Turning “green” into “gold”: A study on the impact of green finance pilot zone policy on energy carbon emission efficiency

IF 13.1 1区化学 Q1 CHEMISTRY, PHYSICAL ACS Catalysis Pub Date : 2024-07-01 DOI:10.1002/sd.3114

Jiazhan Gao, Guihong Hua, Baofeng Huo

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Abstract

As a crucial mechanism for advancing sustainable development, green finance invigorates national initiatives to reach peak carbon emissions and achieve carbon neutrality. This study leverages panel data from 215 Chinese cities spanning 2013–2022, using the green finance pilot zone policy (GFZ) as a quasi‐natural experiment. By employing difference‐in‐differences methodologies, this research examines the effects of GFZ on energy carbon emission efficiency (ECE) in China, along with its spatial spillover impacts. The findings reveal a substantial enhancement in ECE attributable to GFZ, with results remaining robust through various stability checks. Mechanism analysis further indicates that GFZ boosts ECE by promoting green innovation and facilitating industrial upgrading and transformation. Additionally, heterogeneity analysis suggests that GFZ is more effective in cities with higher marketization levels. Improvements in ECE among different types of resource‐based cities are observed in the order of declining, regenerative, growing, and mature cities. Spatial analysis reveals that the spillover effects of GFZ peak at a distance of 500 km from the pilot zones. This study not only provides empirical evidence supporting the expansion of GFZ but also offers a unique Chinese perspective on sustainable development.

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变 "绿 "为 "金"：绿色金融试验区政策对能源碳排放效率的影响研究

作为推进可持续发展的重要机制，绿色金融为国家达到碳排放峰值和实现碳中和的举措注入了活力。本研究利用 2013-2022 年期间 215 个中国城市的面板数据，以绿色金融试验区政策（GFZ）为准自然实验。通过采用差分法，本研究考察了绿色金融试验区对中国能源碳排放效率（ECE）的影响及其空间溢出效应。研究结果表明，GFZ 显著提高了中国的能源碳排放效率。机制分析进一步表明，GFZ 通过推动绿色创新和促进产业升级与转型来促进 ECE。此外，异质性分析表明，GFZ 在市场化水平较高的城市更为有效。不同类型资源型城市的欧洲经委会改善程度依次为衰退型城市、再生型城市、成长型城市和成熟型城市。空间分析表明，全球框架区的溢出效应在距离试验区 500 公里处达到峰值。这项研究不仅提供了支持扩大全球框架区的经验证据，还为可持续发展提供了独特的中国视角。

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来源期刊

ACS Catalysis CHEMISTRY, PHYSICAL-

CiteScore

20.80

自引率

6.20%

发文量

1253

审稿时长

1.5 months

期刊介绍： ACS Catalysis is an esteemed journal that publishes original research in the fields of heterogeneous catalysis, molecular catalysis, and biocatalysis. It offers broad coverage across diverse areas such as life sciences, organometallics and synthesis, photochemistry and electrochemistry, drug discovery and synthesis, materials science, environmental protection, polymer discovery and synthesis, and energy and fuels. The scope of the journal is to showcase innovative work in various aspects of catalysis. This includes new reactions and novel synthetic approaches utilizing known catalysts, the discovery or modification of new catalysts, elucidation of catalytic mechanisms through cutting-edge investigations, practical enhancements of existing processes, as well as conceptual advances in the field. Contributions to ACS Catalysis can encompass both experimental and theoretical research focused on catalytic molecules, macromolecules, and materials that exhibit catalytic turnover.