Table 1.

Summary of variable definition and data sources

CategoryDefinitionSource
Dependent variableco2Plant-level CO2 emission data (million tons)ODIAC database
pm25Plant-level PM2.5 emission data (μg/m3)TAP database
Dummy variablepilot1 for the pilot area, 0 for the non-pilot area
policy1 for time periods equal to or after the year 2012, 0 for before 2012
Independent variablecapacityInstalled electricity generation capacity of power plants (MW)Global Power Plant database
greenfinGreen finance development index (1–10)China Statistical Yearbook, China Insurance Statistical Yearbook, Statistical Yearbooks of Sample Provinces
rd_gdpR&D expense/GDP (%)
venVentilation coefficientGlobal Environmental Database

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