绿色金融可以降低碳排放强度吗？

Can Green Finance Reduce Carbon Emissions Intensity?

摘要: 在第七十五届联合国代表大会上，中国提出力争2030年实现碳达峰，2060年前实现碳中和的目标。金融是实体经济的血脉，绿色金融是引导资金流向绿色产业的关键环节。要实现碳中和目标，发展绿色金融势在必行。在理论分析部分，本文通过梳理现有研究文献，总结当前绿色金融和碳排放强度的研究成果，提出了绿色金融能降低碳排放强度的基本研究假设。在此基础上，本文结合中国绿色金融的具体实践情况，从产业结构升级视角论述了绿色金融助力经济低碳转型的作用路径。在实证研究部分，本文以2008~2019年中国30个省面板数据作为研究样本，结合理论分析部分提出的研究假设，本文通过构建计量经济学模型实证检验分析了绿色金融对中国碳排放强度的影响及其作用机制。本文的实证研究结果显示：(1) 绿色金融能降低中国碳排放强度。(2) 产业结构升级是绿色金融助力经济低碳转型的重要渠道。

Abstract: At the 75th United Nations General Assembly, China proposed to strive for peaking carbon emissions by 2030 and achieving carbon neutrality by 2060. Finance is the lifeblood of the real economy, and green finance is a key link in guiding funds towards green industries. To achieve the goal of carbon neutrality, it is imperative to develop green finance. In the theoretical analysis section, this article summarizes the research findings on green finance and carbon intensity by reviewing existing literature, and proposes the basic research hypothesis that green finance can reduce carbon emissions intensity. Based on this, combined with the specific practice of green finance in China, this article discusses the role of green finance in facilitating the low-carbon transformation of the economy from the perspective of industrial structure upgrading. In the empirical research section, this article takes panel data from 30 provinces in China from 2008 to 2019 as the research sample. Combining the research hypothesis proposed in the theoretical analysis section, this article empirically tests the impact of green finance on China’s carbon emissions intensity and its mechanism. The empirical results of this study show that: (1) Green finance can reduce China’s carbon emissions intensity. (2) Upgrading industrial structure is an important channel for green finance to facilitate the low-carbon transformation of the economy.