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<p>To mitigate climate change, advancing clean energy has become a critical policy objective. As a financial mechanism that supports environmental sustainability, green finance—particularly through pilot initiatives—plays a pivotal role in accelerating clean energy development. On the basis of DID from the panel data of 29 provincial places in China during the period 2010–2022, this study investigates the impact of 2017’s Green Finance Reform and Innovation Pilot Zones (GFRIPZ). The results have shown that the GFRIPZ policy significantly increased natural gas and electricity consumption while reducing coal’s share in the energy consumption structure. Further mediation analysis reveals that technological innovation acts as a principal transmission channel. Robustness is confirmed through PSM-DID and placebo tests. Heterogeneity analysis uncovers regional variation: while GFRIPZ policies boosted natural gas consumption across eastern, central, and western regions, the increase in electricity consumption was significant only in central and western provinces. These results highlight the differentiated regional effectiveness of green finance policies and underscore the need for region-specific implementation strategies.</p>

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Green finance reform and the transition to clean energy evidence from China’s pilot zones

  • 期刊论文

  • 出版模式：

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  • 发表日期：

    2025年12月29日

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  • Zijun Li,
  • Minghao Huang

摘要

To mitigate climate change, advancing clean energy has become a critical policy objective. As a financial mechanism that supports environmental sustainability, green finance—particularly through pilot initiatives—plays a pivotal role in accelerating clean energy development. On the basis of DID from the panel data of 29 provincial places in China during the period 2010–2022, this study investigates the impact of 2017’s Green Finance Reform and Innovation Pilot Zones (GFRIPZ). The results have shown that the GFRIPZ policy significantly increased natural gas and electricity consumption while reducing coal’s share in the energy consumption structure. Further mediation analysis reveals that technological innovation acts as a principal transmission channel. Robustness is confirmed through PSM-DID and placebo tests. Heterogeneity analysis uncovers regional variation: while GFRIPZ policies boosted natural gas consumption across eastern, central, and western regions, the increase in electricity consumption was significant only in central and western provinces. These results highlight the differentiated regional effectiveness of green finance policies and underscore the need for region-specific implementation strategies.