A Study On The Impact Of China’s Financial Industry Agglomeration On CO₂ Emissions

In recent years,with the emergence of a series of problems such as global warming and sea level rise,energy conservation and emission reduction have become the focus of China’s attention.Whether the two policy measures can achieve the practical effect of"linking up"is the key to the successful achievement of China’s economic greening and transformation.Starting from the perspective of financial industry agglomeration,the article constructs a research system of"agglomeration-action path-CO2 emissions",focusing on the impact of financial industry agglomeration on CO2 emissions through the regulation of economic aggregates.Based on the historical data of 30 provinces,autonomous regions and municipalities directly under the Central Government from 2008 to 2019,a dynamic panel data model of the direct effect and indirect regulation of financial industry agglomeration on carbon dioxide emissions is investigated using the GMM estimation method based on a systematic analysis of the degree of financial industry agglomeration in each region.The first innovation is to analyse the direct effect and indirect effect of financial industry agglomeration on CO2 emissions from a holistic perspective using a two-step system generalised method of moments estimation（two-step system GMM）.The second innovation is the addition of urbanisation variables to the control variables of the regression model,as cities are the main market players in CO2 and other greenhouse gas emissions,and urbanisation brings huge demand pulling power to China’s economic and social development,but also has the environmental characteristics of"high consumption,high emissions and high pollution".Urbanisation is also a key area of research in China’s carbon emission reduction.The results of the study show that the overall financial industry in China is not significantly concentrated,and that there is still an imbalance in the financial development of the eastern,central and western regions.The results of the model calculations show that financial industry agglomeration has a certain degree of suppressive effect on carbon dioxide emissions,and this result is consistent with the theoretical analysis;secondly,the carbon suppression effect of financial industry agglomeration through the regulation of economic aggregation has a significantly greater impact on carbon dioxide emissions than the financial industry agglomeration itself.From the perspective of the control variables,economic aggregation,energy consumption and urbanisation level all show carbon pulling effects,while industrial structure and technology level show different degrees of carbon suppressing effects.