| The report of the 20 th National Congress of the CPC pointed out that not only should we further promote the energy revolution,strengthen the clean and efficient use of coal,accelerate the planning and construction of a new energy system,but also we should accelerate the adjustment and optimization of the energy structure,and promote the formation of a green and low-carbon production mode.In recent years,China’s economic scale has maintained a trend of continuous growth,and through continuous optimization of industrial structure,energy consumption per unit of GDP has been reduced,which can effectively alleviate environmental and ecological problems.However,China still has the problems of traditional energy substitution and low energy utilization efficiency.Therefore,improving energy utilization efficiency is one of the major issues that need to be tackled in order to achieve energy consumption reduction and green development in China’s economy from the stage of rapid growth to the stage of high-quality development.As one of the important factors affecting the sustainable development of economy,energy not only needs to continuously promote the innovation of energy technology,but also needs to rely on the improvement of energy utilization efficiency.In combination with China’s special market economic system and economic and financial environment,as well as the promotion of sustainable development strategy,promoting sustainable financial development is particularly important for improving energy efficiency.This paper uses the principal component analysis method to measure the sustainable financial development level of 193 cities in China from 2011 to 2020,and calculates the energy use efficiency of each city through DEA-CCR model,and then carries out the test.The results show that:Firstly,sustainable financial development will promote the improvement of urban energy utilization efficiency;Secondly,the differences in urban economic development levels have different impacts on the improvement of urban energy utilization efficiency due to sustainable financial development.Through regression analysis of three sub samples: the Yangtze River Delta urban agglomeration,the Beijing Tianjin Hebei urban agglomeration,and the Pearl River Delta urban agglomeration,it was found that sustainable financial development has a more significant impact on the improvement of energy utilization efficiency in urban agglomerations in economically developed regions;Thirdly,due to the different resource endowments of different cities,the impact of sustainable financial development on energy utilization efficiency will also vary.Compared with resource-based cities,sustainable financial development has a more significant impact on the energy utilization efficiency of non-resource dependent cities;Fourthly,the implementation of monetary policy will strengthen the positive relationship between sustainable financial development and urban energy utilization efficiency;Fifth,the implementation of low-carbon emission trading pilot policies promotes the establishment of a complete and efficient innovation system for enterprises,relies on low-carbon systems to reduce pollution,and provides necessary institutional guarantees for the improvement of energy utilization efficiency.This often has a substitution effect with sustainable financial development,and the two will affect energy utilization efficiency in different paths,weakening the positive impact of sustainable financial development on urban energy efficiency.Finally,based on the results of empirical research,this paper summarizes the full text and puts forward relevant policy recommendations from five aspects: promoting the development of inclusive finance,building a green technology innovation system,improving the level of financial science and technology,implementing a more flexible and appropriate monetary policy and promoting the integration and innovation of policy tools. |
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