Introduction: As a major source of pollutant and CO₂ emissions, the industrial sector faces the dual challenge of pollution control and carbon reduction. Accurately identifying the synergy between pollutant and carbon emissions in different regions’ industrial sectors is crucial for developing regional policies for coordinated pollution reduction and carbon abatement.Methods: This study takes Guangzhou as a case study to quantitatively assess the synergistic effect of NO_x and CO₂ emissions reduction in its industrial sector. First, the LMDI decomposition method was applied to analyze the factors influencing the change in NO_x emissions in Guangzhou’s industrial sector. Next, the CFGLS model was used to quantify the synergistic effect between NO_x and CO₂ emissions. Finally, a robustness check was conducted on the results.Results and discussion: The findings indicate that the synergistic effect in carbon reduction is the most significant driver of NO_x reduction in Guangzhou’s industrial sector, with a 10,000-ton reduction in CO₂ emissions leading to a 0.4-ton decrease in NO_x emissions. The interaction effect analysis shows that increasing the use of natural gas and reducing energy intensity do not amplify this synergy. The results could provide valuable insights for coordinated pollution reduction and carbon abatement policies designing in Guangzhou’s industrial sector.

The Green Finance Pilot Policy (GFPP) is a crucial initiative in China, aiming to provide financial support for achieving carbon neutrality. Objectively evaluating the outcomes of the GFPP is crucial for refining the policy and replicating successful experiences. This paper takes Guangzhou as a case study based on panel data from 25 cities spanning 2005 to 2019 and employs the synthetic control method to evaluate the impact of the GFPP on Guangzhou’s carbon emission efficiency (CEE). Additionally, this paper analyzes its spatial spillover effects and driving mechanisms through the SDID model. The results indicate that the GFPP has effectively enhanced Guangzhou’s CEE by an average of 25.3%. Furthermore, the GFPP has also enhanced the CEE of neighboring cities, with a decaying boundary of 100 km. Promoting green technology innovation and improving energy efficiency are identified as effective mechanisms through which the GFPP enhances the city’s CEE. This paper provides a comprehensive examination of the impact and mechanisms of the GFPP on CEE from a spatial perspective. The findings could offer valuable insights for advancing green finance systems and helping cities leverage financial policies to support low-carbon transition.

China is establishing a carbon budget management system at both provincial and municipal levels. The carbon budget system, as a policy tool for integrating total carbon emission management and economic planning, has already been effective in developed countries. This paper provides a comprehensive review of the concept, core elements, and practical experiences of the carbon budget system, and compares international practices with China’s low-carbon management system in the context of national circumstances. It extracts elements from international experiences that provide empirical insights, exhibit reference value, and require localization and innovation. Based on the analysis, this study proposes the following policy implications. (1) Positioning the carbon budget system as a connector within China’s dual carbon 1+N system, linking the 1 and N components. (2) The carbon budget space and industrial planning should be deeply coupled to drive the rise of low-carbon and high value-added industries. (3) Defining the focus of the carbon budget system during both the carbon peaking and carbon neutrality stages of China’s carbon goals. (4) Playing its synergistic function in the carbon budget allocation system. (5) Developing a localized toolkit for carbon budget policies and carrying out pre-assessment of the impact of the carbon budget on the economy and society. (6) Initiating pilot projects in provinces with regional carbon markets to explore the integration of carbon budgets with carbon trading mechanisms.