The Influence Factors Of Development Of Carbon Finance In Our Country

Since the industrial Revolution,with the continuous development of economy and the continuous growth of population,the demand for energy in various countries has also risen,accompanied by a large number of emissions of greenhouse gases such as carbon dioxide,which has broken the balance of carbon cycle in the original ecosystem,leading to serious environmental and ecological problems.To this end,countries around the world began to pay attention to the emission of carbon dioxide.In 1992,countries around the world formulated the United Nations Convention on Climate Change,and then on this basis,countries formulated and adopted the Kyoto Agreement in 1997,which finally came into force in 2005.As the largest developing country in the world,China is also actively responding to the call for energy conservation and emission reduction.In 2020,China made a commitment to achieve carbon peak and carbon neutrality,setting the goal of achieving carbon peak by 2030 and carbon neutrality by 2060.At the 20th CPC National Congress,ecological civilization construction was placed in a strategic position as the central task of the CPC in the new era,and it was committed to promoting green,low-carbon and circular development.Low-carbon and green economic development cannot be achieved without the support of the financial market.As a branch of finance,carbon finance takes carbon emission rights as the trading object and aims to reduce greenhouse gas emissions through various financial transactions and financial institutional arrangements.Therefore,the development of carbon finance plays an important role in achieving the dual carbon goal and reducing carbon dioxide emissions.In this case,this paper first constructs an evaluation index system for the development level of carbon finance,and measures the development level of carbon finance in each province and municipality directly under the Central Government.The research of this paper helps to solve the problem of low development level of carbon finance in various regions,and has certain theoretical and practical significance for analyzing and realizing the improvement of carbon finance development level.In the process of exploring the specific situation of the development level of carbon finance in each region and revealing the path of various factors affecting the development level of carbon finance,this paper mainly discusses the following three questions:(1)What is the specific development level of carbon finance in China’s provinces(municipalities,autonomous regions)?(2)What are the specific paths and ways for various factors to affect the development level of carbon finance?(3)What are the characteristics of each path and whether there is heterogeneity among them?In order to answer the above questions,this paper first sorted out the literature on the concept and connotation,development status,influencing factors and related roles of carbon finance,and carried out research on the development level,influencing factors and improvement path of carbon finance in China on the basis of previous studies.Specifically,this paper first selects eight indicators from the three dimensions of carbon finance development to construct an evaluation index system for the development level of carbon finance,and uses the entropy weight solution distance method to measure the carbon finance development index of 30 provinces,municipalities and autonomous regions,and compares the differences in the development level of carbon finance in each region.Then,the analysis framework of the influencing factors of carbon finance development is built,and the specific impact of the five antecedent variables on the development level of carbon finance is analyzed by using qualitative comparative analysis(QCA).In this process,the following conclusions are drawn:(1)The development level of carbon finance in Beijing is the highest and significantly higher than that in other regions,followed by Guangdong and Shanghai,and Yunnan,Xinjiang and Inner Mongolia rank the last three.From a regional perspective,the average level of carbon finance development in coastal areas is much higher than that in non-coastal areas.(2)Single factor does not constitute a necessary condition for the result of high carbon financial development level,while non-high economic development is a necessary condition for non-high carbon financial development level.There are four paths to achieve high carbon financial development,which can be classified into finance-technology-driven type and economy-environment-driven type according to the manifestation of their core variables.There are four paths leading to the poor development level of regional carbon finance,which can be divided into three types: environment-technology inhibition type,finance-technology inhibition type and economic-financial inhibition type.(3)There is obvious causal asymmetry between different realization paths of high-carbon financial development level and non-high-carbon financial development level,and there is also causal asymmetry between different realization paths of the same result.