Research On The Economic Benefits And Environmental Benefits Of Green Credit

With the rapid economic development of countries around the world,people's living standards are increasing day by day,but they are accompanied by serious environmental problems.Faced with serious environmental problems,the four major international banks such as the Dutch Bank and Barclays Bank proposed the Equator Principles in 2002.China also proposed in 2007 to use credit instruments to curb the operating activities of high-energy-consuming and highly polluting enterprises to achieve energy conservation Row,in 2012 issued the "Green Credit Guidelines" to refine the green credit policy.As of the end of 2018,the green credit balance of China's banking financial institutions has exceeded 8 trillion yuan.Therefore,studying the impact of green credit on the economy and the environment since its implementation and its mechanism of action are of great significance for improving China's green credit system and promoting the coordinated development of China's economy and environment.This article first analyzes the theoretical basis of China's green credit development from the economic and environmental aspects by combing the literature and theories related to green credit.Secondly,this article explores the mechanism of economic benefits and environmental benefits of green credit.Through research,it is found that:in terms of affecting economic growth,green credit can directly promote economic growth by increasing green capital investment and promoting technological progress;on the other hand,green credit can indirectly promote the economy by promoting industrial structure adjustment and transmitting information focusing on green development.increase.In terms of improving environmental quality:on the one hand,green credit can directly promote the improvement of environmental quality by suppressing the generation of corporate pollutants at the source and innovative credit products used to support energy conservation and emission reduction and environmental governance;on the other hand,green credit can promote the industrial structure Adjust and indirectly promote environmental quality improvement as a complement to traditional environmental protection policies.Then this paper analyzes the development status of green credit in China from four aspects:the development process and necessity of green credit,the scale of green credit development,the implementation of green credit and the problems in the process of green credit development.On the basis of completing the theoretical analysis,this paper uses the proportion of interest expenditure of non-six high energy-consuming industries to measure the green credit level of 30 provinces and cities in China(excluding Tibet,Hong Kong,Macao and Taiwan),and uses this indicator to construct a regression model The economic benefits and environmental benefits brought by the implementation of green credit in China as a whole and in the eastern,central and western regions.At the same time,through the intermediary effect,the mechanism through which green credit acts on economic growth and environmental quality improvement through industrial structure is tested.The results show that:(1)Green credit has the economic benefits of promoting economic growth,and the economic benefits of green credit are different in different regions,especially in the eastern region.Industrial structure adjustment has played a concealing effect in the path of green credit affecting economic growth.(2)Green credit has the environmental benefits of improving environmental quality,and the environmental benefits of green credit are different in different regions,especially in the eastern region.The adjustment of industrial structure has played an intermediary role in the path of green credit to improve environmental quality.Finally,based on the above theoretical and empirical analysis,this article provides some policy recommendations for the development of green credit in China.It is hoped that with the efforts of the government,financial institutions and enterprises,the role of green credit will be maximized to achieve the coordinated development of the economy and the environment.