Does the synergy between fintech and green finance lead to the enhancement of urban green total factor energy efficiency? Empirical evidence from China.

Against the dual backdrop of the intensification of global climate change and the deepening of sustainable development goals, enhancing the green total factor energy efficiency (GTFEE) of cities has emerged as a crucial pathway to achieve the transition towards a low-carbon economy. Exploring the impact of the synergistic development of fintech and green finance on GTFEE not only helps to expand the theoretical boundaries of green economic growth but also provides policymakers with new dimensions for decision-making. In this paper, a two-way fixed effects model and a Spatial Durbin Model are employed to investigate the temporal and spatial impacts of the synergistic development of fintech and green finance on the GTFEE of cities. Furthermore, from the perspective of exogenous policy shocks, a Difference-in-Differences (DID) model is used to explore the policy impacts on the GTFEE of cities brought about by the synergistic implementation of the establishment of a Big Data Bureau and green finance policies. The findings reveal that: (1) The synergistic development of fintech and green finance can substantially augment the urban GTFEE. (2) The synergy between fintech and green finance can significantly enhance the GTFEE in non-resource-based cities, those with high innovation and entrepreneurship levels, and cities in the servitization stage. (3) The synergistic development of fintech and green finance exhibits a pronounced positive spatial spillover effect on GTFEE. (4) Regarding the relation between fintech-green finance synergy and urban GTFEE, environmental regulation has an inverted U-shaped moderating effect, industrial agglomeration a U-shaped one, and financial development level a significant single-threshold facilitating effect. (5) The results of the dual-policy shock analysis indicate that the synergistic implementation of the establishment of Big Data Bureaus and green finance policies inhibits the improvement of urban GTFEE. This study provides empirical evidence from China, contributing to the improvement of the synergistic implementation of financial-related policies and the enhancement of urban energy efficiency.