Research on the impact of green credit policy on urban carbon emission reduction effect——empirical analysis based on 279 cities
Deeply exploring the green credit policies has the key role in promoting the development of green economy.This paper empirically examined the net impact of the policy on carbon emissions by constructing a Difference-in-Differences model based on the carbon emission data of 279 cities in China during 2008-2021.It found that the green credit policy was effective in suppressing carbon emissions,with an impact coefficient of-0.3964,which fully demonstrated the positive role of the policy in promoting green transformation.The mechanism analysis further revealed two main paths through which the policy played a role:optimizing industrial structure and promoting green technological innovation.This not only reflected in the transformation and upgrading of the secondary industry,but also in the significant growth in the number of green patents in the city,both of which had inhibitory effects on carbon emissions of 1.0131 and 0.2605,respectively,provided a more specific theoretical basis for green credit policy formulation.The heterogeneity test showed that there were differences in the carbon emission reduction effect of green credit policy in different regions,with the western region being the most significant,the eastern region being the second,and the central region being slightly weaker.This suggested that regional differences should be fully considered in policy implementation.The moderating effect showed that the level of economic development and the openness of import and export trade had different moderating effects on the policy effect,which also provided new ideas for policy optimization.This paper studied carbon emissions from the urban dimension and introduced the moderating effect analysis,and provided a new perspective for the study of green credit policy.Based on the research results,this paper proposed policy implications,such as policy makers should strengthen the guiding role of green credit policies,local governments should implement green credit policies tailored to local conditions,and financial institutions should innovate green credit products and services,aiming to promote the improvement of the policy system,the development of the financial market and the active participation of enterprises and financial institutions to jointly promote the development of the green economy.
green credit policycarbon emissionsDifference-in-Differences methodmediating effectmoderating effect
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