Research On The Impact Of Green Finance On Regional Carbon Emissions

In September 2020,President Xi Jinping solemnly announced to the world that China will achieve carbon peak by 2030 and carbon neutrality by 2060.Since the release of the Green Credit Guidelines in 2012,green credit,green finance,green securities and green insurance have been in full bloom,and the rapid development of green finance in China in the past ten years has provided the possibility for green finance to help achieve the goal of "double carbon".So it is of great practical significance to test the effect of green finance on carbon emission reduction.Previous studies have found that technology has an impact on the green finance carbon emission reduction process,and China is a pioneer in using financial technology to promote green finance and sustainable development,and green technology innovation is an important factor affecting carbon emissions,it is necessary to clarify the mechanism of the impact of financial technology and green technology innovation on the green finance carbon emission reduction process.This paper analyzes the development status of green finance in China through four dimensions of green credit,green securities,green insurance and green finance,and constructs a comprehensive index of green finance.Taking the balanced panel data of 30 provinces or municipalities directly under the central government of China(except Tibet)from 2011 to 2020 as the sample,this paper firstly uses fixed panel model and spatial Durbin model to study the inhibitory effect of green finance on carbon emission intensity and green finance Finally,the green technology innovation is divided into substantive green technology innovation and strategic green technology innovation,and the mediating effect of the two on the carbon emission reduction process of green finance is investigated by the three-step method of mediating effect and bootstrap method.The research results show that:(1)green finance has a suppressive effect on carbon emission intensity,and the suppressive effect of green finance on carbon emission intensity has a spatial spillover effect,that is,the development of green finance in the province can suppress carbon emission intensity in the region,but also helps suppress carbon emission intensity in the surrounding areas.(2)There is a moderating effect of financial technology in the process of carbon emission reduction of green finance,and financial technology can enhance the inhibiting effect of green finance on carbon emission intensity.Further,the breadth of coverage,depth of coverage and digitalization of financial technology can help promote green financial carbon emission reduction.(3)Substantial green technology innovation plays a mediating role in the process of green finance carbon emission reduction,while strategic green technology innovation does not.(4)Regressions by regions find that the inhibition effect of green finance on carbon emission is stronger in the eastern region than in the central and western regions,and there is a significant spatial spillover effect,while the green finance carbon emission reduction process in the central and western regions does not show a spatial spillover effect.