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<p>Global warming has triggered severe environmental degradation worldwide, prompting China as a green finance pioneer to launch policies for carbon peak and neutrality. This study addresses the need to examine green finance’s impact on China’s Double Carbon Goals. Employing fixed-effects, mediation, spatial heterogeneity models, and DID with 2005 to 2022 provincial data, it analyzes green finance impact on emission reduction mechanisms and pilot policy spillovers. The findings reveal green finance significantly reduces per GDP carbon emissions nationwide via green technology innovation, with stronger impacts in eastern China due to financial foundation disparities. Pilot policies effectively cut emissions in target cities but lack cross-provincial spillovers. The results suggest the sustained green finance implementation, targeted investment in western China’s green financial infrastructure, and city-level policy design to enhance carbon neutrality efficiency and balance regional development.</p>

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Assessing the impact of green finance initiatives on carbon emission reductions in China: a comprehensive analysis at the provincial level

  • 期刊论文

  • 发表日期：

    2025年7月31日

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  • Haiming Yu,
  • Xuchen Luo,
  • Jiale Shao,
  • Yibo Dai,
  • Hayat Khan

摘要

Global warming has triggered severe environmental degradation worldwide, prompting China as a green finance pioneer to launch policies for carbon peak and neutrality. This study addresses the need to examine green finance’s impact on China’s Double Carbon Goals. Employing fixed-effects, mediation, spatial heterogeneity models, and DID with 2005 to 2022 provincial data, it analyzes green finance impact on emission reduction mechanisms and pilot policy spillovers. The findings reveal green finance significantly reduces per GDP carbon emissions nationwide via green technology innovation, with stronger impacts in eastern China due to financial foundation disparities. Pilot policies effectively cut emissions in target cities but lack cross-provincial spillovers. The results suggest the sustained green finance implementation, targeted investment in western China’s green financial infrastructure, and city-level policy design to enhance carbon neutrality efficiency and balance regional development.