Research On The Impact Of Green Credit On Carbon Dioxide Emission Intensity

The carbon dioxide emitted by human activities is the main cause of the greenhouse effect,which leads to global climate change and brings a series of climate problems,posing a huge threat to the earth’s ecological environment.Countries all over the world have also been making efforts to alleviate the greenhouse effect,deal with global climate change and improve the global ecological environment.As the largest developing country in the world,China has put forward a solemn commitment on many important international occasions that "China will strive to achieve carbon peaks by 2030 and carbon neutrality by 2060".To ensure the reduction of the total amount,we must also take into account the carbon intensity index.China’s commitment reflects the responsibility as a major country.In order to realize the"double carbon" goal,China has made arrangements in many fields.Among them,the establishment of green financial system is to support the development of green economy.As for China’s current green financial system,green credit is the most mature part.Financial institutions have different measures for carbon reduction when operating green credit business.Hence,this paper focuses on the issue of "what impact does green credit have on China’s carbon emission intensity and how to achieve the double carbon goals".Based on the above problems,this paper conducts research from both qualitative and quantitative aspects.Qualitatively,by sorting out the relevant research of domestic and foreign scholars and summarizing the previous research results,defining and expounding the relevant concepts and theoretical basis,this paper draws out the impact mechanism of green credit on carbon emission intensity.In terms of quantification,this paper first uses a fixed effect model to regress the data from 2009 to 2019 in 29 provinces and municipalities in the country except Tibet and Qinghai,and replaces the tertiary industry structure index with the secondary industry structure and redo the regression.And then divide China into eastern,central,and western regions to investigate the regional heterogeneity of green credit on carbon emission intensity,and to test the robustness of the national and sub-regional models.Through qualitative analysis,the main conclusions of this paper are as follows:(1)The impact mechanism of green credit on carbon emission intensity can be summarized into four effects:the effect of optimal allocation of financial resources,the effect of industrial structure optimization,the effect of technological innovation and the effect of signal transmission.Through quantitative analysis,the main conclusions of this paper are as follows:(1)At the level of 29 provinces and municipalities across the country,green credit can significantly reduce carbon emission intensity.The effects of tertiary industry structure,R&D expenditure and foreign direct investment indicators on carbon emission intensity are also significantly negative,the secondary industry structure,energy consumption indicators on carbon emission intensity are significantly positively correlated.(2)At the level of eastern,central and western regions,there is an obvious regional heterogeneity in green credit,It is mainly manifested that the significance is stronger in the economically developed eastern regions,and less significant in the central and western regions,The significance of other control variables also varied across regions.(3)The results of the robustness test show that the construction of research model is reasonable and has strong robustness.Finally,this paper puts forward relevant policy recommendations based on the research conclusions.