Study On The Impact Of Financial Development On Carbon Emission In Hebei Province

In recent years,the issue of global warming has become the focus of universal concern.China has reached consensus with other countries on energy conservation.Hebei province has been relying on abundant energy resources to develop heavy industry for a long time.However,the extensive economic model of Hebei province is difficult to support high-speed economic operation.High-quality economic development must be effectively combined with low-carbon development.Finance is playing an increasingly important role in social production.Finance promotes economic transformation and upgrading by optimizing the allocation of social resources.Therefore,it focuses on Hebei province to provide policy basis for financial support of carbon emission reduction.It discusses the impact of financial development on carbon emission from both theoretical and empirical aspects.Financial development can exert functions such as resource allocation to influence carbon emission.Carbon dioxide emissions are estimated according to the carbon emission methods provided by the IPCC and guidelines.Secondly,it uses financial correlation rate and financial efficiency to measure financial development.Five factors may affect carbon emissions,including per capita GDP,industrial structure,energy intensity,technological progress and opening degree to the outside world.Based on STIRPAT model and data of Hebei province from 1998 to 2017,ridge regression analysis was used for empirical analysis.The results show that: the improvement of financial correlation rate and financial efficiency will affect the reduction of carbon emissions.In addition,technological progress and opening degree to the outside world also have a negative impact on carbon emission,but GDP per capita,energy intensity and industrial structure are all positively correlated with carbon emissions.Finally,based on the conclusion of empirical analysis and the actual situation of Hebei province,the paper provides feasible suggestions for financial support of carbon emission reduction in Hebei province.Figure12;Table13;Reference50...