{"title":"Impact of green finance on low-carbon transformation: Spatial spillover effects in China","authors":"Jing Zhao","doi":"10.1016/j.najef.2024.102202","DOIUrl":null,"url":null,"abstract":"<div><p>This study developed a green financial indicator system based on a Principal Component Analysis (PCA) approach to investigate the impacts of green finance on carbon emissions by using the panel data from 30 Chinese provinces and municipalities from 2014 to 2021. The key findings conclude that green investments and debts are effective at reducing emissions, while green equity has a limited impact. Empirical results demonstrate that green finance enhances innovation efficiency, which in turn facilitates reductions in emissions. Additionally, the Spatial Durbin Model indicates significant spatial spillover effects, with progress in one province benefiting neighboring areas. The policy implications of the study suggest that enhancing green equity and adapting finance strategies to regional conditions could significantly advance the carbon reduction objectives for China.</p></div>","PeriodicalId":47831,"journal":{"name":"North American Journal of Economics and Finance","volume":"74 ","pages":"Article 102202"},"PeriodicalIF":3.8000,"publicationDate":"2024-05-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"North American Journal of Economics and Finance","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S106294082400127X","RegionNum":3,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
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Abstract
This study developed a green financial indicator system based on a Principal Component Analysis (PCA) approach to investigate the impacts of green finance on carbon emissions by using the panel data from 30 Chinese provinces and municipalities from 2014 to 2021. The key findings conclude that green investments and debts are effective at reducing emissions, while green equity has a limited impact. Empirical results demonstrate that green finance enhances innovation efficiency, which in turn facilitates reductions in emissions. Additionally, the Spatial Durbin Model indicates significant spatial spillover effects, with progress in one province benefiting neighboring areas. The policy implications of the study suggest that enhancing green equity and adapting finance strategies to regional conditions could significantly advance the carbon reduction objectives for China.
期刊介绍：
The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.
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