Study On The Impact Of Green Finance On Industrial Carbon Emissions In A Dual Carbon Context

Since the 21 st century,China’s economy has steadily advanced and gradually become the second largest economy in the world,and its influence in the international arena has grown.China has proposed a "carbon peaking and carbon neutrality" vision in2020,which is an inherent need to promote sustainable development.The sources of carbon emissions include production,electricity,agriculture,transportation,etc.Among them,production and manufacturing account for the largest proportion.China is a large manufacturing country,so it is inevitable to reduce carbon emissions to industry.This also means that the country must accelerate the low-carbon transformation of industry and establish an industrial system based on low-carbon industry.To achieve high-quality development,the key is to promote green,low-carbon development.The purpose of green finance is to provide services to those economic activities that can promote environmental improvement,combat climate change and make economical and effective use of resources,so that the production preferences of various industries can be changed and the flow of funds can be directed to promote emission reduction and energy conservation,ultimately achieving the green transformation and sustainable development of the whole economy and even society.Therefore,how to improve the development of green finance has become the core issue to ensure China’s energy saving and emission reduction,and develop a transformed economy.Examining the impact of green finance on industrial carbon dioxide emissions can help evaluate the level of green finance development and emission reduction effectiveness in China,and also provide some suggestions for the development of green finance and industrial transformation and emission reduction in China.By compiling domestic and international literature,this paper discusses the possibility of green finance influencing industrial carbon emissions from the theoretical basis of externality theory and sustainable development theory.Select the four major indicators of green credit,green insurance,green investment and government support to construct the index system for measuring the development level of green finance in China,and application of China’s provincial data collected from 2010 to 2019,the level of green finance development in China is measured by using entropy value method.The industrial carbon emission intensity measurement method is selected to obtain the data of industrial carbon emission in China.The control variables such as technological innovation and industrial structure are introduced as well.The fixed-effects model is used to explore in depth the influence heterogeneity of green finance on industrial carbon emissions in China.The findings of this paper are as follows:First,green finance is negatively related to industrial carbon emissions,i.e.,green finance can reduce the intensity of industrial carbon emissions.Secondly,there is heterogeneity in the impact of green finance on industrial carbon emissions.Green finance has a greater impact on industrial carbon emissions in the center,followed by the east and the west.Thirdly,there is an uneven development level of green finance in China,with large differences in the development levels of the east,west and center.This paper inherits the research results at home and abroad,and it is compatible with the current policy objectives of green development in China.The main contributions of this paper are:First,most research at home and abroad are focused on the measurement of green finance itself and the relationship between green finance and carbon emissions.This paper takes green finance as explanatory variable,and studies its influence on industrial carbon emissions.It is a supplement and expansion to the current literature in the field of green finance research.Second,the existing literature rarely considers the influence of regional heterogeneity when studying the category of financial development affecting carbon emissions.This paper examines the regional heterogeneity of the relationship between green finance and industrial carbon emissions in China through the analysis of 10-year data from different regions.Third,based on the research results,comprehensive suggestions are proposed for the high-quality development of China’s economy and ecology in the future from the perspectives of reducing regional differences in green finance,unifying the measurement standards for the development level of green finance,optimizing the technological innovation environment,and adjusting the industrial structure.