Research On The Impact Of Green Credit On Carbon Emission Performance In Energy-Intensive Manufacturing Industry

As the problem of climate warming becomes more and more serious,China has put forward carbon peaking and carbon neutrality goals in 2020 to actively deal with environmental and climate issues.Improving carbon emission performance is an important measure to achieve low-carbon economic transformation and green development,as well as a breakthrough point to achieve a win-win situation between economic development and environmental protection.The manufacturing industry is an important pillar of China’s real economy,among which the high energy-consuming manufacturing industry is the most prominent industrial sector of carbon dioxide emission in China,and the improvement of the carbon emission performance of the high energy-consuming manufacturing industry plays a key role in the realization of China’s carbon peaking and carbon neutrality goals.As a means of environmental regulation,green credit policy will play an important role in the process of helping to achieve carbon peaking and carbon neutrality goals.Can green credit policy improve the carbon performance of energy-intensive manufacturing industry? This is the main research content of this paper.This paper discusses the influence of green credit policy on the carbon emission performance of energy-intensive manufacturing industry through theoretical analysis and DID method.The main research contents and conclusions are divided into the following four parts.(1)Through the analysis of the current situation,it is found that bank financial institutions are the main force in the development of green credit in our country,and the scale of green credit is growing rapidly.The energy consumption and carbon emissions of the energy-intensive manufacturing industry are growing slowly,and carbon emission performance improved steadily.This indicates that the energy-intensive manufacturing industry pays more and more attention to the improvement of carbon emission performance.(2)Through the influence mechanism analysis,this paper finds that green credit policy have direct and indirect impacts on the carbon emission performance of energy-intensive manufacturing industry.The direct impacts are manifested in the effect of optimizing financial resource allocation,signal transmission and cost internalization,while the indirect impacts are realized through financing constraints and technological innovation.(3)In the empirical analysis part,this paper selects the data of manufacturing enterprises among the A-share companies listed on the main board of Shanghai and Shenzhen from 2009 to2020,takes the release of Green Credit Guidelines in 2012 as a quasi-natural experiment,and tests the impact of green credit policy on the carbon emission performance of energy-intensive manufacturing industry through DID model.From the empirical analysis,it can be seen that green credit policy can improve the carbon emission performance of energy-intensive manufacturing industry.Financing constraints and technological innovation are the mechanism of green credit policiy to improve the carbon emission performance of energy-intensive manufacturing industry,and green credit policy have a greater effect on the carbon emission performance of central and western regions,state-owned,small-scale and mature energy-intensive manufacturing industry.(4)Combine research content and research conclusion,this paper puts forward corresponding countermeasures and suggestions to help the further development of green credit and the realization of carbon peaking and carbon neutrality goals.There are two main innovation points in this paper.(1)From the perspective of research content,the current research on the implementation effect of green credit policy mainly focuses on carbon emission and carbon emission intensity,and there is a lack of research on carbon emission performance.In this paper,green credit policy and carbon emission performance are integrated into a unified framework,and the implementation effect of green credit policy is tested by carbon emission performance.(2)From the perspective of research,existing studies mostly verify the positive impact of green credit policy on carbon peaking and carbon neutrality goals from a macro perspective,but lack evidence based on the perspective of micro-enterprises.Using the data of manufacturing enterprises,this paper discusses the micro-evidence that green credit policy help achieve carbon peaking and carbon neutrality goals.