【报告摘要】How effective are local environmental policies in fostering clean technology in a globalized world? To address this question, I develop adynamic general equilibrium semi-endogenous growth model of the world economy. I focus on endogenous innovation in both clean and dirty technologies, as well as the choice of production locations for firms specializing in different technologies. Local environmental policies lead to the relocation of dirty production in the short run. Endogenous innovation in clean technology that results from such policies enhances the country's technological comparative advantage in clean technology, ultimately leading to the deployment of clean technology in foreign production locations in the long run. Counterfactual analysis shows that if both the US and EU countries increase the stringency of their environmental policies to the level of the most stringent EU country, global emissions will decrease by 4.7 percent. The welfare implications are asymmetric across countries: in the steady state, the consumption-equivalent welfare gains are almost twice as large for EU countries as for the US.