Green finance as a catalyst for energy transition: Green total factor productivity and digital economy

IF 9.8 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2025-09-20 DOI:10.1016/j.irfa.2025.104647

Ting Xu , Siyuan Xuan , Xiaoqin Xuan

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引用次数: 0

Abstract

Green finance plays a crucial role in driving energy transition, promoting sustainable development, and enhancing urban energy efficiency. This study analyzes data from Chinese prefecture-level cities between 2010 and 2021 to assess the impact of green finance on urban energy consumption. The results indicate that green finance significantly reduces urban energy consumption. Mechanism analysis shows that improvements in green total factor productivity and advancements in the digital economy further amplify the positive effects of green finance. Moreover, heterogeneity analysis reveals that the impact of green finance on energy transition is more pronounced in southern cities, the Yangtze River Economic Belt, and smaller to medium-sized cities. This study not only provides empirical evidence for understanding how green finance promotes energy efficiency through enhanced green total factor productivity and digital economy development but also offers valuable insights for formulating sustainable development policies that support energy transition.

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绿色金融作为能源转型的催化剂：绿色全要素生产率与数字经济

绿色金融在推动能源转型、促进可持续发展、提高城市能效方面具有重要作用。本研究分析了2010年至2021年中国地级市的数据，以评估绿色金融对城市能源消费的影响。结果表明，绿色金融显著降低了城市能耗。机制分析表明，绿色全要素生产率的提高和数字经济的发展进一步放大了绿色金融的积极效应。此外，异质性分析表明，绿色金融对能源转型的影响在南方城市、长江经济带和中小城市更为明显。本研究不仅为理解绿色金融如何通过提高绿色全要素生产率和数字经济发展促进能源效率提供了实证证据，而且为制定支持能源转型的可持续发展政策提供了宝贵见解。

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 Review of Financial Analysis BUSINESS, FINANCE-

CiteScore

10.30

自引率

9.80%

发文量

366

期刊介绍： The International Review of Financial Analysis (IRFA) is an impartial refereed journal designed to serve as a platform for high-quality financial research. It welcomes a diverse range of financial research topics and maintains an unbiased selection process. While not limited to U.S.-centric subjects, IRFA, as its title suggests, is open to valuable research contributions from around the world.