Does Green Fund Have Environmental Protection Effect?

Pollution prevention is a key link in the modernization of the ecological governance system and governance capabilities.It is also a strategic issue that the party and government attach great importance.For the urban air quality with mature quantitative indicators and open data,14 prefecture level cities including air pollution control investment projects were selected as the research objects,and the control group cities were selected to study the effect of green fund three months,six months and twelve months after its establishment using the differences-in-differences method（DID）.Data analysis shows that the establishment of green fund has no significant impact on the regional air quality index（AQI）,but has a differentiated impact on the concentration of different pollutants:the improvement effect on SO₂concentration is obvious,and the improvement effect on PM2.5 concentration increases with time;however,the impact on PM10,NO₂and CO is not significant.Based on this,it is suggested to improve the investment structure of green fund projects,increase investment in technological development in the field of environmental protection,and introduce special rectification plans for pollutants that are not effective in improving the green fund,so as to provide a new perspective for further implementing Xi Jinping’s new ideas of ecological civilization in the new era.