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<p>Understanding the relationship between green investment and industrial wastewater is important for addressing the challenges posed by trade-off between industrial activities and high-quality economic development. This study investigates the effect of green finance on industrial wastewater using a panel dataset of 20 China’s first-tier cities over the period 2000–2023. To capture industrial wastewater, the study employs a proxy called industrial wastewater (measuredin ton), allowing an effective representation of the study’s dependent variable. To proxy for green finance, it uses green finance composite indexvia the entropy method. The empirical results, based on fixed effect estimator, revealed that green finance significantly and negatively influences industrial wastewater; while GDP exhibits inverted U-shaped curve on industrial wastewater. These findings suggest that in the context of Chinese first-tier cities, while green finance does matter for enhancing environmental quality and sustainability, GDP’s effect on industrial wastewater is asymmetric and non-linear across different development stages. Accordingly, incentives and support, from both the local and central government, for green investments such as tax holidays for investment in green energies as well as technologies and subsidies for technological innovation wastewater related R&amp;D activities, are at utmost importance in effectively and efficiently mitigating industrial wastewater in China’s first-tier cities. Additionally, targeted policy interventions in GDP and environmental regulations should be in place, for an enhanced environmental quality and sustainability, in these cities.</p>

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The role of green finance in industrial wastewater in the Chinese first-tier cities

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月20日

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  • Yong Ma,
  • Fanyu Chen,
  • Lin-Sea Lau,
  • Zi Wen Vivien Wong,
  • Thian-Hee Yiew,
  • Cheong-Fatt Ng

摘要

Understanding the relationship between green investment and industrial wastewater is important for addressing the challenges posed by trade-off between industrial activities and high-quality economic development. This study investigates the effect of green finance on industrial wastewater using a panel dataset of 20 China’s first-tier cities over the period 2000–2023. To capture industrial wastewater, the study employs a proxy called industrial wastewater (measuredin ton), allowing an effective representation of the study’s dependent variable. To proxy for green finance, it uses green finance composite indexvia the entropy method. The empirical results, based on fixed effect estimator, revealed that green finance significantly and negatively influences industrial wastewater; while GDP exhibits inverted U-shaped curve on industrial wastewater. These findings suggest that in the context of Chinese first-tier cities, while green finance does matter for enhancing environmental quality and sustainability, GDP’s effect on industrial wastewater is asymmetric and non-linear across different development stages. Accordingly, incentives and support, from both the local and central government, for green investments such as tax holidays for investment in green energies as well as technologies and subsidies for technological innovation wastewater related R&D activities, are at utmost importance in effectively and efficiently mitigating industrial wastewater in China’s first-tier cities. Additionally, targeted policy interventions in GDP and environmental regulations should be in place, for an enhanced environmental quality and sustainability, in these cities.