RESUMO
Low-carbon city pilots (LCCP) is a key policy for realizing emission peak and carbon neutrality in China, using China's samples from 280 towns from 2006 to 2016. The article utilizes PSM-DID, mediated effects, and moderating effects approach for validating a CO2 reduction effect, mechanisms, and synergistic elements of LCCP. The regression outcomes suggest that (1) LCCP significantly decreases CO2 emissions levels and average annual carbon emissions in LCCP fall by 2.6 percent. (2) LCCP focus on reducing carbon emissions by increasing R&D investment, the efficiency of energy, and decreasing the high CO2 emissions industry. Among them, the reduction of the high carbon emission industry is mainly FDI, while the reduction of local industry is not obvious. (3) LCCP's carbon reduction effects suggest a reversed U-shape relationship with city size. Digitalization and marketization of LCCP are crucial to the carbon reduction effect. Carbon reduction and pollution reduction have a strong synergistic effect.