The role of renewable energy investment in energy economic efficiency under the “dual carbon” policy

Under the “dual carbon” targets, renewable energy investment has become a key avenue for promoting energy structure transformation and enhancing energy economic efficiency. Based on provincial-level panel data from China, this paper empirically examines the impact of renewable energy investment on energy economic efficiency and its underlying mechanisms. The study finds that renewable energy investment significantly improves energy economic efficiency, and this promoting effect is positively moderated by carbon intensity and regional innovation capabilities. Furthermore, the effect of renewable energy investment on energy economic efficiency is also differentiated by factors such as social demand and energy pressure, indicating that policy formulation should be region-specific. This study not only provides new empirical evidence for the economic benefits of renewable energy investment but also offers theoretical foundations and practical insights for optimizing energy transition policies under the “dual carbon” goals.