“…Regarding green finance's effects, the literature has mostly examined how it affects economic growth (Levine, 2005; Yang et al, 2021), environmental quality (Abanyie et al, 2023; Hariyani et al, 2023; Hussain et al, 2023; Mgomezulu et al, 2023; Raihan et al, 2023; Sui & Yao, 2023; Tang et al, 2023; Wang et al, 2023; Zhang, Li, et al, 2021; Zhou et al, 2020), green economy (Chin et al, 2022), industrial upgrading (Wang, Cai, & Elahi, 2021; Wang, Cui, & Zhao, 2021), enterprise investment and financing (Gilbert & Zhou, 2017; Yu et al, 2021), enterprise performance (Huang et al, 2021), enterprise green technology innovation (Yin et al, 2022; Zhang et al, 2022), and performance and risk of financial institutions (Cui et al, 2018; Guan et al, 2017; Lian et al, 2022). In parallel, academics have investigated the forces behind the industrial green revolution from the perspective of environmental regulation (ER) (Peng et al, 2021; Tang et al, 2020; Wang & Shen, 2016), technological innovation (Fu et al, 2022; Hao et al, 2023; Luo et al, 2022; Peng et al, 2022; Wang & Tan, 2021; Wen et al, 2023; Xue et al, 2022; Yang et al, 2022; Yin et al, 2022; Zhao et al, 2022; Zhao et al, 2023; Zheng et al, 2022), and trade openness (Xu et al, 2019). As can be observed, there are several studies on the effects of green finance alone or the motivating forces behind IGTFP, but the debate on how these two topics correlate is still in the early stages of exploration.…”