Financial Development Driving Regional Renewable Energy Growth:Threshold Effect and Mechanism
In the general line of coordinated development between the goal of car-bon peak carbon neutrality and the goal of energy transformation proposed by the 20th National Congress,the development of renewable energy is the core path and inevitable choice,and the financing scale and financing efficiency in the financial mar-ket all affect the development of regional renewable energy.In view of this,this paper selected the panel data of 31 provinces and cities in China from 2009 to 2018 as samples,and empirically tested the impact mechanism of financial resources on regional renewable energy development by constructing two-way fixed effect models,intermediary effect models and threshold effect models,and thoroughly analyzed the intermediary effect and threshold effect in the impact path.The empirical results show that:Financial development can significantly drive the growth of regional re-newable energy,but this effect has a U-shaped nonlinear threshold feature,only when the financial development level exceeds a certain threshold,can it show an effective driving ability;the influence of financial development on the growth of renewable energy in the region has significant regional heterogeneity,in which the west is the strongest,the east is the second,and the central is the weakest.Financing scale and technological innovation play a full mediating effect between financial development and regional renewable energy growth.The research conclusions of this paper provide theoretical basis and policy reference for China to achieve the goal of"double carbon",promote the development of regional renewable energy,and build a green financial system,which has important theoretical and practical value.
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