Research On The Impact Of Green Finance Development On China’s Carbon Emissions

Since the reform and opening up,China has become the world’s second largest economy and the largest energy consumer.According to the latest data in 2021,China is the country with the largest carbon dioxide emissions in the world.In October 2021,the CPC Central Committee and the State Council issued the "opinions on completely,accurately and comprehensively implementing the new development concept and doing a good job in carbon peak and carbon neutralization",which made a comprehensive deployment for the realization of carbon peak and carbon neutralization,put forward higher requirements for China’s carbon emission reduction work,and showed China’s determination to reduce carbon emission.As the core of the real economy,finance is an important way to help achieve the dual carbon goal.Deepening the financial supply side reform and developing green finance can promote the efficient use of resources and solve the problem of environmental resource constraints,which is an inevitable choice to achieve the green low-carbon transformation and the goal of double carbon.In this context,the development of green finance has attracted much attention.Studying the carbon emission reduction effect of green finance is of great significance for the construction of green financial system and the formulation of relevant policies.In this context,this paper quantifies the effect of Green Finance on carbon emission reduction based on the panel data of 24 provinces(cities).Firstly,this paper comprehensively evaluates the development level of green finance in each province from the four sub dimensions of green credit,green insurance,green securities and green investment,and considers the inhibitory effect of Green Finance on carbon emissions at the national level based on the panel model from 2010 to 2020.Secondly,the impact of different green financial instruments on carbon emissions is considered from the sub dimension of green finance.Thirdly,based on the regional heterogeneity of the eastern,central and western regions and low-carbon pilot regions,we further empirically study the carbon emission reduction effect of green finance.The results show that: first,the development of green finance has a significant inhibitory effect on carbon emissions,especially in the eastern region and low-carbon pilot areas.Secondly,from the sub dimension of green finance,green credit has a stronger inhibitory effect on carbon emissions.Finally,according to the empirical conclusions,targeted suggestions are put forward from different angles.First,vigorously develop green finance and improve the green financial system;Second,expand the scale of green credit and enrich green financial products;Thirdly,we should develop green finance according to local conditions to achieve high efficiency and low-carbon transformation;Finally,we should promote green development experience and expand the scope of low-carbon pilot projects.