Research On The Impact Of Green Finance On Carbon Emissions

Since the reform and opening up of China,China has experienced rapid economic growth,while the problems of excessive resource consumption and environmental pollution have become increasingly serious.China has actively assumed its responsibility to reduce emissions and made a commitment to reach the peak by 2030 and strive to achieve "carbon neutrality" by 2060.Green finance is the concrete practice of sustainable development strategy and concept in the financial sector,which can reduce carbon emissions through resource allocation and rational allocation of financial resources to promote industrial structure and energy consumption adjustment.Based on the panel data of 30 Chinese provinces,this study conducts an in-depth research on the development status of various products of green finance from the perspective of temporal evolution and spatial differences.Secondly,the entropy value method is used to measure the level of green finance development in each province of China and examine the spatial and temporal evolution characteristics.To effectively measure carbon emissions in China’s provinces by means of emission factors and to explore their spatial correlation and variability.The GTWR model,combined with the mediating effect model,is used to analyze the role of green finance on carbon emissions in detail,taking industrial structure,energy intensity and urbanization as mediators.The main findings are as follows.Firstly,various types of green financial products are developing in a positive direction and the overall scale is expanding.The level of green financial development in China shows an upward trend,with the provinces in the eastern region having the highest average of green financial development,followed by the central region and finally the western region.Secondly,the level of carbon emissions development in China shows a clear downward trend,and in terms of regional differences,the carbon emissions of provinces in the western and northern regions are higher than those in the eastern and southern regions.Finally,green finance helps to promote industrial restructuring and has a more significant inhibiting effect on carbon emissions in the northwestern and northern provinces.Green finance is conducive to reducing energy intensity and has a stronger effect on emission reduction in developed provinces and a positive effect on carbon emissions in the central and western regions.Green finance has a positive effect on urbanisation development,with a more significant emission reduction effect on northern provinces.Based on the above findings,this study recommends accelerating the improvement of financial infrastructure related to the development of green finance and innovating green financial products.Local governments in the less developed provinces in central and western China should guide enterprises to gradually shift from relying on resources and cost advantages to relying on green technological innovation,follow the path of green financial development and limit the development of polluting industries.While continuing to promote the sustainable and healthy development of green finance in the eastern region,the eastern region should give full play to the regional leading role of green finance and build an inter-regional green finance information sharing and cooperation mechanism to drive the development of green finance in the central and western regions.