School of Economics, Zhongnan University of Economics and Law, Wuhan, Hubei, China.
Environ Sci Pollut Res Int. 2023 Apr;30(19):56879-56892. doi: 10.1007/s11356-023-26376-9. Epub 2023 Mar 16.
Green credit policy is the primary means for financial institutions to fulfill their environmental responsibilities. It is an issue worthy of attention whether green credit policy can achieve the effect of energy conservation, efficiency improvement, pollution reduction, and carbon reduction. This study uses the difference-in-difference method to test the impact of green credit policy on energy efficiency. The results show that green credit policy led to a significant decrease in energy intensity of green credit-restricted sectors while impeding the advancement of green total factor energy efficiency. The heterogeneity results show that the energy efficiency of large-scale, light textile manufacturing, resource processing industries, and clean industries are more significantly affected. Green credit policy can achieve energy conservation and has a linkage effect on pollution and carbon reduction. Although the constraint effect of green credit policy has effectively suppressed energy intensity, it also leads some industries to face a vicious cycle of "enhanced financing constraints-weakened innovation impetus," which in turn makes it challenging to improve green total factor energy efficiency. The above findings confirm the effectiveness of green credit policy in energy conservation and emission reduction. Also, they indicate the necessity of further improvement of the green financial policy system.
绿色信贷政策是金融机构履行环境责任的主要手段。绿色信贷政策能否达到节能减排、降碳的效果，值得关注。本文采用双重差分法检验绿色信贷政策对能源效率的影响。结果表明，绿色信贷政策导致绿色信贷受限部门的能源强度显著下降，同时阻碍了绿色全要素能源效率的提高。异质性结果表明，大规模、轻纺制造业、资源加工产业和清洁产业的能源效率受到的影响更为显著。绿色信贷政策可以实现节能减排，并且对污染和碳减排具有联动效应。虽然绿色信贷政策的约束效应有效地抑制了能源强度，但也导致一些行业面临“融资约束增强-创新动力减弱”的恶性循环，进而难以提高绿色全要素能源效率。上述发现证实了绿色信贷政策在节能减排方面的有效性，同时也表明有必要进一步完善绿色金融政策体系。
