Study On The Influence Of Green Finance On China’s Carbon Dioxide Emission

With the global warming,carbon emission has become the focus of attention all over the world.In 2009,my country announced at the World Climate Change Conference in Copenhagen that by 2020,carbon dioxide emissions per unit of gross domestic product(GDP)would fall by 40 to 45 per cent from 2005;in 2015,China pledged at the Paris Climate Summit to achieve its carbon emission peak target by2030.China pays great attention to the problem of carbon emission.While the economy is developing rapidly,the deterioration of ecological environment contradicts to meet the needs of people’s good life.At present,the problem of ecological environment has become a serious constraint on the national economy and people’s livelihood and the realization of the country’s long-term development.The report of the 18 th National Congress of the Party proposed for the first time to build a beautiful China,and the report of the 19 th National Congress proposed to promote green development,which urgently require the realization of green financial governance.In recent years,the related documents of green financial governance have been issued one after another,and take green development and governance as the new power source of ecological civilization construction.If we want to solve the environmental problems of carbon emissions,our country must persist in developing green economy,and green finance is undoubtedly an important way to realize green economy.Therefore,how to improve the development level of green finance has become the core problem to ensure China’s energy saving and emission reduction,and to develop the transition economy.Studying the impact of green finance on carbon dioxide emissions and its mechanism is helpful to evaluate the development level and emission reduction effect of green finance in China,and also provides useful reference for changing the mode of economic development and building a green financial system.Through the decomposition of carbon emission factors and the theoretical analysis of the mechanism path of green finance affecting carbon emission path based on Solo model and endogenous growth model,this paper puts forward the viewpoint that green finance affects carbon dioxide emission through scale effect,technological effect and structural effect,and uses the panel data of 30 provinces in China from 2008 to 2017 to analyze the three paths empirically.During the processof empirical analysis,it is divided into three steps : the overall analysis of green finance and carbon emissions,the decomposition analysis of carbon emission factors and the mechanism path analysis of green finance affecting carbon emissions,and the relationship between green finance and EKC is empirically tested.The results of empirical analysis show that:(1)There is a negative correlation between green finance and carbon emissions in general,that is,green finance reduces carbon dioxide emissions and improves the environmental quality of our country.(2)The scale effect of carbon emission factor decomposition is positively correlated with carbon emissions,while the technological effect and structural effect are negatively correlated with carbon emissions,so they are the main path to affect carbon emissions.(3)Green finance increases carbon dioxide pollution emissions through economies of scale,reduces carbon dioxide emissions through technological progress and structural transformation effects,and the combined effect of green finance on carbon emissions is negative,so green finance affects carbon emissions through three mechanism paths,respectively,and ultimately reduces carbon dioxide emissions.(4)The relationship between economic growth and carbon emission under the action of green finance presents the variant—inverted “N” curve of the EKC hypothesis,and the current economic development of our country is in the second stage of inverted "N" curve(on the rise),which confirms the positive effect of green finance in the long run.(5)The negative correlation between foreign direct investment,urbanization and R&D investment and carbon emissions is beneficial to the reduction of carbon emissions,while the level of foreign trade is positively correlated with carbon emissions,resulting in an increase in carbon emissions,which may be caused by the “bottom-to-bottom competition effect” of China’s foreign trade exceeding the “environmental income effect ”.Based on the above research conclusions,the policy suggestions put forward in this paper are as follows:(1)improving the development level of green finance and giving full play to the positive role of green finance in economic transformation.(2)promoting the progress of green technology and optimizing industrial structure and promoting the development of green economy in China.(3)combining independent innovation with deepening opening to the outside world to reduce carbon emissions in China.