China's renewable reformation: Financial dynamics in the age of hydrogen energy and green financing transformation

China has rapidly transformed its energy landscape over the past few decades, shifting towards sustainable energy sources and green financing mechanisms. However, despite the country's ambitious commitment to renewable energy and green finance, regional disparities in financial accessibility and renewable energy investments persist. The efficiency of green financing instruments in fostering hydrogen energy adoption and sustainable energy infrastructure remains underexplored. This study investigates the financial dynamics underpinning China's renewable energy transition, with a particular focus on hydrogen energy and green financing from 1990 to 2023. Using an econometric model, panel data from 30 provinces are analyzed to assess the impact of financial incentives, investment patterns, and policy interventions on renewable energy development. The findings reveal that green financing policies have significantly boosted hydrogen energy investments, particularly in industrial and high-tech sectors, yet regional disparities remain evident, with coastal provinces benefiting more from financial instruments than inland regions. Financial incentives, such as subsidies and tax benefits, have driven technological advancements and increased renewable energy adoption, while market-based carbon pricing mechanisms have positively influenced investment in hydrogen and renewable energy projects. The econometric model further confirms a strong correlation between green credit availability and renewable energy infrastructure development. Based on these insights, the study underscores the need for enhanced financial accessibility and policy coordination across provinces to bridge regional disparities and ensure an equitable and accelerated transition to renewable energy in China.