Study On The Impact Of Green Finance On Low-carbon Transformation Of China’s Steel Industry

As a pillar industry of China’s national economy and an important main body of the real economy,the iron and steel industry plays an irreplaceable role in the process of economic growth.However,due to the characteristics of the original production structure of the iron and steel industry and the coal-dominated energy consumption structure,excessive pollution emission and energy waste have also become serious side effects in the production process of the industry.This is seriously at odds with China’s Sustainable Development Goals.According to statistics,the carbon emissions produced by the steel industry account for about one-sixth of the national total each year,making it one of the largest carbon emitting industries in China’s manufacturing industry.The steel industry is in urgent need of low-carbon transformation.As a fresh blood in the economic system,green finance plays an important role in the country’s overall low-carbon process.As stated in the report of the 19 th National Congress,“Green finance can better promote the real economy to a new stage of development.” Therefore,accelerating the establishment and improvement of a green financial system compatible with the low-carbon transformation of the steel industry,and helping and stimulating the steel industry to complete the low-carbon transformation is an important part of the whole country to achieve low-carbon.Therefore,clarifying the current situation of green finance development and iron and steel industry low carbon transformation,analyzing the influence mechanism and effect of green finance on our iron and steel industry low carbon transformation,has the important research significance.Therefore,this paper chooses the influence of green finance on low carbon transformation of Chinese iron and steel industry as the main research content.In this paper,qualitative and quantitative studies are combined.First,this paper reviews the domestic and foreign literatures on green finance and low-carbon transformation of steel industry and their impact relationship,and summarizes the mechanism of green finance’s impact on low-carbon transformation of steel industry.Secondly,this paper uses panel data of 29 provinces from 2011 to 2020 to carry out research.Entropy weight method and Super-SBM(Super-Slack Based Measure)model are respectively used to measure green finance development and low-carbon transformation level of steel industry in each province.On this basis,The two-way fixed effect model was used to calculate the impact of green finance on the overall steel industry and the low-carbon transformation in different regions.At the same time,panel threshold model and regulatory effect model were used to further explore the impact mechanism of green finance on the low-carbon transformation of the steel industry,so as to clarify the impact of green finance on the low-carbon transformation of the steel industry.Finally,this paper summarizes the content of the paper and puts forward targeted policy suggestions from four aspects,such as improving the green finance system.Based on the above analysis,this paper draws the following conclusions: first,the development of green finance is good,but most of the areas are still at a low level;Second,green finance can significantly promote the process of low-carbon transformation of the steel industry on the whole,but the relationship between the two has nonlinear characteristics.When the development level of green finance exceeds the threshold threshold,its influence on the low-carbon transformation of the steel industry will weaken.Third,the influence of green finance on the low-carbon transformation of the steel industry has regional heterogeneity,and the influence of green finance on the low-carbon transformation of the steel industry is relatively stronger in areas with high steel production.Fourth,through the adjustment effect test,it is found that the progress of green low-carbon technology and the expansion of the export scale of the steel industry can effectively improve the impact of green finance on the low-carbon transformation of the steel industry.Based on the above conclusions,this paper puts forward relevant policy suggestions from four perspectives: improving the green finance system,promoting trans-regional production capacity cooperation,strengthening the transformation of low-carbon technology achievements,and carrying out international green development cooperation,so as to provide decision-making reference for the realization of green finance helping the steel industry to complete the low-carbon transformation goal.