Can Green Finance Development Reduce Carbon Emissions? Empirical Evidence from 30 Chinese Provinces

Chen, Xi; Chen, Zhigang

doi:10.3390/su132112137

Cited by 163 publications

(81 citation statements)

References 52 publications

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“…Chen et al (2021) empirically tested the influence mechanism of green finance on carbon emissions by using the spatial dynamic panel model. They believe that green finance contributes to carbon emission reduction, and the development of green finance indirectly leads to the reduction of carbon emissions by reducing financing constraints and promoting green technological innovation [ 41 ]. Jiang et al (2020) divided the research samples into high and low carbon emission groups according to the carbon emission intensity and studied the carbon reduction effects of green credit and green venture capital.…”

Section: Source and Analysis Of Datamentioning

confidence: 99%

Research on the Pathway of Green Financial System to Implement the Realization of China’s Carbon Neutrality Target

Wang

Li²,

Yang

2022

IJERPH

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To answer to global climate change, promote climate governance and map out a grand blueprint for sustainable development, carbon neutrality has become the target and vision of all countries. Green finance is a means to coordinate economic development and environmental governance. This paper mainly studies the trend of carbon emission reduction in China in the next 40 years under the influence of green finance development and how to develop and improve China’s green finance system to help China achieve the goal of “carbon neutrality by 2060”. The research process and conclusions are as follows: (1) Through correlation test and data analysis, it is concluded that the development of green finance is an important driving force to achieve carbon neutrality. (2) The grey prediction GM (1,1) model is used to forecast the data of carbon dioxide emissions, green credit balance, green bond issuance scale and green project investment in China from 2020 to 2060. The results show that they will all increase year by year in the next 40 years. (3) BP neural network model is used to further predict carbon dioxide emissions from 2020 to 2060. It is expected that China’s CO2 emissions will show an “inverted V” trend in the next 40 years, and China is expected to achieve a carbon peak in 2032 and be carbon neutral in 2063. Based on the results of the research above, this paper provides a supported path of implementing the realization of the carbon-neutral target of China from the perspective of developing and improving green financial system, aiming to provide references for China to realize the vision of carbon neutrality, providing policy suggestions for relevant departments, and provide ideas for other countries to accelerate the realization of carbon neutrality.

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Section: Source and Analysis Of Datamentioning

confidence: 99%

Research on the Pathway of Green Financial System to Implement the Realization of China’s Carbon Neutrality Target

Wang

Li²,

Yang

2022

IJERPH

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“…Compared with other innovation activities, green innovation is not only capital intensive, but also associated with high levels of risk, long cycles, and also requires long-term and stable financial support for enterprises to carry out green innovation activities [79]. Solving the problem of financial constraints is a key factor in promoting green innovation [80,81]. Regional happiness plays an important role in improving the efficiency of resource integration and promoting corporate green innovation, because high levels of local happiness play a positive role in enhancing interpersonal communication and social trust.…”

Section: Hypotheses Developmentmentioning

confidence: 99%

Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

Shen

2022

Sustainability

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In China’s period of economic transition, enterprises often find it difficult to obtain the support of formal institutions and the capital market, so informal institutions such as value and social networks are particularly important resources. Regional happiness can influence corporate green innovation by shaping the external environment. This study takes a sample of Chinese A-listed companies and empirically tests the impact of regional happiness on corporate green innovation by constructing happiness data at a city level. The empirical results show that in cities with high levels of happiness, the green innovation level of listed companies is higher. This is manifested by a higher number of green patents and green invention patent applications. To test for reliability, a series of robustness tests were carried out. First, we performed 2SLS regression using the instrumental variable method in consideration of the possibility of a reverse generation of endogenous problems. Second, we remeasured corporate green innovation using a green patent authorization considering the rationality and applicability of the measurement method of core variables, and then remeasured the regional happiness based on a text analysis of social media content. Both tests showed that the conclusions are robust. Mechanism analysis revealed that regional happiness has an impact on corporate green innovation through financing constraints, namely, that it can either alleviate enterprises’ financing constraints, or substitute for regional financial development to promote corporate green innovation. Further analysis showed that, for enterprises lacking political connections, regional happiness plays a significant role in promoting green innovation. This indicates that, in the absence of financing convenience, the resource effect brought by regional happiness acts as a substitute for an implicit government guarantee. This study provides new insights into the determinants of corporate green innovation and the value of informal institutions in environmental sustainability.

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“…Based on the STIRPAT model, Shahbaz et al, analyzed the impact of Malaysia's urbanization rate, affluence, and trade openness on energy consumption, and found that the main factor affecting the growth of energy consumption is urbanization [18]. In addition, some scholars have analyzed the impact of foreign trade [19], environmental regulation [20], and financial development [21] on carbon emissions.…”

Section: Literature Reviewmentioning

confidence: 99%

Research and Analysis on the Influencing Factors of China’s Carbon Emissions Based on a Panel Quantile Model

2022

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Since the beginning of the new century, China’s carbon emissions have increased significantly, and the country has become the world’s largest carbon emitter. Therefore, determining the influencing factors of carbon emissions is an important issue for policymakers. Based on the panel data of 30 provinces and cities across the country from 2000 to 2018, this study empirically tested how per capita disposable income, industrial structure, urbanization level, average family size, and technological innovation level impacts carbon emissions at different quantile levels by using the panel quantile STIRPAT model. The results showed that per capita disposable income and industrial structure had significant promoting effects on carbon emissions, while urbanization level, average family size, and technological innovation level had significant inhibitory effects on carbon emissions. The main thing is that the emission distributions of the 10th and 90th quantiles of the independent variables were quite different, which shows that the influence of each factor on carbon emissions has obvious heterogeneity at different levels. Specifically, the impact of per capita disposable income and technological innovation level on carbon emissions in low carbon emission areas were higher than that in high carbon emission areas, and the impact of industrial structure, urbanization level, and average household size on carbon emissions in high carbon emission areas was higher. Finally, specific policy implications are provided based on these results.

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Can Green Finance Development Reduce Carbon Emissions? Empirical Evidence from 30 Chinese Provinces

Cited by 163 publications

References 52 publications

Research on the Pathway of Green Financial System to Implement the Realization of China’s Carbon Neutrality Target

Research on the Pathway of Green Financial System to Implement the Realization of China’s Carbon Neutrality Target

Regional Happiness and Corporate Green Innovation: A Financing Constraints Perspective

Research and Analysis on the Influencing Factors of China’s Carbon Emissions Based on a Panel Quantile Model

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