Eco-cities of tomorrow: how green finance fuels urban energy efficiency—insights from prefecture-level cities in China

Q2 Energy Energy Informatics Pub Date : 2024-12-30 DOI:10.1186/s42162-024-00455-8

Jiaomei Tang, Kuiyou Huang

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Abstract

Green finance plays a pivotal role in advancing sustainable urban development by enhancing energy efficiency and supporting low-carbon transitions. This study empirically demonstrates that green finance maturity (GFM), which reflects the development and effectiveness of green financial systems, has a significant positive impact on urban energy efficiency (UEE). Using panel data from Chinese prefecture-level cities spanning 2006 to 2021, the analysis shows that a one-unit increase in GFM improves UEE by 0.221 standard deviations. Mechanism analysis reveals that this effect is primarily mediated through technological advancements and improvements in innovation capacity. Further heterogeneity analysis highlights that GFM’s impact is more pronounced in non-resource-based cities and in regions characterized by advanced financial systems, greater global market integration, and higher levels of urbanization. These findings offer valuable, context-specific insights for policymakers seeking to leverage green finance maturity as a tool to promote sustainable urban development across diverse socio-economic and institutional settings.

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未来的生态城市：绿色金融如何提高城市能源效率——来自中国地级市的洞察

绿色金融通过提高能效和支持低碳转型，在推动城市可持续发展方面发挥着关键作用。实证研究表明，绿色金融成熟度（GFM）对城市能源效率（UEE）具有显著的正向影响，反映了绿色金融体系的发展和有效性。利用2006年至2021年中国地级市的面板数据，分析表明，GFM每增加一个单位，UEE就会提高0.221个标准差。机制分析表明，这种效应主要通过技术进步和创新能力的提高来中介。进一步的异质性分析强调，GFM的影响在非资源型城市和金融体系发达、全球市场一体化程度更高、城市化水平更高的地区更为明显。这些发现为寻求利用绿色金融成熟度作为工具，在不同社会经济和制度背景下促进可持续城市发展的政策制定者提供了有价值的、针对具体情况的见解。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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