Study On The Impact Of Financial Development On Carbon Emissions

A series of climate problems brought about by global warming have posed a great threat to the future survival of mankind and have attracted great attention from countries all over the world.As the core of the modernized economic system,the modern financial system is an important grip to achieve low-carbon economy and green development.Considering the influence of various geographical factors,changes in environmental conditions in one region often have an impact on environmental governance in other regions.As one of the major environmental pollutants,Carbon dioxide has a certain spatial correlation among different provinces.In addition,financial development also has a certain spatial correlation.Therefore,it is of great practical importance to explore the mechanism of financial development on carbon emission and construct a spatial econometric model to study the relationship between them.First,this paper expands the paths of financial development affecting carbon emissions into direct effect,scale effect,technology effect and structural effect;then,carbon emissions and Moran index are calculated based on relevant data of 30 provinces(cities)in China from 2000—2019,and financial scale,financial structure and financial efficiency indicators are used based on SDM model to analyze the impact of financial development on carbon emissions from national and sub-regional perspectives to analyze the impact of financial development on per capita carbon emissions;finally,the spatial spillover effect was decomposed using financial scale as an example,and the theoretical impact mechanism was tested.The empirical results show that:(1)Nationally,there is a positive global spatial autocorrelation of carbon emissions per capita,and the local spatial autocorrelation is mainly positive.The effects of financial scale,financial structure,and financial efficiency on per capita carbon emissions are positive,insignificant,and positive,respectively.Financial scale has a positive driving effect in both the province and neighboring provinces.Economic growth will directly lead to the growth of per capita carbon emissions,and industrial structure optimization and technological progress can effectively suppress the growth of per capita carbon emissions.(2)By regions,there are positive,positive and negative spatial autocorrelations of carbon emissions per capita in East,Central and West,respectively.The effects of financial scale are positive,positive,and insignificant in East,Central,and West,respectively,and the effects of financial efficiency are negative,insignificant,and positive in East,Central,and West,respectively.Both for financial size and financial efficiency,the empirical results show insignificant coefficients for technological progress in the western region.(3)The direct,scale,technology and structural effects of financial scale have positive,positive,negative and negative impacts,respectively,in addition to the complex chain of intermediary transmission pathways involved.Based on the above,this paper puts forward corresponding policy suggestions from the perspectives of establishing inter-provincial linkage carbon emission governance mechanism,accelerating financial system reform,strengthening green credit management and accelerating green technology innovation.