Research On The Spatial Spillover Effect Of China’s Carbon Finance On Carbon Emission And Its Strengthening Countermeasures

During the rapid development of the global economy,climate change has brought unprecedented challenges to the global economic development.In order to realize the harmonious development of global economy and environment,the word "carbon finance" has gradually entered our vision and become a new method to promote low carbon emission reduction and green economic development in various countries.At present,whether the development of China’s carbon finance can promote carbon emission reduction and produce spatial spillover effect on carbon emission is an urgent problem to be solved.Firstly,this paper defines the concepts of carbon finance and spillover effect,and introduces the current situation of China’s carbon finance development from the perspectives of carbon finance business,carbon finance market and carbon finance policy.According to the current situation of China’s carbon finance development,starting from two aspects of carbon credit and carbon trading,three indicators of carbon emission loan intensity,economic output per unit of carbon dioxide emission reduction and annual carbon dioxide emission reduction based on CDM project are selected as different components of carbon finance,and the impact of China’s carbon finance development on carbon emissions is comprehensively analyzed by LMDI decomposition method.At the same time,the social network analysis method is used to analyze the spatial characteristics of carbon finance and carbon emissions,and it is found that carbon finance and carbon emissions exist mutual overflow phenomenon between different provinces.Finally,by analyzing the three ways of China’s carbon finance producing spillover effects on carbon emissions,the spatial weight matrix of geographical distance,the spatial weight matrix of low carbon technology distance and the spatial weight matrix of environmental protection talents distance are constructed to measure the spatial spillover effects of China’s carbon finance on carbon emissions.The research results of this paper show: First,the results of measuring the impact of carbon finance on carbon emissions based on LMDI decomposition method show that the credit quality in China is generally good,which can promote the green development of economy to a certain extent;Based on the total effect produced by CDM projects,carbon emissions are not effectively inhibited.The total effect produced by CDM projects is divided into two parts: the economic output per unit of carbon dioxide emission reduction and the estimated annual carbon dioxide emission reduction based on CDM projects.The results show that the economic output per unit of carbon dioxide emission reduction has an inhibitory effect on the growth of carbon emissions,while the estimated annual carbon dioxide emission reduction based on CDM projects does not have an inhibitory effect on the growth of carbon emissions.Secondly,the social network analysis method is used to analyze the carbon emission loan intensity,economic output per unit carbon dioxide emission reduction,carbon dioxide emission reduction based on CDM project annual estimation and the spatial network characteristics of carbon emission.The results show that carbon finance and carbon emission exist mutual overflow phenomenon among different provinces.Third,measure the spatial spillover effect of carbon finance on carbon emissions.The results show that the spatial spillover effect of carbon finance on carbon emissions is significantly negative.Finally,some suggestions are put forward on how to strengthen the spatial spillover effect of carbon finance on carbon emissions.