Research On The Impact Of Green Finance On Carbon Intensity

Since the 21 st century,the economic and social development of our country has made great achievements,but also brought great pressure on the environment.Under the new normal of the economy,China actively practices the concept of "Lucian waters and lush mountains are invaluable assets",continues to promote the building of a beautiful China,and advocates a green and low-carbon way of production and life.The goal of "carbon peaking" and "carbon neutralization" puts forward higher requirements for China’s carbon emission reduction work.To actively yet prudently promote the realization of the "dual carbon" goal requires support from various aspects,such as policies,funds and technology.Green finance emerges at the historic moment.As a link,it connects finance with green ideas,transfers funds to green and low-carbon fields,and plays an important role in the planned and step-by-step implementation of carbon emission reduction.In recent years,it has been clearly pointed out in a number of working conferences and policy documents that we should vigorously develop green finance,guide the green optimization of industrial structure and energy consumption structure,promote green technology innovation,and actively participate in global governance on climate change.This paper reviews the research literature and theoretical achievements related to green finance and carbon emissions.After the panel data of 30 provinces and cities from2005 to 2020 were selected to measure the level of green finance and carbon emission intensity,a model was built to empirically-study the carbon emission reduction effect of green finance in China.Industrial structure optimization,energy consumption structure optimization and technological progress were introduced as regulating variables to analyze the regulating effects of the three factors in the process of green finance affecting carbon emissions.The regional heterogeneity of carbon emission suppression by green finance was investigated based on the level of carbon emission intensity.Finally,core explanatory variables,moderating variables and variables of different green financial instruments were selected as threshold variables respectively to study the difference in the effect of green finance on carbon emission intensity under different situations,and further analyze the impact mechanism of green finance on carbon emission.The development of green finance will have a positive impact on China’s carbon emission reduction,and the optimization of industrial structure,energy structure and technological progress will also play a positive moderating role.At present,the overall development level of green finance and carbon emission intensity in China are developing well,but there is also imbalance in the development level of green finance and carbon emission among provinces and cities.The influence of green finance on carbon emission is regional heterogeneity,and the provinces and cities with relatively low carbon emission intensity have more prominent inhibition effect on carbon emission intensity.In addition,the impact of green finance on carbon emission reduction does not remain at the same level at any stage.With the continuous improvement of the development level of green finance,the role it can play in curbing carbon emissions will also be strengthened.There are also significant threshold effects in the adjustment of structure optimization and technological progress,and at the same time,different application levels of various green financial instruments in China will also have different effects on carbon emissions.Finally,according to the research conclusions,countermeasures and suggestions are proposed to continuously improve the construction of green finance system,increase the diversified supply of financial products,jointly promote the development of green finance by all parties,enhance the low-carbon awareness of the whole people,actively play the positive regulating role of structural optimization and technological progress,and develop green finance according to local conditions,so as to reduce the carbon emission intensity of all provinces and cities.To promote the development of green finance market in our country is mature,and to help the realization of "dual carbon" goal and high-quality sustainable development of economy.