China's provincial CO2 emissions and interprovincial transfer caused by investment demand.

Based on the China's 1997, 2002, 2007, and 2012 multiregional input-output model, this study calculates China's provincial CO2 emissions from investment demand and interprovincial transfer of CO2 emissions caused by investment demand. The findings of this study are as follows: (1) From 1997 to 2012, the CO2 emissions from China's investment demand have seen rapid growth-the CO2 emissions from investment demand has increased by 4.52 times, and the per capita CO2 emissions caused by investment demand has increased by 4.13 times. Investment demand is an important driver of growth of China's CO2 emissions. The proportion of CO2 emissions from investment demand in CO2 emissions from China's three final demands rose from 37.72% in 1997 to 50.68% in 2012. (2) The CO2 emissions from investment demand are relatively large in provinces which have large-scale industries. Affected by investment-driven economic growth, CO2 emissions from investment demand in central, western, and northeastern provinces have increased more rapidly. (3) Large amounts of CO2 are emitted in the less-developed central and western provinces to meet the investment demand of the developed eastern provinces. As China's economy enters the "new normal," economic growth is shifting from investment-driven to consumption-driven, and the growth of CO2 emissions from investment demand will slow down.