Environmental Regulation On The Development Level Of Carbon Finance Impact Studies

On December 19,2017,carbon emission trading markets were officially established in 8 cities including Beijing and Shanghai,marking the entry of China’s carbon trading into the spot stage of carbon emission quotas.However,in reality,the development of carbon finance in China currently lacks a certain depth and breadth,and there are also a series of problems such as incomplete relevant laws and regulations,lagging trading platforms,imperfect intermediary markets,and insufficient understanding of carbon finance by market entities,which hinder the development of carbon finance in China.At the UN General Assembly in September 2020,China solemnly promised to achieve the goal of "carbon peak" by 2030 and "carbon neutrality" by 2060.It can be seen that China’s carbon finance industry urgently needs to be developed and improved.On the basis of existing research,this article adopts a new research method to explore the impact of environmental regulations on carbon finance.First of all,the existing references give more consideration to changes in energy intensity,industrial structure,innovation ability,clean technology level and other factors for the development of carbon finance.Secondly,some literature points out that strengthening environmental regulations by various means can increase the rate of factor production and reduce the cost of enterprises complying with environmental standards,indicating that environmental regulations have an important impact on the development of carbon finance.Therefore,starting from the basic concept of carbon finance,this article adopts the perspectives of financial environment,technological innovation,policy support,energy consumption,and financial low-carbon,and uses factor analysis to measure the carbon finance development level of 30 provinces and cities in China,and calculates the carbon finance development level index.Research has found that from 2010 to 2020,the carbon finance development level in economically developed regions such as Guangdong,Jiangsu,Zhejiang,Beijing,and Shanghai has consistently ranked first,while the carbon finance development level in the vast central and western regions needs to be improved,and there is a significant difference in the carbon finance development level among provinces and cities in each year.Secondly,this paper fully considers the impact of environmental regulation on carbon finance from the micro and macro levels,and analyzes in depth how environmental regulation affects the development of carbon finance through principal regression analysis,robustness test,regulatory effect test and heterogeneity analysis.The empirical results show that environmental regulation has a positive impact on carbon finance,and technology investment has a positive regulatory effect on environmental regulation and carbon finance development;Heterogeneity analysis found that the incentive effect of environmental regulations on carbon finance mainly exists in the western region,while this effect is not significant in the eastern and central regions.Finally,this article proposes targeted suggestions such as enhancing the intensity of environmental regulation,exploring new paths for environmental regulation,formulating regulatory plans tailored to local conditions,and increasing investment in related fields of science and technology.