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<p>The Green finance (GF) promotes eco-friendly and low-carbon transformation in the economy of China. Using panel data from 2011 to 2020 for 271 Chinese cities, this study uses statistical methods to test the impact of GF on energy saving and carbon reduction (ESCR) and its mechanism of action. The results show that GF in China has a significant promoting effect on ESCR in cities. The heterogeneity test finds that the above promotion effect is more obvious for cities with high energy consumption and high emission, low-carbon pilot and central and western regions. In terms of channels of action, GF effectively exerts ESCR effects through energy consumption structure and economic scale, and there is a significant local-neighborhood effect. This study enriches the research on the influencing factors of ESCR, and also complements the research on GF, and the conclusions of the study help to better understand the role of GF in promoting ESCR, as well as provide a reference for the further establishment and improvement of the GF governance system.</p>

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The impact of green finance on energy saving and carbon reduction: evidence from Chinese cities

  • 期刊论文

  • 发表日期：

    2025年1月18日

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  • Qi Cui,
  • Xiaoyu Ma,
  • Sisi Zhang

摘要

The Green finance (GF) promotes eco-friendly and low-carbon transformation in the economy of China. Using panel data from 2011 to 2020 for 271 Chinese cities, this study uses statistical methods to test the impact of GF on energy saving and carbon reduction (ESCR) and its mechanism of action. The results show that GF in China has a significant promoting effect on ESCR in cities. The heterogeneity test finds that the above promotion effect is more obvious for cities with high energy consumption and high emission, low-carbon pilot and central and western regions. In terms of channels of action, GF effectively exerts ESCR effects through energy consumption structure and economic scale, and there is a significant local-neighborhood effect. This study enriches the research on the influencing factors of ESCR, and also complements the research on GF, and the conclusions of the study help to better understand the role of GF in promoting ESCR, as well as provide a reference for the further establishment and improvement of the GF governance system.