The carbon emission reduction effect of green finance development

Han, Xianfeng; Xiao, Jian; Dong, Mingfang

doi:10.18402/resci.2023.04.13

Cited by 2 publications

(5 citation statements)

References 8 publications

(8 reference statements)

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“…Liang et al [14] measured the level of green finance development based on four aspects (green credit, green investment, green insurance, and government support) and found that green finance can not only improve carbon emission efficiency but can also produce spillover effects to improve the efficiency of carbon emissions in neighboring regions. Han et al [15] analyzed the carbon emission reduction effect of green finance based on three dimensions (green credit, green investment, and green insurance) and determined the carbon emission reduction effect of green finance through industrial structure upgrades and green technology innovation.…”

Section: Measurement Of Green Financementioning

confidence: 99%

“…However, financial investment alone cannot meet the needs of the green financial market, and it is necessary to induce social capital to invest in the field of green production to alleviate financial pressure and broaden the channels of capital flow in the green financial market [8]. Green financial policy reflects the government's consideration of ecological protection and the industrial development direction arrangement, providing a clear direction for social capital flow, which can to a certain extent induce social capital to flow to the field of clean production and environmentally friendly industries [15]. By inducing the flow of social capital, green finance can optimize the industrial structure, reduce the financial support for high-pollution industries, and lower the intensity of carbon emissions [31].…”

Section: Theoretical Analysis and Research Hypothesismentioning

confidence: 99%

“…Explanatory variables: the explanatory variable in this paper is the level of green financial development (GF). Based on the relevant literature [15,43] and the Guiding Opinions on Building a Green Financial System issued by China, this paper selects four sub-dimensions of green finance to be synthesized using the entropy method, which are green credit, green insurance, green support, and green investment. Green credit is expressed as the ratio of interest expenditure to total industrial interest expenditure of the six major energyconsuming industries (the six major energy-intensive industries include the processing of petroleum, coal, and other fuels; manufacturing chemical raw materials and chemical products; the non-metallic mineral product industry; the ferrous metal smelting and rolling processing industry; the non-ferrous metal smelting and rolling processing industry; and the electricity, heat, gas, and water production and supply industry).…”

Section: Variable Descriptionsmentioning

confidence: 99%

“…Therefore, it is concluded that green finance can reduce carbon emission intensity through green technological innovation. According to column (3) of Table 2, green finance, which represents the government's willingness to invest in green investments, significantly induces social capital investment, can attract private capital, and can promote the formation and improvement of the green financial market [15]. Green financial investment mainly oriented to government finance can improve the industrial layout, can induce private investment to reduce carbon emission intensity, and can allow green finance to reduce carbon emission intensity by inducing private investment.…”

Section: Benchmark Regression and Mechanism Testingmentioning

confidence: 99%

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Research on the Mechanism of the Carbon Emission Reduction Effect of Green Finance

Ma,

Fei

2024

Sustainability

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Under the background of China’s “double carbon” policy, determining how to use the carbon emission reduction effect of green finance is an important starting point for China to achieve stable economic development and sustainable ecological development. By integrating provincial data from the CEADS, EPS, CSMAR, and CNRDS databases from 2003 to 2021, the two-way fixed-effect models are used to empirically test how green finance can exert a carbon emission reduction effect. This study finds that green finance can significantly reduce carbon emission intensity. A mechanism analysis shows that green finance can promote green technology innovation, induce social investment, and promote the disclosure of the social responsibility information of listed companies to reduce carbon emissions, which is still valid after a series of robustness tests. A heterogeneity analysis finds that the government’s environmental attention and the scale of financial industry development have heterogeneous effects on the carbon emission reduction mechanism of green finance. Both the government’s environmental attention and the scale of financial industry development can induce social investment, but the government’s environmental attention cannot promote the growth of green technology innovation, and the scale of financial industry development cannot promote the disclosure of the social responsibility information of listed companies. This paper broadens the research perspective of green finance to reduce carbon emissions and provides some empirical evidence and a theoretical reference to further promote the green transformation of the “two high and one surplus” industry and the sustainable development of the financial industry.

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Section: Measurement Of Green Financementioning

confidence: 99%

Section: Theoretical Analysis and Research Hypothesismentioning

confidence: 99%

Section: Variable Descriptionsmentioning

confidence: 99%

Section: Benchmark Regression and Mechanism Testingmentioning

confidence: 99%

See 2 more Smart Citations

Research on the Mechanism of the Carbon Emission Reduction Effect of Green Finance

Ma,

Fei

2024

Sustainability

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“…Moreover, at this time, the environmental awareness of the entire population is relatively weak, and local governments often adopt the short-term economic growth strategy of "pollution for growth". The positive effect of DF supply on industrial carbon unlocking is not only extremely limited but may also lead to the inflow of funds into polluting industries due to weak external constraints, exacerbating industrial carbon locking [75]. Similarly, in the late stage of industrial carbon unlocking development, as production and energy-saving technology become relatively perfect and the industrial scale approaches the optimal level, the push and pull of DF and ER on the development of industrial low-carbon has been fully realized.…”

Section: The Evolution Mechanisms Of Direct and Moderating Effectsmentioning

confidence: 99%

Can Digital Finance Enable China’s Industrial Carbon Unlocking under Environmental Regulatory Constraints? Joint Tests of Regression Analysis and Qualitative Comparative Analysis

Xu,

2024

Sustainability

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Sustainable development goals challenge the carbon lock-in dilemma of the industrial economy, and identifying the motivation and mechanism behind carbon unlocking has become an urgent priority. With its inclusive and precise advantages, digital finance (DF) provides a new impetus for the economy’s low-carbon transformation, while reasonable environmental regulation (ER) acts as an important guiding constraint. We focus on the carbon unlocking performance of DF under ER constraints. After constructing and calculating the industrial carbon unlocking efficiency (ICUE), we observe the trends of ICUE fluctuating positively, clustering towards the eastern region, and polarization. Subsequently, based on theoretical analyses, we explore the marginal and configuration effects of DF and ER in improving ICUE using panel data from 30 Chinese provinces between 2011 and 2021 and adopt a mixed research method with regression analysis (Tobit hierarchical regression and quantile regression for panel data (QRPD)) and dynamic fuzzy-set qualitative comparative analysis (fsQCA). The regression analysis results show that DF can notably enhance China’s provincial ICUE, with ER generally serving as a positive moderator; however, the unlocking potential of informal environmental regulations needs further exploration. As ICUE improves in a specific location or time, the positive contribution of DF to ICUE also increases, whereas the moderating effect of ER exhibits an optimal range and follows an inverted U-shape. The dynamic fsQCA results support the findings of the regression analysis and further emphasize that effective cooperation between DF and ER is crucial for high ICUE, while inadequate DF support and the absence of formal environmental regulations remain bottlenecks in industrial carbon lock-in. Moreover, configuration paths demonstrate clear path dependency in both time and space, indicating a prolonged unlocking endeavor.

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The carbon emission reduction effect of green finance development

Cited by 2 publications

References 8 publications

Research on the Mechanism of the Carbon Emission Reduction Effect of Green Finance

Research on the Mechanism of the Carbon Emission Reduction Effect of Green Finance

Can Digital Finance Enable China’s Industrial Carbon Unlocking under Environmental Regulatory Constraints? Joint Tests of Regression Analysis and Qualitative Comparative Analysis

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