Study On The Influence Mechanism Of Green Credit On Carbon Emission In China

In recent years,General Secretary Xi Jinping has made many speeches on addressing climate change,stressing that "climate change is a global challenge,and no country can stay aloof from it." China is the world’s largest producer and consumer of energy.In 2020,China officially made a commitment to the "dual carbon" goal of "reaching carbon peak by 2030 and carbon neutral by 2060".At present,a new round of energy revolution is in full swing,the global response to climate change is accelerating significantly,and the low-carbon governance system in developed countries is constantly improving.Under the national strategic policy of "dual carbon" goal,green credit of commercial banks has grown rapidly,and various institutions have taken the initiative to innovate green credit tools,give play to the guiding function of financial market,and promote the development of green environmental protection industry.However,despite the positive response of the industry to green finance,it is undeniable that in the process of transforming from traditional credit business to green credit business,challenges such as the efficiency of green credit conversion are still big challenges faced by the government and banks.Therefore,this paper studies the impact path of green credit on carbon emissions,and makes heterogeneity analysis for regions with different economic development levels,in order to put forward targeted and more effective carbon emission reduction policy recommendations.Firstly,based on credit rationing theory,externality theory,unbalanced growth theory,Porter hypothesis and exhaustible resources theory,this paper sorted out three intermediary mechanisms of green credit’s impact on carbon emissions: industrial structure,technological innovation and energy consumption structure.Secondly,based on Chinese provincial panel data,using the mediation effect model gradually cause-and-effect regression analysis method in the analysis of green credit mechanism of impact on carbon emissions,and on this basis,according to China’s economic development level,the country 30 provinces(except Tibet,Hong Kong,Macao and Taiwan)is divided into the economic developed area,middle level regions and less developed areas,middle level regions and less developed areas,Further analysis of the regional differences of the above impacts.The results show that industrial structure,technological innovation and energy consumption structure play a significant mediating role in the impact of green credit on carbon emissions,and the mediating mechanism is established.However,the effects are not the same.Industrial structure plays a negative role in the process of green credit’s impact on carbon emissions.In the heterogeneity analysis of different regions,industrial structure plays a positive role in the economically developed regions,while it plays a negative role in the middle-level regions and less-developed regions.Technological innovation plays a positive role in the process of green credit’s impact on carbon emissions,but it does not play a positive role in the economically developed regions,and plays a positive role in middle-level regions and less-developed regions.Energy consumption structure plays a positive role in the process of green credit’s impact on carbon emissions,and it also plays a positive role in economically developed regions,middle-level regions and less-developed regions.Accordingly,this paper gives policy suggestions on improving green credit to promote carbon emission reduction in different regions from the aspects of industrial structure optimization,promoting technological innovation and adjusting energy consumption structure.