Abstract: This article utilizes the provincial panel data from 2006 to 2019 and the difference-in-difference method to test the impact of the implementation of energy rights trading policy on regional energy consumption intensity. The results of the study show that the implementation of the energy trading policy can effectively reduce the provincial energy intensity. Specifically, the implementation of the energy rights trading system has led to a reduction of approximately 7.47% in energy consumption intensity in pilot provinces. Meanwhile, the effects of various control variables on provincial energy intensity have significant differences, including when the level of economic development increases by 1%, it can significantly contribute to a 0.781% decrease in energy intensity; when the industrial structure is optimized by 1%, it can make the pilot provinces' energy intensity decrease by 0.454%; when the level of external opening increases by 1%, it can contribute to a 0.033% decrease in energy intensity or so. However, there is a positive relationship between provincial energy intensity and R&D investment and population size, a 1% increase in R&D investment will lead to a 0.152% increase in energy intensity and a 1% increase in population size will lead to a 0.06% increase in energy intensity in the pilot provinces. In addition, the intermediary effect analysis reveals that the energy trading policy reduces energy intensity by increasing the level of technological innovation.