The impact of green finance on the optimization of industrial structure: Evidence from China

Xiong, Xing; Wang, Yuxing; Liu, Bin; He, Wei; Yu, Xinghou

doi:10.1371/journal.pone.0289844

Cited by 10 publications

(8 citation statements)

References 49 publications

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“…Further analysis exploring channels indicates that green finance promotes the low-carbon development of cities through mainly on adjusting industrial structure rather than stimulating technological innovation. This finding aligns with Xiong et al (2023) who stated that the development of green finance significantly promotes the rationalization and upgrading of the industrial structure by suppressing the development of high energy consuming industries. We suggest that this is mainly related to the policy transition of supply-side reforms in China, which has been vigorously promoted by both the central and local governments in recent years.…”

Section: Discussionsupporting

confidence: 89%

“…On the other hand, green finance can also promote the adjustment of industrial structure by channeling capital towards cleaner and sustainable industries while restricting access to credit and investment in energy-intensive sectors (Xiong et al, 2023). Although both technological innovation and industrial restructuring enable cities to reduce reliance on fossil fuel consumption and towards low-carbon pathways, their underlying mechanisms are different.…”

Section: Typical Facts)mentioning

confidence: 99%

“…Liu et al (2019) established a comprehensive index including green credit, green securities, green insurance, green investment, and carbon finance. Xiong et al (2023) constructed a comprehensive index, covering green credit, green insurance, green investment, and Green fiscal support. Overall, the existing comprehensive indices rarely include green funds and carbon finance.…”

Section: Literature Review Policy Background and Typical Factsmentioning

confidence: 99%

“…The detailed indicators are described in Supplementary TableS1. Different fromLiu et al (2019) andLee and Lee (2022), we followXiong et al (2023) to synthesize the above seven indicators into a comprehensive index (𝐺𝐹) by using the entropy-weighted method, which ensures that the weight assigned to each indicator is proportionate to its contribution to the overall evaluation.4.4.3. Mediating variable(1) Technological innovation.…”

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confidence: 99%

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How can green finance promote low-carbon transition of Chinese cities: technological innovation or industrial structure adjustment ?

Wu,

Wen,

nie

et al. 2024

Preprint

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Green finance (GF) has emerged as a promising tool to promote low-carbon development, while knowledge is rather limited regarding the underlying mechanism. This article aims to address this void by constructing a city-level GF index covering seven dimensions and identifying the main pathways through which GF can facilitate the low-carbon development of cities. Using a balanced panel data covering 277 Chinese cities from 2010 to 2020, the results show that: (1) China’s GF development exhibits an overall spatial differentiation of ‘high in the east and low in the west’, while the distribution of carbon intensity (CI) displays an overall spatial differentiation of ‘high in the north and low in the south’; (2) GF significantly decreases CI of cities, which is robust to employing DID strategies and IV estimations; (3) The role of GF on CI varies with the level of CI whereas not with the level of GF; and (4) GF promotes low-carbon transition of cities through mainly on adjusting industrial structure rather than stimulating technological innovation. Despite we also demonstrate green finance enhances green innovation, due to multi-factors, such technology progress it brings may not always translate into a tangible improvement in green productivity. For most developing countries including China, the future policy objective of green finance should focus on enhancing sustainable technological progress. JEL Classification: E44, O33, R11

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Section: Discussionsupporting

confidence: 89%

Section: Typical Facts)mentioning

confidence: 99%

Section: Literature Review Policy Background and Typical Factsmentioning

confidence: 99%

mentioning

confidence: 99%

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How can green finance promote low-carbon transition of Chinese cities: technological innovation or industrial structure adjustment ?

Wu,

Wen,

nie

et al. 2024

Preprint

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“…Concerning the industrial structure, green finance drives local enterprises toward green and sustainable development, which optimizes and upgrades the local industrial structure. This, in turn, attracts more enterprises and institutions from neighboring regions to the green technology sector, forming a virtuous cycle of industrial agglomeration [40]. Additionally, successful innovation in green energy technology by certain entities supported by green finance can have a demonstration effect, prompting interest and emulation by enterprises and institutions in other regions, thus propelling the innovation and application of green energy technology and fostering green technological development within their respective regions [41].…”

Section: Green Finance and Regional Green Energy Technological Innova...mentioning

confidence: 99%

The Impact of Green Finance and Financial Technology on Regional Green Energy Technological Innovation Based on the Dual Machine Learning and Spatial Econometric Models

Xie,

Zhao,

2024

Energies

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Regional green energy technological innovation is an important means to alleviate economic–environmental contradictions. The purpose of this study was to explore the mechanisms of green finance, financial technology, and regional green energy technological innovation. In this study, we constructed dual machine learning models, spatial econometric models, and panel threshold effect models to investigate the effects of green finance and financial technology on regional green energy technological innovation, using panel data from 266 cities nationwide from 2009 to 2021. The research findings are as follows: (1) Both green finance and financial technology significantly promote regional green energy technological innovation. (2) Based on a spatial weight matrix embedded in economic geography, both green finance and financial technology generate positive spatial spillover effects on regional green energy technological innovation. (3) The interaction between green finance and financial technology significantly contributes to regional green energy technological innovation. Financial technology can strengthen the positive local and neighboring effects of green finance on regional green energy technological innovation. (4) Based on the threshold effect of financial technology, green finance cannot significantly promote regional green energy technological innovation when financial technology is in an underdeveloped stage. With the advancement of financial technology, green finance continues to have a positive impact on regional green energy technological innovation. Based on this analysis and our conclusions, we propose practical policy recommendations that can provide a more sustainable approach to green energy technology innovation.

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Advancing green finance: a review of sustainable development

Fu,

Lu,

Pirabi

2023

DESD

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This study comprehensively reviews the relationship between green finance and sustainable development, specifically focusing on combatting climate change and achieving carbon neutrality. Utilizing a narrative review methodology, the study examines a range of scholarly articles and publications to identify key themes, findings, and future directions in green finance. The review emphasizes the crucial role of substantial investments in green and low-carbon initiatives to address climate change effectively and promote sustainable economic growth. It highlights the necessity of robust regulatory frameworks that facilitate the availability of green finance and the integration of carbon–neutral practices. Additionally, the paper explores the potential of impact investing, wherein investors accept lower financial returns in exchange for non-financial benefits in green finance. It underscores the influential role of institutional ownership in guiding companies toward enhanced environmental and social performance. Moreover, integrating environmental, social, and governance (ESG) factors in investment decisions is critical for sustainable finance. Addressing the intersection of climate change and risk management, the review highlights the implications of environmental risks on financial decision-making. Effective communication strategies can raise public awareness and support for climate policies. The study concludes by calling for collaboration, further research, and policy measures to advance green finance and foster sustainable economic growth. It recommends aligning financial incentives with sustainable outcomes, fostering transparency, and incorporating social equity in green finance initiatives to contribute towards achieving sustainable development goals and promoting a greener future.

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The impact of green finance on the optimization of industrial structure: Evidence from China

Cited by 10 publications

References 49 publications

How can green finance promote low-carbon transition of Chinese cities: technological innovation or industrial structure adjustment ?

How can green finance promote low-carbon transition of Chinese cities: technological innovation or industrial structure adjustment ?

The Impact of Green Finance and Financial Technology on Regional Green Energy Technological Innovation Based on the Dual Machine Learning and Spatial Econometric Models

Advancing green finance: a review of sustainable development

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