Abstract
In the crucial phase of high-quality economic growth, green finance is essential for directing capital to green industries and optimizing the quality of economic growth. Academics in China have paid a great deal of attention to green finance because it is a crucial government policy for advancing the development of an ecological civilization. This document examines the Chinese State Council’s implementation of the Guidance on Building a Green Financial System as a quasi-natural experiment. It determines, using the double difference method and panel data from 283 prefecture-level cities in China between 2011 and 2020, if green financial reform policies can enhance carbon emission efficiency and its mechanisms. The study reveals that green finance reform policies considerably improve the carbon efficiency of cities, albeit with a significant time lag and an annual increase in net effect. In addition, the mechanism analysis revealed that green financial policies primarily improve carbon emission efficiency by decreasing the intensity of energy consumption, enhancing technological innovation, and optimizing industrial structure. Therefore, expanding the size of the reform pilot zone and increasing incentives and guidance for green financial institutions will aid the transition of cities to a low-carbon economy.
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The datasets used and/or analyzed during the current study are available from the corresponding author on reasonable request.
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Funding
This research was supported by the 2023 Gansu Provincial Department of Education College Teachers’ Innovation Fund Project (No. 2023A-281) from China and, Reaearch Platform Open Subject of Chongqing Technology and Business University (grant number: KFJJ2022039) and the Chongqing Graduate Student Research and Innovation Program 2023 (grant munber: CYB23263). The authors also extend great gratitude to the anonymous reviewers and editors for their helpful review and critical comments.
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Zhonghao Lei conceptualized and done analysis of the paper. Dongmei Wang read the paper and made necessary corrections prior to submission. All authors read and approved the final paper.
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Lei, ., Wang, D. The impact of green financial policies on carbon emission efficiency: empirical evidence from China. Environ Sci Pollut Res 30, 89521–89534 (2023). https://doi.org/10.1007/s11356-023-28699-z
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DOI: https://doi.org/10.1007/s11356-023-28699-z