The Impact Of Financial Development On Carbon Emissions

Since reform and opening-up,the energy structure of our country has been mainly based on fossil energy combustion,thus producing large quantities of carbon dioxide,as the world’s first carbon emitter big country,our carbon emission reduction work has a long way to go.In the course of our economic and social development,financial development on one hand enhanced the intensity of energy consumption and use,on the other hand also played the role of green guidance of funds.Therefore,in order to achieve the goal of carbon peak and carbon neutrality as soon as possible,it is particularly important to make good use of the double-edged sword of finance.Based on this,this paper first reviewed the literature related to financial development and carbon emission,and made an in-depth analysis of the existing research perspectives and research methods.It found that industrial structure,urbanization and technological progress are all important factors affecting carbon emission,while the research conclusions on the influence direction and path of financial development level on carbon dioxide emission have not been reached in the academic circle.Now,by combing existing literature,we hope to find out the entry point of this study,and focus on the classical and modern theories of financial development and carbon emission.By combing the evolution history of financial development theories,we can establish a deeper understanding of the role of finance in improving ecological environment directly and indirectly.By sorting out the history of carbon dioxide theory,I have a more detailed understanding of the relationship between carbon dioxide and economic growth and the green guiding role of financial development for capital.Then,this paper studies the impact mechanism of financial development on carbon dioxide emissions from two aspects: urbanization and technological progress.In the empirical analysis part,panel data of 30 provinces from2005 to 2021 is selected to carry out research.Considering carbon emission intensity as the explained variable,there is spatial dependence between different regions.Therefore,this paper overcomes the shortcomings of previous static model studies,adopts spatial measurement model and introduces geographical distance matrix.Finally,the dynamic spatial Dubin model is used to study the relationship between financial development and carbon dioxide,and the mechanism test in the theoretical analysis above is modeled.The empirical research results show that urbanization and technological progress significantly inhibit carbon emission intensity.In addition,considering the heterogeneity among different regions,China was divided into eastern,central and western regions to further explore the influence of spatial heterogeneity on the research results.The results show that:(1)there is regional heterogeneity in both financial development and carbon emission intensity.(2)China’s carbon emission intensity presents positive spatial autocorrelation,and in the spatial clustering scatter plot,it is mainly concentrated in the same direction.(3)At the national level,financial scale has a positive promoting effect on carbon emissions,and there is an inverted U-shaped relationship between financial efficiency and carbon emissions.At the regional level,there are significant differences among different regions.(4)Both the direct effect and indirect effect of financial scale are positive,while the direct effect and short-term indirect effect of financial efficiency are positive.(5)Both urbanization intermediary path and technological progress intermediary path can effectively inhibit carbon emissions.According to the above research results,the author puts forward some suggestions in chapter 8.