Impact assessment of green finance reforms on renewable energy development

IF 9.8 1区社会学 Q1 ENVIRONMENTAL STUDIES

Environmental Impact Assessment Review Pub Date : 2025-03-13 DOI:10.1016/j.eiar.2025.107913

Yitong Zhu , Boqiang Lin , Runqing Zhu

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引用次数: 0

Abstract

Amidst the formidable challenges posed by global climate change, the demand for energy transition is becoming more prominent. Assessing the impact of green finance policies not only contributes to the enhancement of financing channels for renewable energy, but also represents a vital stride in propelling global sustainable economic and social advancement. Drawing on data from Chinese renewable energy listed firms spanning 2010–2022, this research takes China's 2017 Green Finance Reform and Innovation Pilot (GFP) policy as a quasi - natural experiment. It utilizes a multi - period DID model to assess how the GFP policy affects the total factor productivity (TFP) of renewable energy enterprises. The research indicates that: (1) The GFP policy effectively boosts the TFP of renewable energy enterprises within the pilot zones, with the results remaining robust after a series of sensitivity tests. (2) Mechanism analysis reveals that the GFP policy mainly improves TFP through alleviating the financing constraints and enhancing their green innovation capabilities. (3) Heterogeneity tests show that, due to the limitations of regional resource endowments, the impact of the GFP policy in eastern and western China is significant, but not as expected in central regions. The research provides policy recommendations to foster the development of green finance and promote the growth of renewable energy for the advancement of scientific development.

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绿色金融改革对可再生能源发展的影响评价

面对全球气候变化带来的严峻挑战，能源转型的需求日益突出。评估绿色金融政策的影响，不仅有助于拓宽可再生能源融资渠道，也是推动全球经济社会可持续发展的重要一步。本研究利用2010-2022年中国可再生能源上市公司的数据，以中国2017年绿色金融改革创新试点（GFP）政策为准自然实验。本文运用多期DID模型来评估GFP政策对可再生能源企业全要素生产率（TFP）的影响。研究表明：(1)GFP政策有效提升了试验区内可再生能源企业的全要素生产率，且经过一系列敏感性测试，结果保持稳健。(2)机制分析表明，GFP政策主要通过缓解融资约束和增强企业绿色创新能力来提高TFP。(3)异质性检验表明，由于区域资源禀赋的限制，GFP政策对中国东部和西部地区的影响显著，但对中部地区的影响不如预期。为促进绿色金融发展，促进可再生能源发展，促进科学发展提供政策建议。

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

Environmental Impact Assessment Review ENVIRONMENTAL STUDIES-

CiteScore

12.60

自引率

10.10%

发文量

200

审稿时长

33 days

期刊介绍： Environmental Impact Assessment Review is an interdisciplinary journal that serves a global audience of practitioners, policymakers, and academics involved in assessing the environmental impact of policies, projects, processes, and products. The journal focuses on innovative theory and practice in environmental impact assessment (EIA). Papers are expected to present innovative ideas, be topical, and coherent. The journal emphasizes concepts, methods, techniques, approaches, and systems related to EIA theory and practice.