How digital finance and green finance can synergize to improve urban energy use efficiency? New evidence from China

IF 7.9 2区工程技术 Q1 ENERGY & FUELS

Energy Strategy Reviews Pub Date : 2024-09-01 DOI:10.1016/j.esr.2024.101553

Yarong Shi, Bo Yang

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Abstract

Accelerating the greening and digital transformation of the energy industry to enhance energy efficiency is pivotal for constructing a new energy system. The high-quality development of the energy sector necessitates the support of emerging financial forces. This study utilizes panel data from 279 prefecture-level cities spanning from 2011 to 2021, employing mediation and moderation models to verify the synergistic impact of digital finance and green finance on energy efficiency. Findings indicate that the synergy between digital finance and green finance enhances energy efficiency. Mechanism analysis reveals that this synergy promotes energy efficiency through advancements in green and digital technology innovations. Climate policy uncertainty positively moderates the process by which digital finance and green finance synergistically improve energy efficiency, enhancing the intermediary effects of digital and green technologies. Environmental regulations similarly exert positive moderation on the joint impact of digital finance and green finance on energy efficiency, yet their effects vary heterogeneously, with market-based environmental regulatory tools demonstrating superior policy outcomes. Moreover, the impact of the synergy between digital finance and green finance on energy efficiency exhibits heterogeneity across geographic regions, development timelines, resource endowments, and policy trial effects.

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数字金融和绿色金融如何协同提高城市能源利用效率？来自中国的新证据

加快能源产业绿色化、数字化转型，提高能源利用效率，是构建新型能源体系的关键。能源行业的高质量发展需要新兴金融力量的支持。本研究利用 2011 年至 2021 年 279 个地级市的面板数据，运用中介模型和调节模型验证了数字金融和绿色金融对能源效率的协同影响。研究结果表明，数字金融和绿色金融的协同作用提高了能源效率。机制分析表明，这种协同作用通过绿色和数字技术创新的进步来提高能源效率。气候政策的不确定性正向调节了数字金融和绿色金融协同提高能源效率的过程，增强了数字技术和绿色技术的中介效应。环境法规同样对数字金融和绿色金融对能源效率的共同影响起到了积极的调节作用，但它们的效果却各不相同，以市场为基础的环境监管工具表现出了更优越的政策效果。此外，数字金融和绿色金融的协同作用对能效的影响在不同的地理区域、发展时间、资源禀赋和政策试验效应之间表现出异质性。

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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来源期刊

Energy Strategy Reviews Energy-Energy (miscellaneous)

CiteScore

12.80

自引率

4.90%

发文量

167

审稿时长

40 weeks

期刊介绍： Energy Strategy Reviews is a gold open access journal that provides authoritative content on strategic decision-making and vision-sharing related to society''s energy needs. Energy Strategy Reviews publishes: • Analyses • Methodologies • Case Studies • Reviews And by invitation: • Report Reviews • Viewpoints