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Theories and Methods of Science of Science

Research on the Internal Mechanism of Green Finance Develop⁃ ment Affecting Carbon Emission from the Perspective of "Double Carbon" 

Li Hui1 , Li Xinan2 

(1.School of Finance, Zhongnan University of Economics and Law, Wuhan 430073, China; 2.School of International Economics and Trade, Henan University of Economics and Law, Zhengzhou 450046, China)

Abstract: Promoting the development of green finance is a strategic requirement for promot‐ ing the green transformation of development mode and realizing the goal of "double carbon" in the new development stage of China. Based on relevant theoretical analysis, the spatial Durbin model and GMM dynamic analysis method are adopted, and a quantitative empirical study is con‐ ducted on the internal relationship between green financing development and inter-provincial carbon emission efficiency using panel data of 30 provinces in China from 2006 to 2021. The findings indicate that: Green finance development in China can effectively subdue regional car‐ bon emissions, and it shows obvious spatial spillover effect. Green finance not only promotes the reduction of regional carbon emissions, but also has a positive impact on carbon emission reduc‐ tion in surrounding areas. And if carbon emissions are at high level in the previous period, it may continue to rise in the next period without a large external policy impact. Its strong spatio tempo‐ ral dependence characteristics indicates the implementation of carbon emission reduction in China urgently needs to accelerate the formation of regional synergies. The development of green finance has an indirect impact on carbon emissions by promoting low-carbon technological inno‐ vation and subduing financing constraints for clean sectors, that is, low-carbon technology inno‐ vation and financing constraints together constitute the transmission path of green finance devel‐ opment to carbon emissions. Besides, there is a regional heterogeneity in spatial spillover effect of the development of green finance on carbon emissions, due to the different degree of economic development in each region. The conclusions can provide support for constructing green finance development system in the new era and formulating related policies to promote the dual-carbon strategic goal. 

Key words:green finance; "dual carbon" target; financing constraints; green technology inno‐ vation

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