of DE on CSP at different levels of innovation capability, this study clarifies the underlying mechanisms, and employs an instrumental variable approach to validate the result. Regional differences in emission reduction cost, as indicated by the Dagum Gini coefficient, can be effectively mitigated through DE by focusing on intra-regional differences. Furthermore, DE exerts a more substantial impact on CSP in regions with higher innovation capabilities during the mature stage, although this effect is not observed during the developing stage. Knowledge acquisition serves as a significant pathway for all stages, facilitating the digital economy in reducing emission reduction costs, although it hinders emission reductions in the mature stage. Moreover, knowledge production and the innovation environment become more influential in the mature stage. The development of a platform that integrates organizations and innovation elements, particularly in digital finance, can play a pivotal role in achieving Net-zero goals at both regional and national levels.</p>

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The ‘Race to Net Zero’: How regional innovation capability increases the impact of the digital economy on carbon shadow price

  • 期刊论文

  • 发表日期：

    2026年7月2日

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  • Baiqing Sun,
  • Jiahui Li,
  • Thompson S.H. Teo,
  • Minwei Deng

摘要

The Net-Zero goal has become a critical objective for organizations, highlighting the need to assess the environmental impact in the digital economy (DE) era. We use provincial panel data, covering both the developing and mature stages of DE, and introduce natural gas into the By-Production model to calculate the carbon shadow price (CSP). By examining the influence of DE on CSP at different levels of innovation capability, this study clarifies the underlying mechanisms, and employs an instrumental variable approach to validate the result. Regional differences in emission reduction cost, as indicated by the Dagum Gini coefficient, can be effectively mitigated through DE by focusing on intra-regional differences. Furthermore, DE exerts a more substantial impact on CSP in regions with higher innovation capabilities during the mature stage, although this effect is not observed during the developing stage. Knowledge acquisition serves as a significant pathway for all stages, facilitating the digital economy in reducing emission reduction costs, although it hinders emission reductions in the mature stage. Moreover, knowledge production and the innovation environment become more influential in the mature stage. The development of a platform that integrates organizations and innovation elements, particularly in digital finance, can play a pivotal role in achieving Net-zero goals at both regional and national levels.