Does green finance improve carbon emission efficiency? Experimental evidence from China

As a noteworthy initiative of financial supply-side reform to precisely support the green development system, can green finance (GF) help achieve the dual goals of “carbon peaking” and “carbon neutrality”? Using data from China’s provincial panel between 2007 and 2019, this paper measured the green...

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Published inEnvironmental science and pollution research international Vol. 30; no. 16; pp. 48288 - 48299
Main Authors Ran, Qiying, Liu, Lu, Razzaq, Asif, Meng, Yuxin, Yang, Xiaodong
Format Journal Article
LanguageEnglish
Published Berlin/Heidelberg Springer Berlin Heidelberg 01.04.2023
Springer Nature B.V
Subjects
Aquatic Pollution
Atmospheric Protection/Air Quality Control/Air Pollution
Carbon
Carbon neutrality
China
Development systems
Earth and Environmental Science
Economic Development
Ecotoxicology
Empirical analysis
Entropy
Environment
Environmental Chemistry
Environmental Health
Environmental science
Finance
Heterogeneity
Impact analysis
Industry
Research Article
Waste Water Technology
Water Management
Water Pollution Control
China
Spatial Durbin model
Carbon emission efficiency
Green finance
Systematic GMM model
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Summary:As a noteworthy initiative of financial supply-side reform to precisely support the green development system, can green finance (GF) help achieve the dual goals of “carbon peaking” and “carbon neutrality”? Using data from China’s provincial panel between 2007 and 2019, this paper measured the green finance index by the entropy method and the carbon emission efficiency (CEE) with carbon emission as the non-desired output by the Super-SBM model. Then, the influence of GF on CEE was empirically investigated by the dynamic panel model and the spatial Durbin model. The findings show that GF can significantly improve CEE and has a positive spillover impact on CEE in provinces with close economic ties; the upgrading of the industrial structure is a key mediator in the transmission of GF to CEE; and regional heterogeneity analysis finds that GF notably improves CEE in eastern, high development levels of economic and GF regions. The research can offer some theoretical and empirical references for green finance to contribute to low-carbon economic growth.
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ISSN:1614-7499
0944-1344
1614-7499
DOI:10.1007/s11356-023-25571-y