Evaluation of the Effects of Green Finance on Emission Reduction and Analysis of the Mechanism——Based on Panel Data Analysis from 30 Provincial-level Regions in China During 2007-2017
It is of great significance to study the effect and action path of green finance on pollution control and emission reduction for formulating scientific and reasonable financial policies and promoting low-carbon economic development.This paper uses the dynamic panel model and GMM estimation method to em-pirically test the impact of green finance development on regional pollution emission growth by using the pan-el data set of 30 regions in China from 2007 to 2017.In order to objectively and effectively evaluate the de-velopment level of green finance in each region,this paper constructs the regional green credit development index.The empirical results show that on the whole,green finance can significantly inhibit pollution emis-sion,which is reflected in the significant decrease in the emission growth rate of carbon dioxide,industrial sulfur dioxide and general industrial solid waste.But this paper does not find that green finance has a signifi-cant inhibition effect on industrial wastewater discharge.Further analysis shows that green finance can affect pollution emission through three mechanisms:optimizing industrial structure,reducing energy intensity and optimizing energy consumption structure.This paper has enriched the research on the impact of green finance development on the environment at the empirical level,and has brought rich policy implications for the next development of green finance.There are three policy implications brought by this research:First,we should strengthen the construction of green financial market system;Second,we should actively promote the imple-mentation of regional green finance policies;Third,we should continuously improve the mechanism for opti-mizing the industrial structure supported by green finance.
green financeenvironment pollutioneconomic developmentcarbon peaking and carbon neutrality
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