Study On The Effect And Mechanism Of Green Finance On Carbon Emission Reduction

Under the background of "carbon peak,carbon neutral",how to effectively reduce the carbon dioxide emissions of the country and provinces is the key to achieving the goal of "double carbon".In order to achieve the "dual carbon" goal as soon as possible on schedule,traditional industries need to accelerate transformation and upgrading,which requires sufficient funds as support.As an important financing tool in the green low-carbon transformation,green finance can effectively meet the investment and financing needs of various industries,guide more funds to the ecological environment industry,reduce the flow of funds to high pollution and high energy consumption industries,and promote the rapid realization of green transformation and upgrading of various industries in China.It can be seen that in order to achieve the "double carbon" goal on time and efficiently,green finance must play an effective role in promoting carbon emission reduction.At present,there are relatively few literatures on the relationship between green finance and carbon emission reduction at home and abroad.Therefore,it is necessary to further study the carbon emission reduction effect and mechanism of green finance to provide reliable basis and policy enlightenment for the development of green finance and the promotion of carbon emission reduction.This paper first sorts out the relevant literature on green finance and carbon emissions.Then,combined with the relevant theoretical basis,it analyzes the direct and indirect impact mechanism of green finance on regional carbon emission intensity.Secondly,taking 30 provinces(cities)in China from 2008 to 2019 as the research object,the entropy method is used to calculate the development level of green finance in each province(city)and China,and it uses the ratio of carbon emissions to regional GDP to calculate China’s carbon emission intensity level.Thirdly,it tests the impact of green finance on carbon emission efficiency,and analyzes the heterogeneity of green financial instruments in eastern,central,western regions;Then,by constructing the intermediary effect model,this paper studies the intermediary effect from three aspects of green upgrading of industrial structure,green technology innovation and clean energy structure,on the impact of green finance on carbon emission intensity.Finally,based on the empirical results,the corresponding countermeasures and suggestions are proposed.The empirical results show that:(1)Green finance can significantly reduce the intensity of carbon emissions,and the conclusion is still valid after using the double difference method and tool variable method to test the endogenous and robustness.(2)There is heterogeneity in the emission reduction effect between different regions and different green financial instruments,and the effect of green finance on carbon emission intensity has nonlinear characteristics.(3)The effect of green finance on reducing carbon emission intensity is nonlinear and conditional.(4)From the perspective of mechanism,green upgrading of industrial structure,green technological innovation,and clean energy structure all play an intermediary role in the emission reduction effect of green finance,in which the clean energy structure accounts for 42.8% of the total effect,which is the main channel for green finance to reduce carbon emissions.