Coupling and Coordinative Development of Green Finance and Industrial-Structure Optimization in China: Spatial-Temporal Difference and Driving Factors

Abstract

Although the literature has studied the direction and extent of the effect of green finance on industrial-structure optimization, quantitative analysis of the coupling coordination and spatial–temporal differences between green finance and industrial structure is relatively scarce. Therefore, in this paper, we built the theoretical framework of the coupling coordination relationship between green finance and industrial-structure optimization, and then we used the coupling coordination degree and geographic detector model to investigate the spatial–temporal evolution characteristics and influencing factors of the coupling coordination between the two based on the panel data of 31 provinces from 2012 to 2019. The results show that China’s green finance and industrial-structure optimization have basically reached the primary coupling, and the coupling coordination degree is from 0.40 to 0.43, which shows a “W”-type fluctuation trend of recovery. The regional gap of the coupling coordination degree firstly decreased and then increased, showing a change law of “agglomeration, equilibrium and agglomeration”. In the spatial dimension, the high-level coordination region showed an increasing trend of “fragmentation” fluctuation, while the low-level coordination region concentrated in the central and western regions with a tendency of “low value locking”. The trend surface showed a spatial characteristic of “high in the north and low in the south–high in the east and west and low in the middle”. We also found that the dependence of foreign trade and technological innovation are the main factors affecting the coupling coordination degree, and the interaction between government support and human capital synergistic is the crucial channel for the coevolution of green finance and industrial structure to promote green and low-carbon development.

Charting a Sustainable Future: The Impact of Economic Policy, Environmental Taxation, Innovation, and Natural Resources on Clean Energy Consumption

“…The study's findings align with prior research that has underscored the significance of technological innovation in fostering the adoption of renewable energy sources. Multiple studies have demonstrated that advancements in renewable energy technology and innovations play a significant role in fostering the acceptance and expansion of renewable energy sources [103,[138][139][140][141]. Moreover, the correlation between technical innovation and the utilization of renewable energy is in line with global initiatives and legislative measures aimed at promoting the adoption of renewable energy sources.…”

Emerging new themes in green finance: a systematic literature review

“…Studies have examined how green finance initiatives including loans and investments optimize and shift industrial sectors toward sustainability. These findings are crucial for governments and business stakeholders seeking financial incentives for eco-friendly operations [12,31,46,57,85,96,124,130,139].…”