Impact of green financing on development of renewable energy resources factoring geopolitical risks

IF 8.1 2区工程技术 Q1 CHEMISTRY, PHYSICAL

International Journal of Hydrogen Energy Pub Date : 2025-06-07 DOI:10.1016/j.ijhydene.2025.05.162

Junming He , Liying Tang , Yang Tao

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Abstract

This study examines the complex interrelationships between green financing mechanisms, geopolitical risks, and renewable energy development in China during 2010–2021. Employing a comprehensive dataset integrating province-level micro and macro data, we analyze how green bonds, oil price volatility (OVX), and geopolitical risk (GPR) influence renewable energy investments under varying regulatory environments. Using panel regression techniques with fixed effects, System GMM, and instrumental variable approaches, we address potential endogeneity concerns while accounting for regional heterogeneity across China's provinces. Our results yield four principal findings. First, green bonds demonstrate a significant positive relationship with renewable energy investments, with coefficients ranging from 7.148 to 9.124 across model specifications. Second, contrary to theoretical expectations, geopolitical risks show positive associations with renewable energy investments, suggesting that energy security considerations may accelerate rather than impede renewable transitions. Third, oil price volatility positively influences renewable energy investments, indicating possible risk-hedging motivations. Fourth, we find substantial temporal and regional variations in these relationships, with diminishing influence of financial inclusion over time and stronger green finance effects in more developed.

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考虑地缘政治风险的绿色融资对可再生能源发展的影响

本研究考察了2010-2021年中国绿色融资机制、地缘政治风险与可再生能源发展之间的复杂相互关系。本文采用整合省级微观和宏观数据的综合数据集，分析了不同监管环境下绿色债券、油价波动（OVX）和地缘政治风险（GPR）对可再生能源投资的影响。利用固定效应面板回归技术、系统GMM和工具变量方法，我们解决了潜在的内生性问题，同时考虑了中国各省的区域异质性。我们的结果产生了四个主要发现。首先，绿色债券与可再生能源投资表现出显著的正相关关系，各模型规格的系数在7.148 ~ 9.124之间。其次，与理论预期相反，地缘政治风险与可再生能源投资呈正相关，这表明能源安全考虑可能会加速而不是阻碍可再生能源转型。第三，油价波动对可再生能源投资产生积极影响，表明可能存在风险对冲动机。第四，我们发现这些关系存在显著的时间和区域差异，随着时间的推移，普惠金融的影响逐渐减弱，在更发达的国家，绿色金融的作用更强。

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

International Journal of Hydrogen Energy 工程技术-环境科学

CiteScore

13.50

自引率

25.00%

发文量

3502

审稿时长

60 days

期刊介绍： The objective of the International Journal of Hydrogen Energy is to facilitate the exchange of new ideas, technological advancements, and research findings in the field of Hydrogen Energy among scientists and engineers worldwide. This journal showcases original research, both analytical and experimental, covering various aspects of Hydrogen Energy. These include production, storage, transmission, utilization, enabling technologies, environmental impact, economic considerations, and global perspectives on hydrogen and its carriers such as NH3, CH4, alcohols, etc. The utilization aspect encompasses various methods such as thermochemical (combustion), photochemical, electrochemical (fuel cells), and nuclear conversion of hydrogen, hydrogen isotopes, and hydrogen carriers into thermal, mechanical, and electrical energies. The applications of these energies can be found in transportation (including aerospace), industrial, commercial, and residential sectors.