Study On Environmental Protection Effect Of Green Finance Policy ——Quasi-natural Experiment Based On Guangzhou Green Finance Pilot Zone

At present,China’s economic development is in the transition period,and the contradiction between economy,resources and environment has gradually become the bottleneck of China’s economic development.In the "dual carbon" context,green finance plays an important role in promoting sustainable economic development,transforming economic growth pattern and reducing carbon emissions.As one of the first batch of green finance pilot cities,it is of great theoretical and practical significance to study the carbon emission reduction effect of green finance pilot policies in Guangzhou.This paper adopts literature research method,qualitative analysis method and quantitative analysis method,and builds regression control model to empirically study the environmental protection effect of green finance pilot policy on reducing regional carbon emissions,and puts forward policy suggestions for improving green finance policy and building green finance system.This paper first summarizes the research status of green finance and the effect of green finance policy at home and abroad,and defines and summarizes the relevant meanings and important theories of green finance,sustainable development,carbon emissions and other important concepts needed in this paper,and then analyzes the mechanism of green finance affecting carbon emissions.At the same time,the paper expounds the specific policies,development situation and existing problems of green finance pilot in Guangzhou.On this basis,this paper chooses carbon emissions to measure carbon emission level.Taking guangzhou Green Finance Reform Pilot Zone,one of the first batch of pilot green finance,as an example,the regression control method was used to compare the difference between the factual value and the "counterfactual" value of carbon emission variables before and after the pilot was established,so as to study the implementation effect of green finance pilot policies.The empirical results show that: The green finance pilot policy in Guangzhou has reduced carbon emissions to a certain extent,played a role in reducing carbon emissions and protecting the environment,and with the establishment of the green finance reform and innovation experimental zone for a longer time,the gap between the true value and the "counterfactual" value gradually increases.This is because with the improvement and maturity of the pilot policy system and institutional mechanism,the increasing number of various financial institutions participating in green finance and the increasing number of green financial products,the guiding role of green finance will become more obvious and the impact on the environment will become more and more obvious through different transmission paths.