How does science and technology finance affect the renewable energy development? Evidence from China

Abstract

Science and technology finance integrates the efficiency-enhancing function of digital technology and the macro-regulatory function of finance, which plays a crucial role in promoting renewable energy development. This paper utilizes panel data from 2004 to 2020, covering 3l provinces in China as the research sample. We empirically analyze the impact effect of science and technology finance on renewable energy development. The results show that it is 0.0778 that the average impact effect for science and technology finance to improve the development of renewable energy. As the science and technology finance and renewable energy development improves, there is a tendency for the positive marginal effect to increase, specifically when the level of renewable energy development is 70 % the promotion effect reaches a maximum value of 0.1181. Science and technology finance can indirectly promote the development of renewable energy by improving the level of green technology innovation. In the process of science and technology finance affecting renewable energy development, there is an average negative moderating effect of 0.3686 on environmental regulation. In addition, this paper considers the regional heterogeneity and the promotion effect of science and technology finance renewable energy development in different energy transition stages.