The Impact Of Green Credit Policy On Industrial Energy Efficiency In China

Financial instruments which has become an important way to realize the goal of sustainable development in China to promote industrial energy efficiency and green industrial upgrading.The "green credit guidelines" issued in 2012 is a landmark event in the use of financial instruments to guide enterprises in their green development.Green credit requires banks and other financial institutions to assume social and environmental responsibilities on their own and to implement them through appropriate guidelines and restrictive measures,including the use of loans to promote energy conservation and emission reduction of a series of policies,institutional arrangements and implementation.But whether the green credit has realized the original intention of protecting the environment and resources is still lack of very strong evidence.Based on the relationship between green credit policy and industrial energy efficiency,this paper uses "green credit guidelines" as a shock event,and constructs a double difference analysis method to analyze this problem.This paper examines the impact of green credit policies on industrial energy efficiency by setting up a model and using data from 35 industrial sectors in China.Furthermore,by constructing an intermediary effect model,this paper also empirically studies the impact mechanism of green credit policy on China’s industrial energy efficiency,finally,we discuss the heterogeneous effects of green credit policy by sample test.The following conclusions are drawn:First,green credit policies can effectively improve the energy efficiency of industry;Second,green credit policies can improve the energy efficiency of industry by promoting green technology innovation;Green credit policies can significantly improve energy efficiency in sectors with a low share of state ownership,low degree of openness to the outside world and low share of fixed assets.On this basis,this paper provides policy implications:First,we should unswervingly implement and popularize green credit policies;second,we should consider the Heterogeneity of industries when implementing Green Credit Policies;third,we should combine the development of green innovative technologies,efforts should be made to improve the existing green credit policy.