Yuan Rong, Liao Haoyun, Wang Juan
College of Management and Economics, Chongqing University, Shanzheng Street 174, Chongqing, 400044, China.
College of HongShen, Chongqing University, Shazheneg Street 174, Chongqing, 400044, China.
Environ Sci Pollut Res Int. 2022 Dec;29(58):88224-88239. doi: 10.1007/s11356-022-21930-3. Epub 2022 Jul 13.
Investigating the linkage between financial development (FD) and carbon emissions is important for mitigating climate change. Nevertheless, there is a scarcity of studies investigating how carbon emissions decouple from FD. Here, we investigate the relationship between FD and carbon emissions by using the decoupling model based on cross-province data of China during 2000-2019. Then, we use the decomposition method to analyze the nine drivers of decoupling elasticity of FD and CO emissions. We found that China experienced weak decoupling and strong negative decoupling in most years. Only the finance develops at a very high level; the FD had spare capacities to promote the reduction in the carbon emissions. For example, several developed provinces (e.g., Tianjin, Zhejiang, Guangdong) realized strong decoupling after 2012. The reduction in energy intensity and the increase of foreign direct investment promoted the decoupling of FD from carbon emissions. During the financial recession period, developing a bank-based financial market helped the emissions reduction. Once financial crisis is overcome, developing a market-based financial market promoted the decoupling of FD from emissions. This is because that with the fast FD, the development of stock market contributed to emission reductions through technological improvement, while the bank loans inhibited the decoupling process through the expansion of capital-labor inputs. Overall, these results help in the assessment of the emissions impacts of FD and in addressing climate change problems.
研究金融发展（FD）与碳排放之间的联系对于缓解气候变化至关重要。然而，鲜有研究探讨碳排放如何与金融发展脱钩。在此，我们利用基于2000 - 2019年中国省级数据的脱钩模型，研究金融发展与碳排放之间的关系。然后，我们使用分解方法分析金融发展与碳排放脱钩弹性的九个驱动因素。我们发现，中国在大多数年份经历了弱脱钩和强负脱钩。只有金融发展到非常高的水平，金融发展才有能力促进碳排放的减少。例如，几个发达省份（如天津、浙江、广东）在2012年后实现了强脱钩。能源强度的降低和外国直接投资的增加促进了金融发展与碳排放的脱钩。在金融衰退时期，发展以银行为基础的金融市场有助于减排。一旦克服金融危机，发展以市场为基础的金融市场促进了金融发展与排放的脱钩。这是因为随着金融的快速发展，股票市场的发展通过技术改进有助于减排，而银行贷款则通过扩大资本 - 劳动力投入抑制了脱钩过程。总体而言，这些结果有助于评估金融发展对排放的影响，并有助于应对气候变化问题。
