Research On The Effect Of Green Finance Support For Carbon Emission Reduction In Chin

The goal of carbon peak and carbon neutrality is not only a solemn commitment China has made to the world,but also a profound change in China’s economy and society.Green finance is one of the important means to promote the goal of "dual carbon".The implementation of green finance concepts and policies can make development based on efficient utilization of resources,so as to effectively control greenhouse gas emissions and build a green and low-carbon economic system.Therefore,it is of great practical significance to pay attention to finance in carbon emission reduction,especially the supporting effect of green finance.Firstly,this paper reviews domestic and foreign literature on carbon emission reduction and its influencing factors,green finance development,and its relationship with carbon emission reduction,and theoretically analyzes the operation mechanism of green finance and the role path of green finance in supporting carbon emission reduction based on sustainable development theory,externality theory and endogenous financial development theory.Secondly,this paper constructs an indicator system,uses entropy weight method to measure the development level of green finance in all provinces and cities in China,and measures the carbon emissions of all provinces and cities based on the perspective of energy consumption.Thirdly,this paper decomposed the identity of the influencing factors of carbon emission from the perspective of factor decomposition,and further tested the influencing factors of carbon emission by using the fixed effects panel model.In order to explore the effect of green finance support for carbon emission reduction,a dynamic panel model was constructed and empirical analysis was conducted by using GMM estimation method.The threshold model is used to investigate whether there is a threshold effect on the impact of green finance development on carbon emission reduction.Finally,based on the results of theoretical analysis and empirical analysis,this paper tries to put forward policy suggestions for China’s current stage of green finance to support carbon emission reduction.The results show that :(1)the expansion of population,the improvement of economic level,and the acceleration of urbanization have strong pulling effect on carbon emissions.The main inhibiting factors of carbon emissions are closely related to technology effect,and energy intensity is the biggest inhibiting factor.In addition,empirical results show that the pulling effect of carbon emissions is greater than the inhibiting effect.(2)The development of green finance plays a supporting role in carbon emission reduction,which can be achieved by promoting the transformation of economic growth pattern,improving energy efficiency and adjusting industrial structure.(3)When the scale of economic development is taken as the threshold variable,green finance development has a double threshold effect on carbon emission reduction,that is,with the improvement of economic level,green finance development has a certain support effect on carbon emission reduction,but with the further improvement of economic development,this effect will be weakened,beyond a certain limit,The emission reduction effect of green finance development will not offset the increase in carbon emissions caused by economic development.