首页|Impact assessment of green finance reforms on renewable energy development
Impact assessment of green finance reforms on renewable energy development
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NETL
NSTL
Elsevier
Amidst the formidable challenges posed by global climate change, the demand for energy transition is becoming more prominent. Assessing the impact of green finance policies not only contributes to the enhancement of financing channels for renewable energy, but also represents a vital stride in propelling global sustainable economic and social advancement. Drawing on data from Chinese renewable energy listed firms spanning 2010-2022, this research takes China's 2017 Green Finance Reform and Innovation Pilot (GFP) policy as a quasi natural experiment. It utilizes a multi - period DID model to assess how the GFP policy affects the total factor productivity (TFP) of renewable energy enterprises. The research indicates that: (1) The GFP policy effectively boosts the TFP of renewable energy enterprises within the pilot zones, with the results remaining robust after a series of sensitivity tests. (2) Mechanism analysis reveals that the GFP policy mainly improves TFP through alleviating the financing constraints and enhancing their green innovation capabilities. (3) Heterogeneity tests show that, due to the limitations of regional resource endowments, the impact of the GFP policy in eastern and western China is significant, but not as expected in central regions. The research provides policy recommendations to foster the development of green finance and promote the growth of renewable energy for the advancement of scientific development.
Green financeGreen finance pilot policyTotal factor productivityRenewable energy
NETL
NSTL
Elsevier
