Research on the Environmental Effect of Green Finance Policy Based on the Analysis of Pilot Zones for Green Finance Reform and Innovations

Abstract

In this study, taking the pilot zones for green finance reform and innovations set up in 2017 as the objects, a quasi-natural experiment is conducted to assess the environmental effects of green finance policy using the difference-in-difference propensity score matching (PSM-DID) method based on the panel data in 30 provincial-level administrative regions from 2011 to 2019. In addition, further efforts are made to investigate the differences of green financial policies in environmental effect. According to the research findings, the set-up of green finance pilot zones can reduce the environmental pollution, and green finance policy is conductive to environmental enhancement. Meanwhile, a partial mediating effect exists between a region’s innovation capability and industrial structure. On the whole, green finance policy plays the most significant role in improving the eastern region’s environmental pollution, followed by the central region, but barely enhances the environment in the western region. To sum up, the more serious the environmental pollution is, the better the effect of green finance policy.

Can Green Finance Development Reduce Carbon Emissions? Empirical Evidence from 30 Chinese Provinces

“…In brief, the improvement of green finance can alleviate the financing constraints of enterprises in environmental protection, new energy, new materials, etc., and help provide more low-carbon products or services to support the development of environment-friendly enterprises [26]. What is more, it will reduce the capital supply to high-pollution and high-emission enterprises, forcing them to carry out technological transformation and upgrading, or reducing the scale of production to reduce carbon emissions [27].…”

Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

“…Numerous studies have been recently conducted in the field of GF worldwide [1,3,12,16,[21][22][23][24][25][26][27][28][29][30][31][32], and these studies are mostly centered on GF for sustainable economic development [23][24][25]31,32]; the impact of GF on Fintech [26]; GF trends and opportunities [3,16,22,28]; the environmental effect of GF reform and innovations [17,29]; GF development and sustainability [1,27,33,34]; GF standards and green bonds [21,30]; and GF and sustainable development [12,[35][36][37]. Besides this, a few studies have tried to identify the relationship between GF and the green economy [7,38]; GF, carbon intensity, and non-fossil energy consumption, as well as climate change mitigation in the context of N11, BRICS countries, and China [39,40]; and sustainability performance [19,41].…”

Green Finance Evaluation Based on Neural Network Model

“…Green finance is a new model proposed for the establishment of environmental protection. It belongs to a major innovation in the financial system [ 12 ]. Green finance affects the current domestic production of green factors, which is in line with the current direction of national environmental protection and sustainable development [ 13 ]; the green finance policy integrates the current internet technology and applies a variety of technical means to achieve the sustainable development of green finance [ 14 ].…”