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<p>Green development is closely tied to the allocation of economic and financial instruments for resource management. Green finance plays an important role in limiting excessive pollution across various industries. To assess the impact of China’s green finance pilot program (GFPP) on the carbon emissions of manufacturing firms, we treat the implementation of the GFPP as a quasi-natural experiment and find an important evidence that the GFPP reduces firms’ carbon emissions in pilot zones. Moreover, the GFPP promotes firms’ green innovation by easing financial constraints. The policy also enhances public oversight, thereby further reducing firms’ carbon emissions. However, firms’ greenwashing behavior is predicted to weaken the emission-reduction effect of the GFPP. This work provides a basis for carbon emission reductions through green finance in developing countries.</p>

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Can green financial pilot policy reduce firms’ carbon emissions? Evidence from Chinese manufacturing firms

  • 期刊论文

  • 发表日期：

    2025年1月24日

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  • Di Zhou,
  • Guo Chen,
  • Dongchun Xie

摘要

Green development is closely tied to the allocation of economic and financial instruments for resource management. Green finance plays an important role in limiting excessive pollution across various industries. To assess the impact of China’s green finance pilot program (GFPP) on the carbon emissions of manufacturing firms, we treat the implementation of the GFPP as a quasi-natural experiment and find an important evidence that the GFPP reduces firms’ carbon emissions in pilot zones. Moreover, the GFPP promotes firms’ green innovation by easing financial constraints. The policy also enhances public oversight, thereby further reducing firms’ carbon emissions. However, firms’ greenwashing behavior is predicted to weaken the emission-reduction effect of the GFPP. This work provides a basis for carbon emission reductions through green finance in developing countries.