The Impact Of Carbon Finance Development Level On Industrial Structure Adjustment

At present,climate change is an important issue for all mankind.At the 75 th Session of the United Nations General Assembly in 2020,President Xi Jinping first proposed the "dual carbon" goal,that is,China aims to achieve carbon peak by 2030 and carbon neutral by 2060.This is a solemn carbon reduction commitment China has made to the international community as a responsible major country,which is in line with the inherent requirements of High-quality development in China.To achieve the goal of "dual carbon",the industrial structure should be optimized and adjusted.According to the report of the 19 th National Congress of the Communist Party of China,China’s social and economic development model has been transformed from high-speed development to high-quality development,and the adjustment and optimization of China’s industrial structure is a huge momentum to change the current economic and social development model,and a major guarantee for high-quality development of China’s economic and social.Under the grand blueprint of realizing the goal of "dual carbon" and optimizing and adjusting the industrial structure,the development of carbon finance is crucial.According to the latest research report of the Institute of Climate Change and Sustainable Development of Tsinghua University in 2020,in the next 30 years,the investment scale in the low-carbon field is about 138 trillion yuan,but the government’s fiscal expenditure only accounts for 15.94%.Carbon finance is an important way to make up for the funding gap in the low-carbon field.Therefore,it is of great theoretical and practical significance to study the impact of carbon finance development level on industrial structure adjustment.This paper will take seven carbon pilot regions in China as the research object and conduct theoretical and empirical analysis.In the theoretical part,first of all,this paper summarizes the relevant research on carbon finance by domestic and foreign scholars,as well as the relevant works on the relationship between carbon finance and industrial structure adjustment by domestic and foreign scholars,and sorts out the economic theoretical basis related to carbon finance and the classical theories related to industrial structure adjustment.Secondly,based on previous studies,this paper tries to analyze the relationship between the development of carbon finance and the adjustment of industrial structure,and concludes a theoretical hypothesis: carbon finance development can reduce the proportion of the output value of the secondary industry in the total output value to a certain extent,and promote the advanced and rationalization of industrial structure.Then,the specific mechanism of carbon finance affecting industrial structure adjustment is studied from the perspectives of technological innovation,low-carbon consumption,foreign direct investment,capital leverage and signal transmission.Finally,this paper reviews the development status of carbon finance and industrial structure in seven pilot carbon markets from their inception to the end of 2021.In the empirical part,this paper firstly constructed the index system of carbon finance development level,solved the carbon finance development level index CFI,and measured the carbon finance development level of the seven pilot regions from 2014 to2019.The research concluded that the carbon finance development level of the seven pilot regions is different,which can be roughly divided into three tiers.Secondly,fixedeffect model regression was used to empirically-test the proposed theoretical hypothesis.The proportion of output value of high carbon industry and secondary industry was selected as the explained variable,carbon finance development index CFI was selected as the explanatory variable,and per capita GDP,loan-to-deposit ratio,technological level and pollution level were selected as control variables.The research shows that the development of carbon finance will indeed reduce the proportion of the output value of the secondary industry to a certain extent.It is worth noting that compared with carbon emission trading,carbon emission reduction investment and financing has a significant impact on the proportion of output value in the secondary industry.Then,this paper introduces two indexes of industrial structure rationalization and advanced industrial structure to investigate the specific path of carbon finance development promoting industrial structure optimization and upgrading,and studies that carbon finance development promoting industrial structure advanced and rationalization,and mainly through the advanced industrial structure to reduce the proportion of output value of the secondary industry.Finally,based on theoretical analysis and empirical research,this paper puts forward the following countermeasures and suggestions to help the development of carbon finance and optimize and adjust the industrial structure: expand the coverage,enrich the carbon finance tools,and enhance the activity of the pilot market;Optimize the total carbon quota target and distribution method to promote the sound development of the carbon market;To strengthen low-carbon technology innovation and promote the upgrading of industrial structure;Improve the construction of carbon financial system and laws,promote the rationalization of industrial structure;We will carry out carbon finance cooperation projects to optimize and upgrade the industrial structure.