Abstract
The prime focus of the present investigation delves into the linkage between digital financial services and energy intensity within the geographic confines of China, utilizing provincial-level panel data spanning from 2011 to 2021. Digital finance has rapidly developed due to changes in information technology, and its role in achieving green transformation, reducing energy consumption, and lowering energy intensity in Chinese society is critical. By conducting empirical analysis utilizing diverse models, we have tested our hypotheses and found that digital finance’s improvement can contribute to the reduction in energy intensity at the regional level while still considering endogeneity concerns. This effect is mediated by the promotion of technological innovation and the facilitation of green development in industries. Digital finance’s impact on energy intensity is contingent upon resource endowments, such as the level of traditional financial development and the degree of information. Moreover, digital finance’s adverse impact on energy intensity becomes more pronounced beyond certain threshold values. However, digital finance can increase energy intensity in neighboring regions through spatial spillover effects. Drawing upon our findings, we recommend bolstering the development of digital finance, augmenting the capability for autonomous innovation, and devising specialized strategies for digital finance advancement to fully harness the potential of digital finance in curbing energy intensity. This study interprets the value of digital finance from the new perspective of energy intensity. By exploring the internal links between digital finance and energy intensity, the study enriches the research results on the impact of digital finance on energy intensity.
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Data availability
The datasets used and/or analyzed during the current study are available from the corresponding author upon reasonable request.
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Funding
This paper is supported by “Research on the Dynamic Value Evaluation of Agricultural Biological Assets, Mortgage Financing Model and Risk Management Policy,” National Natural Science Foundation of China (NSFC), Jan 2023–Dec 2026, No. 72273105. Sponsor and host: Jianchao Luo. This paper is also supported by “Research on the Effectiveness Evaluation, Risk Control and System Construction of the Agricultural Credit Guarantee Policy,” National Natural Science Foundation of China (NSFC), Jan 2019–Dec 2022, No. 71873100. Sponsor and host: Jianchao Luo. This paper is also supported by “Rural revitalization financial policy innovation team,” Chinese Universities Scientific Fund, Jan 2022–Dec 2023, No. 2452022074. Sponsor and host: Jianchao Luo. This paper is also supported by “Research on the Policy Orientation and Implementation Path of Financial Empowerment of Rural Revitalization,” the Soft Science Project of the Central Agricultural Office and the Rural Revitalization Expert Advisory Committee of the Ministry of Agriculture and Rural Affairs, 2022.5.31–2023.5.31, No. rkx20221801. Sponsor and host: Jianchao Luo.
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Zhang Zhitao: conceptualization, data curation, formal analysis, methodology, writing—original draft, and writing—review and editing. Arshad Ahmad Khan: formal analysis, software, writing—original draft, and writing—review and editing. Sufyan Ullah Khan: formal analysis, software, writing—review and editing, visualization, software, and writing—review and editing. Muhammad Abu Sufyan Ali: visualization, software, and writing—review and editing. Wang Zonglin: writing—review and editing. Jianchao Luo: funding acquisition, project administration, and supervision.
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Zhitao, Z., Khan, A.A., Khan, S.U. et al. Untangling the causal mechanisms and spatial dynamics of digital financial development’s impact on energy intensity: insights from panel data of Chinese provinces. Environ Sci Pollut Res 30, 96147–96162 (2023). https://doi.org/10.1007/s11356-023-29175-4
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DOI: https://doi.org/10.1007/s11356-023-29175-4