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<p>Agricultural decarbonization is central to sustainable development, yet the finance-environment literature still pays limited attention to agricultural emission intensity itself. This article examines whether inclusive finance is systematically associated with lower agricultural emission intensity in a harmonized cross-country panel drawn from FAOSTAT, the IMF Financial Access Survey, the World Bank Global Findex Database, and the World Development Indicators. After standardizing country identifiers and removing aggregate entities, the merged panel covers 194 economies for 2004–2023; the preferred fixed-effects sample includes 114 economies and 1689 country-year observations over 2005–2023. Agricultural emission intensity is measured as farm-gate agricultural emissions per unit of agricultural output. Inclusive finance is decomposed into access and usage in order to distinguish the physical presence of financial infrastructure from the effective use of formal financial services. Two-way fixed-effects estimates indicate that lagged inclusive-finance usage is negatively associated with agricultural emission intensity, whereas access alone is not statistically distinguishable from zero in the baseline specifications. A one-standard-deviation increase in lagged usage corresponds to an approximately 4.7% lower intensity, conditional on controls and fixed effects. Alternative outcome measures, longer lags, a dynamic fixed-effects specification, Driscoll-Kraay inference, winsorization, and alternative index constructions leave the central empirical pattern broadly intact. At the same time, the paper treats these estimates as robust conditional associations rather than causal effects. The national financial indicators used here are not agriculture-specific, and time-varying factors such as policy shifts, technological change, environmental regulation, and institutional reform cannot be ruled out completely. The paper therefore interprets the main finding with restraint: in the available cross-country data, active financial use appears more closely aligned with lower agricultural emission intensity than the mere expansion of physical access.</p>

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Inclusive finance usage is associated with lower agricultural emission intensity across 114 economies

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  • 发表日期：

    2026年6月14日

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  • Haisai Wang

摘要

Agricultural decarbonization is central to sustainable development, yet the finance-environment literature still pays limited attention to agricultural emission intensity itself. This article examines whether inclusive finance is systematically associated with lower agricultural emission intensity in a harmonized cross-country panel drawn from FAOSTAT, the IMF Financial Access Survey, the World Bank Global Findex Database, and the World Development Indicators. After standardizing country identifiers and removing aggregate entities, the merged panel covers 194 economies for 2004–2023; the preferred fixed-effects sample includes 114 economies and 1689 country-year observations over 2005–2023. Agricultural emission intensity is measured as farm-gate agricultural emissions per unit of agricultural output. Inclusive finance is decomposed into access and usage in order to distinguish the physical presence of financial infrastructure from the effective use of formal financial services. Two-way fixed-effects estimates indicate that lagged inclusive-finance usage is negatively associated with agricultural emission intensity, whereas access alone is not statistically distinguishable from zero in the baseline specifications. A one-standard-deviation increase in lagged usage corresponds to an approximately 4.7% lower intensity, conditional on controls and fixed effects. Alternative outcome measures, longer lags, a dynamic fixed-effects specification, Driscoll-Kraay inference, winsorization, and alternative index constructions leave the central empirical pattern broadly intact. At the same time, the paper treats these estimates as robust conditional associations rather than causal effects. The national financial indicators used here are not agriculture-specific, and time-varying factors such as policy shifts, technological change, environmental regulation, and institutional reform cannot be ruled out completely. The paper therefore interprets the main finding with restraint: in the available cross-country data, active financial use appears more closely aligned with lower agricultural emission intensity than the mere expansion of physical access.