Research On The Carbon Emission Reduction Mechanism Of Green Finance Development From The Perspective Of Environmental Regulatio

A series of natural disasters caused by the greenhouse effect,such as rising sea level,food crisis,drought,tsunami and flood,have seriously threatened the living environment of human beings.As a key factor causing the greenhouse effect,carbon emission has been attached great importance by governments around the world.As the biggest country of carbon emissions,by 2021,China’s annual carbon emissions had reached 10.523 billion tons,accounting for 28.99 percent of the global total,contributing to the greenhouse effect to some extent,then,China attaches great importance to the work of carbon emission reduction.The report of the Party’s 20 th National Congress further pointed out that "we should accelerate the green transformation of the development mode,implement the comprehensive conservation strategy,develop green and low-carbon industries,advocate green consumption,and promote the formation of green and low-carbon production mode and lifestyle".To achieve the ambitious goal of "double-carbon",we must rely on long-term and massive investment in low-carbon technologies to change the industrial and technological path behind carbon emissions,so as to realize the green transformation of development mode.Therefore,giving full play to the guiding role of green finance in production mode and providing financial support for low-carbon technology innovation while strengthening the financing constraints of high-emission enterprises has become an important measure to reduce carbon emissions.At the same time,it is also important for the government to formulate relevant environmental policies and regulations to ensure the smooth operation of the above mechanism.In view of this,from the perspective of environmental regulation,panel data of 30 provinces,municipalities and autonomous regions in China(except Tibet)from 2003 to 2019 are selected in this paper to study the impact mechanism of green finance development on carbon emissions.The following questions are specifically discussed: first,whether the development of green finance can effectively reduce carbon emission intensity and per capita carbon emission,and whether there is a time delay effect;Second,discussing whether the implementation of green credit policy will strengthen the carbon emission reduction effect of green finance;Third,it discusses whether there is threshold effect in the process of green finance development to curb carbon emissions.Fourth,it discusses whether environmental regulations play a regulating role in the process of reducing carbon dioxide emissions through the development of green finance.First,according to the panel data and the regression results of the system GMM model,green finance development can effectively inhibit carbon emission intensity and per capita carbon emission,and has a time-lag effect.The above conclusion still holds when endogeneity is considered.Second,taking the Opinions on the Implementation of Environmental Policies and Regulations to Prevent Credit Risks in2007 and the formal implementation of Green Credit Guidelines in 2012 as sample division nodes,it is found through the three sub-samples from 2003-2007,2008-2012 and 2013-2019 are respectively regressive that the carbon emission reduction effect of green finance is obviously different before and after the implementation of green policies.Third,green finance development has a significant single threshold effect on carbon emission intensity and per capita carbon emission.Specifically,for the intensity equation,taking 0.0890 as the threshold value,green finance development has insignificantly and significantly negative effects on carbon emission intensity in the first and second zones.While for the per capita equation,taking 0.0575 as the threshold value,the impact of green finance on per capita carbon emission is significantly negative in the first two districts,but the impact coefficient is larger than the threshold value.Fourth,the results of moderating test show that the administration-oriented regulations and public participation-oriented regulations have a moderating effect on the carbon emission reduction effect of green finance.However,due to the low intensity of emission charges and other means adopted by China’s current economic incentive environmental regulation tools,and the excessive pursuit of economic performance by local governments while ignoring environmental pollution and other factors,economic incentive environmental regulation tools have not produced a moderating effect.In view of this,the enlightenment of this paper lies in: we should further promote the development of green finance long-term stability,meanwhile,accelerating the process of green finance legislation,improving the legislative system of environmental supervision tools,and strengthening the synergy between environmental supervision and green finance is a top priority for the government,while improving the optimized combination and innovation of various environmental supervision tools and strengthening the institutional guarantee of green finance to promote carbon emission reduction should be considered as the next step.