Research On The Impact Of Green Finance On Carbon Emissions

With the rapid development of China’s economy,environmental issues have become increasingly prominent,resulting in climate warming,sea level rise,water pollution,air quality degradation,and other issues affecting the daily lives of residents.As the largest developing country,China urgently needs to solve the environmental problems caused by social development.Therefore,China has introduced a series of policies and measures to vigorously promote the green transformation of economic development,and is committed to reducing carbon dioxide emissions.Therefore,exploring the impact of green finance development on carbon emission intensity and its mechanism helps to evaluate the carbon emission reduction and emission reduction effectiveness of China’s green finance development level,and also provides an important reference for developing a green economy and constructing a green finance development system.This article conducts empirical analysis based on relevant literature review and theoretical analysis;The panel data of 248 prefecture-level cities in China from 2010 to 2019 were selected for research and analysis,and a total of 1989 valid sample observations were obtained.The empirical study mainly consists of three parts.First,benchmark regression analysis was conducted on the data,and robustness testing and heterogeneity analysis were conducted.Secondly,a three-step method is used to test the intermediary effect of green technology innovation and industrial structure optimization.Thirdly,by introducing interactive terms to construct a regulatory effect model to test the regulatory effect of regional financial development level.The empirical analysis results show that:(1)the overall development of green finance has significantly reduced the intensity of carbon emissions;In areas with high levels of green finance development in the east,the impact of green finance development on reducing carbon emission intensity is more obvious;The carbon emission reduction effect of green finance is more significant in regions with high levels of green finance development.(2)Through the intermediary effect model,the intermediary effect of green technology innovation and industrial structure optimization is tested,and the intermediary effect is significantly established.Therefore,green technology innovation and industrial structure optimization are the main paths that affect the reduction of carbon emission intensity.(3)The level of regional financial development has a significant positive regulatory effect on the process of green finance promoting carbon emission reduction.Based on the empirical analysis results of this article,the proposed measures mainly include:(1)Continue to increase the development of green finance to reduce the intensity of carbon emissions;Formulate personalized green finance policies based on regional development to maximize the carbon emission reduction effect of green finance;Strengthen the development of green finance in areas with low levels of green finance development.(2)Vigorously develop green finance to boost enterprises’ green technological innovation,and promote the continuous upgrading and optimization of industrial structure.(3)Improve the level of regional financial development and enhance the effect of green finance on carbon emission reduction.