School of Economics and Management, China University of Geosciences, Wuhan, 430078, China.
School of Public Policy and Administration, Chongqing University, Chongqing, 400044, China.
Environ Sci Pollut Res Int. 2022 Dec;29(59):89132-89155. doi: 10.1007/s11356-022-21941-0. Epub 2022 Jul 18.
This paper explores the impact of green credit (Cre) on low-carbon transition (Lct) and its influence mechanisms. Theoretically, Cre promotes environmentally induced R&D (ER&D), which in turn affects Lct. Empirically, using a panel data of 30 Chinese provinces and cities from 2004 to 2019, we measure the provincial ER&D and carbon emission performance (Cep), based on which we conduct an econometric analysis. It is observed that Cre promotes Lct (that is, Cre reduces carbon emission and improves Cep). This conclusion still holds after a series of robustness tests and endogeneity treatments. And the impact of Cre on Lct is asymmetrical due to regional differences in physical and geoclimatic characteristics, income levels, and financing constraint levels. Second, ER&D is an important mechanism of action for Cre enhancing Lct. Further analysis reveals that ER&D can affect Lct through energy transition effects and green innovation effects. Finally, the positive effect of Cre on ER&D is significant in high level of Lct regions, but insignificant in low level of Lct regions. Based on this, specific policy recommendations from the perspective of developing Cre and establishing an incentive mechanism for ER&D are put forward.
本文探讨了绿色信贷（Cre）对低碳转型（Lct）的影响及其影响机制。从理论上讲，Cre 促进了环境诱导的研发（ER&D），进而影响了 Lct。实证方面，本文利用 2004 年至 2019 年中国 30 个省、市的面板数据，基于省级环境研发和碳排放绩效（Cep）的测量，进行了计量经济学分析。结果表明，Cre 促进了 Lct（即 Cre 减少了碳排放并提高了 Cep）。在进行了一系列稳健性检验和内生性处理后，这一结论仍然成立。而且，由于物理和地理气候特征、收入水平和融资约束水平的区域差异，Cre 对 Lct 的影响存在不对称性。其次，ER&D 是 Cre 增强 Lct 的一个重要作用机制。进一步的分析表明，ER&D 可以通过能源转型效应和绿色创新效应来影响 Lct。最后，Cre 对 ER&D 的积极影响在 Lct 水平较高的地区显著，但在 Lct 水平较低的地区不显著。基于此，本文从发展 Cre 和建立 ER&D 激励机制的角度提出了具体的政策建议。
