Climate Impact and High-quality Development Level of the Low-altitude Economy: From the Perspective of Physical Risk

Abstract

Under the background of intensified climate change and frequent extreme weather, the low-altitude economy, as a new strategic industry in China, is facing severe external environmental challenges. Based on the panel data of 30 provinces in China from 2010 to 2021, this paper uses the entropy method to construct high-quality development indicators of a low-altitude economy and empirically analyzes the impact mechanism of climate physical risks. The results show that the climate physical risk significantly inhibits the high-quality development of a low-altitude economy, and the effect is still stable after endogenous mitigation and robustness test, and there is a time lagging feature. Heterogeneity analysis shows that extremely low temperatures and extreme rainfall have the most significant inhibitory effects, the northern region is more affected by climate risks, and the southern region has a certain buffering capacity. The research enriches the industrial application of the economic effects of climate risk and expands the theoretical perspective of low-altitude economic risk management.