Research On The Financial Support For The Development Of Low-carbon Economy In China

At present,China’s energy consumption is in a critical period of transition from high-carbon to low-carbon transformation.The country has successively introduced relevant policies,to promote supply-side structural reforms,and support the development of new energy industries and clean energy projects,to promote low-carbon development of energy consumption.For energy consumption,the implementation of low-carbonization requires inputs such as low-carbon technologies,specialized talents,and advanced equipment.All these rely on strong financial support.It can be understood as a direct decision on whether energy consumption can achieve low carbon development.Whether there is sufficient and continuous funding.As the blood of economic development,finance can promote asset agglomeration through rich financial products in financial markets,promote resource allocation through diversified financial institutions,and influence economic agents through economic adjustment of different market participants.After decades of economic development,the level of social and financial development in China has increased dramatically.Financial development can provide sufficient financial support for the transformation and upgrading of various industries.Therefore,it is of great theoretical and practical significance to study whether finance can affect the low carbonization of energy consumption and the extent and direction of impact.First,this paper analyzes the theoretical relationship between financial support and low energy consumption.Finance can influence the economic behaviors and consumption choices of financial institutions and energy companies through functions such as capital accumulation,resource allocation,and economic adjustment,and has an impact on the low carbonization of energy consumption.This chapter proposes research hypotheses.Secondly,it analyzes the current status of financial support for low-carbon energy consumption.Again,we selected relevant data such as China Statistical Yearbook 1985-2016,China Energy Statistical Yearbook,China Financial Statistical Yearbook,China Securities Statistical Yearbook,etc.,and used Eviews8.0 to analyze financial support indicators for low energy consumption with the aid of time series data models.Finally,on the basis of empirical tests,it provides policy references for financial institutions,energy companies,and governments to promote the realization of low carbon energy consumption.Focusing on empirical research on financial support for low energy consumption of energy consumption,the specific conclusions are as follows:First,based on the Granger causality test,financial correlation rates,financial development rates,and loan investment structures are all one-way Granger causes of low energy consumption.That is to say,the scale of social finance,the credit structure of banks,and the changes in the efficiency of loan investment for energy companies all have an impact on the low carbonization of energy consumption.Through financial development,the status of carbon emissions from energy consumption can be changed.Secondly,based on the Cobb-Douglas production function,a regression model was established.The financial correlation rate and financial development rate had a positive effect on the low carbonization of energy consumption,and the original hypothesis was verified.That is,the expansion of the overall financial scale of the society and the optimization of the bank’s credit structure are conducive to the development of low-carbon energy consumption.The loan investment structure has a negative impact on the low carbonization of energy consumption,which is in violation of the original hypothesis.That is,the conversion of loan funds by energy companies into higher investment efficiency will be detrimental to the low carbonization of energy consumption.