Are policy mixes in energy regulation effective in curbing carbon emissions? Insights from China's energy regulation policies

We consider the policy mixes of three categories of energy regulation policies in China: renewable energy law (mandatory policy), low‐carbon city pilot (voluntary policy), and carbon emissions trading system (market‐based policy). The mix of mandatory, voluntary, and market‐based policies mitigates 4.359 million metric tons of carbon emissions. Voluntary and market‐based energy policies work, while mandatory policy fails due to rent‐seeking by local officials. Policy mixes are more effective in undeveloped and politically average regions than in developed and politically rich ones. Government attention, industrial structure, and green innovation are the economic mechanisms; consistency, coherence, credibility, and comprehensiveness are the policy mechanisms. Our study highlights that policy category, rather than policy quantity, matters more in determining policy effect.