Carbon emission–reduction effect of “urban double repair”: does green finance play a moderating role?

IF 10.2 1区经济学 Q1 BUSINESS, FINANCE

International Review of Financial Analysis Pub Date : 2026-10-01 Epub Date: 2026-09-30 DOI:10.1016/j.irfa.2026.105432

Ning Xu, Jian Huang, Yi Zhao, Tianfang Ma, Xiang-Wu Yan

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引用次数: 0

Abstract

Urban double repair (UDR) is a crucial driver of low-carbon and sustainable urban development, yet it has received limited scholarly attention. This study treats the UDR Pilot Policy (UDRPP) as a quasi-natural experiment to examine its impact on urban carbon emissions using panel data from Chinese cities between 2006 and 2019. Results show that UDR significantly reduces urban carbon emissions. Compared with non-UDRPP cities, those implementing UDRPP experience an average reduction of 0.2284 units in carbon emission intensity, while comparable urban renewal policies show no such effect. UDR achieves emission reductions mainly by improving land-use efficiency, enhancing waste treatment capacity, and expanding urban green space. Additionally, we find no robust evidence that green finance strengthens UDR's carbon-reduction effect. The interaction with the aggregate green finance index is statistically insignificant, and several component interactions are positive. UDR's emission-reduction effects are more pronounced in northern, small- and medium-sized, and non–resource-based cities as well as in cities with strong environmental commitment and low fiscal pressure. Conversely, cities designated as smart city or innovation pilots exhibit weaker results. This study offers empirical evidence from China's UDR experience to support global low-carbon sustainable development.

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“城市双修”的碳减排效应：绿色金融是否起到调节作用？

城市双重修复（Urban double repair， UDR）是城市低碳和可持续发展的重要推动力，但学术界对其关注有限。本研究将UDR试点政策（UDRPP）作为准自然实验，利用2006年至2019年中国城市的面板数据，考察其对城市碳排放的影响。结果表明，UDR显著降低了城市碳排放。与未实施UDRPP的城市相比，实施UDRPP的城市碳排放强度平均减少0.2284个单位，而可比的城市更新政策则没有这种效果。UDR主要通过提高土地利用效率、增强废物处理能力和扩大城市绿地来实现减排。此外，我们没有发现有力的证据表明绿色金融增强了UDR的碳减排效应。与绿色金融综合指数的交互作用在统计上不显著，个别成分的交互作用为正。在北方、中小城市、非资源型城市以及环境承诺强、财政压力小的城市，UDR的减排效果更为明显。相反,城市指定为智能城市或创新飞行员表现出较弱的结果。本研究为支持全球低碳可持续发展提供了中国UDR经验的实证证据。

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.