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An Empirical Study On The Impact Of Green Financial Reform And Innovation Policy On Carbon Emission

Posted on:2024-02-12Degree:MasterType:Thesis
Country:ChinaCandidate:J JiaFull Text:PDF
GTID:2531307052486874Subject:Theoretical Economics
Abstract/Summary:PDF Full Text Request
Achieving carbon peaking and carbon neutrality goals is an extensive and profound systematic economic and social change.As an economic activity supporting environmental improvement and coping with climate change,green finance will inevitably play an important role in this profound change.As a big country with responsibility,China has been actively exploring ways and means to reduce carbon dioxide emissions,and green financial policy is one of the exploration results.In 2015,China proposed to establish a green financial system for the first time.Since then,the toplevel design and layout of green finance have begun.By 2022,several green financial reform and innovation pilot zones have been established.With the deepening of the carbon peaking and carbon neutrality goals,the green financial reform and innovation experimental zone will certainly have an significant impact on the further promotion of green financial policies in the country in the future and help the country achieve green and low-carbon development.Based on this background,this paper uses the panel data of30 provinces in China from 2011 to 2020,taking six provinces of Zhejiang,Jiangxi,Guangdong,Guizhou,Xinjiang and Gansu as the research objects,analyzes the current situation of green finance development and carbon emissions in the pilot areas,explores the impact of the establishment of green finance reform and innovation pilot areas on carbon emissions,and puts forward some suggestions for reference for the next planning and promotion of this policy in the country.This paper mainly focuses on the green financial reform and innovation policies and carbon emissions.In order to achieve the research purpose,firstly,the related literatures on carbon emissions,green finance and green financial policies are summarized.Secondly,the concepts of green finance and carbon emissions are defined with reference to relevant materials,and analyze the theoretical basis and mechanism of green financial reform and innovation policies affecting carbon emissions.Then,it expounds the changing process of China’s green financial policy,and calculates and analyzes the development level of green finance and the current situation of carbon emissions.Then,a multi-period Differences-in-Differences model is constructed to study the impact of green financial reform and innovation policies on carbon emission intensity,and the robustness test and heterogeneity analysis are carried out.Finally,the Mediating Effect model is used to test the path of green financial reform and innovation policies on carbon emission intensity.The study obtains the following conclusions:(1)From 2011 to 2020,the level of green finance in China fluctuated and rose.The overall level of green finance in policy pilot areas is lower than the national average.The national carbon dioxide emissions increased,but the growth rate showed a downward trend;The level of green finance and the proportion of carbon emissions in the pilot areas are in the opposite trend after 2017.(2)The results of benchmark regression show that,the green financial reform and innovation policy has a significant negative effect on carbon emission intensity,and this result has passed the robustness test.After introducing three kinds of environmental policies that may affect carbon emissions intensity,the emission reduction effect of green financial reform and innovation policies is still effective.(3)In the heterogeneity test,it is found that the policy can effectively decrease the carbon emission intensity in the eastern region,while the policy effect in the central and western regions is not significant.From the perspective of the level of green finance,it is found that policies can reduce carbon emission intensity more effectively in low-level areas,but the policy effect is not obvious in high-level areas.(4)In the Mediating Effect test,three kinds of intermediary variables,namely energy structure optimization,green technology progress and industrial structure optimization,are introduced.And it is found that the intermediary effect of energy structure optimization is not significant.Green financial reform and innovation policies can reduce carbon emission intensity by promoting green technology progress and promoting industrial structure optimization,and the intermediary effect of green technology progress is more obvious.Based on the research conclusions,the policy recommendations put forward in this paper are: first,improve the policy coordination of the pilot area and expand the scale of green capital;The second is to improve the professional capacity of financial institutions in green finance,increase incentives for green industries and constraints on polluting industries;The third is to optimize the spatial layout and capital layout of green finance.
Keywords/Search Tags:Green financial reform and innovation policy, Carbon emissions, Differences-in-Differences, Mediating Effect
PDF Full Text Request
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