Wenzhou Business College, Wenzhou, 325035, China.
Business School, Zhengzhou University, Zhengzhou, 450001, China.
J Environ Manage. 2024 Nov;370:122631. doi: 10.1016/j.jenvman.2024.122631. Epub 2024 Sep 24.
The implementation of green financial reform and innovation pilot zones is a pivotal initiative aimed at directing financial resources more effectively towards green transformation and national sustainable development strategy. To this end, this study adopts a dual machine learning model to examine the effect of this pilot policy on energy intensity and the underlying mechanisms, drawing upon data from 254 cities in China spanning from 2006 to 2019. The conclusions obtained confirm that the establishment of these pilot zones has exerted a substantial impact on mitigating energy intensity. This inhibitory effect is particularly evident in cities with lower administrative levels, cities in western regions, smaller and medium-sized cities, and cities dominated by the secondary industry. It should be emphasized that the reduction in energy intensity is achieved through fostering green technology innovation and enhancing green financial development. The results not only provide empirical evidence for the effectiveness of green finance pilot policies in reducing energy intensity, thereby enriching the inclusive impact of financial innovation, but also offer practical insights for strengthening the green financial system and replicating and expanding the pilot zones.
绿色金融改革创新试验区的实施是一项重要举措，旨在更有效地引导金融资源向绿色转型和国家可持续发展战略倾斜。为此，本研究采用双重机器学习模型，利用 2006 年至 2019 年中国 254 个城市的数据，检验了该试验区政策对能源强度的影响及其作用机制。研究结果证实，这些试验区的建立对降低能源强度产生了实质性影响。这种抑制作用在行政级别较低的城市、西部地区的城市、中小城市和以第二产业为主导的城市中尤为明显。需要强调的是，能源强度的降低是通过促进绿色技术创新和加强绿色金融发展来实现的。研究结果不仅为绿色金融试验区政策在降低能源强度方面的有效性提供了经验证据，从而丰富了金融创新的包容性影响，还为加强绿色金融体系以及复制和扩大试验区提供了实践启示。
