Abstract
The aim of this research is to investigate the role of credit subsidies in overcoming financial intermediation challenges. The study seeks to evaluate the current financial intermediation landscape in both countries with respect to climate change mitigation, and to determine the effectiveness of credit subsidies as a policy instrument for promoting mitigation efforts. We apply the unit root test and the error correction modeling technique in examining data from 2012 to 2018 originating from China and Japan, respectively. After that, an explanation for the data is constructed utilizing a regression method. Among the most important findings are the contributions of credit subsidies to eliminating fiscal imbalances, the positive effects they have on global commerce, and the relevance of credit subsidies in reducing greenhouse gas emissions in China and Japan. A 28% and 37% reduction in climate change, respectively, can be achieved by implementing credit subsidy programs for local residents in China and Japan. To provide households with the finance they require to tackle climate change, the financial systems of the industrialized world, particularly those in China and Japan, need to be upgraded.
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Data availability
The data that support the findings of this study are openly available on request.
Change history
13 March 2024
This article has been retracted. Please see the Retraction Notice for more detail: https://doi.org/10.1007/s11356-024-32883-0
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Funding
Funding sources are as follows:
• Academic funding project for top talents in disciplines (majors) of Anhui Provincial Department of Education in 2020 under Grant No. gxbjZD2020028
• Teaching Team Project of Anhui Provincial Department of Education in 2020: Business Japanese Teaching Team. Grant No. 2020jxtd113
• Natural Science Research Projects of Anhui Universities in 2020: Research on the application of intelligent financial management in digital economy. Grant No. KJ2020A0817
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Conceptualization, methodology, writing—original draft; Yan Chen: data curation, data analysis, interpretation: Yan Wang.
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Chen, Y., Wang, Y. RETRACTED ARTICLE: The green wave for climate: overcoming financial intermediation challenges in climate change mitigation through credit subsidies. Environ Sci Pollut Res 30, 79215–79226 (2023). https://doi.org/10.1007/s11356-023-27947-6
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DOI: https://doi.org/10.1007/s11356-023-27947-6