Environmental policy research has increased due to stricter policies aligned with climate goals. However, to achieve the goal of net-zero emissions, the adoption of even stronger policies and increased carbon taxes is necessary, with transition risk becoming a major concern for companies. Even though governments worldwide have been employing a range of methods such as carbon tax, cap-and-trade, and intensity targets to mitigate the impact of climate change, a pivotal debate around determining the optimal policy that reduces emissions without harming the economy continues. Our paper delves into the environmental policy assessment emphasizing the role of endogenous capital utilization rates, which have hitherto been largely disregarded in literature. We study how endogenous capital utilization rate affects the transmission mechanism of economic shocks and the optimal environmental policy choice. To evaluate the quantitative impact of the transmission mechanism, we introduce distinct features to the environmental-dynamic stochastic general equilibrium (E-DSGE) model, including endogenous capital utilization, time-varying depreciation of capital, and environment quality shocks. We find that the complementarity between energy and capital leads to an amplification effect of the conventional transmission mechanism. Our model with these ingredients ranks any carbon tax below 25% as the best policy in terms of welfare improvement.

由于与气候目标相一致的更严格的政策，环境政策研究有所增加。然而，要实现净零排放的目标，必须采取更强有力的政策和增加碳税，转型风险成为企业的主要关注点。尽管世界各国政府一直在采用碳税、限额与交易和强度目标等一系列方法来减轻气候变化的影响，但围绕确定在不损害经济的情况下减少排放的最佳政策的关键辩论仍在继续。我们的论文深入研究了环境政策评估，强调了内生资本利用率的作用，迄今为止，这在文献中基本上被忽视了。我们研究了内生资本利用率如何影响经济冲击的传导机制和最优环境政策选择。为了评估传输机制的定量影响，我们在环境动态随机一般均衡 (E-DSGE) 模型中引入了不同的特征，包括内生资本利用、资本随时间变化的贬值和环境质量冲击。我们发现能源和资本之间的互补性导致传统传导机制的放大效应。我们采用这些成分的模型将任何低于 25% 的碳税列为改善福利方面的最佳政策。我们在环境动态随机一般均衡 (E-DSGE) 模型中引入了不同的特征，包括内生资本利用、随时间变化的资本贬值和环境质量冲击。我们发现能源和资本之间的互补性导致传统传导机制的放大效应。我们采用这些成分的模型将任何低于 25% 的碳税列为改善福利方面的最佳政策。我们在环境动态随机一般均衡 (E-DSGE) 模型中引入了不同的特征，包括内生资本利用、随时间变化的资本贬值和环境质量冲击。我们发现能源和资本之间的互补性导致传统传导机制的放大效应。我们采用这些成分的模型将任何低于 25% 的碳税列为改善福利方面的最佳政策。