A study on the impact mechanism and spatial spillover effects of green finance policies on rural clean energy deficiency

Jiazhan Gao (), Xiaojing Liu () and Baofeng Huo
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Jiazhan Gao: Jiangsu Normal University
Xiaojing Liu: Jiangsu Normal University
Baofeng Huo: Zhejiang University

Economic Change and Restructuring, 2025, vol. 58, issue 5, No 1, 35 pages

Abstract: Abstract The growing scarcity of rural clean energy has emerged as a critical bottleneck in global energy governance and sustainable development. To investigate the specific mechanisms through which green finance policies can alleviate this issue, this study constructs a multidimensional rural clean energy deficiency index using rural panel data from China spanning 2000 to 2022. Employing a difference-in-differences approach, we empirically assess the impact of the green finance reform and innovation pilot zone policy (GFRP). Our findings reveal that GFRP significantly improves rural clean energy conditions. A series of placebo and robustness tests further confirm the reliability of this conclusion. Mechanism analysis indicates that GFRP mitigates rural clean energy deficiency by promoting the development of rural energy infrastructure and enhancing non-agricultural employment. Furthermore, spatial econometric models uncover significant spillover effects: the positive impacts of the policy extend beyond the pilot regions into adjacent areas. Overall, this study contributes to the literature on green finance and sustainable rural energy development while offering practical insights for policymakers aiming to refine the green finance framework and construct a fair and efficient energy structure. Future policy implementations should emphasize cross-regional collaboration and multi-stakeholder coordination to achieve a broader and more profound green transition and rural revitalization.

Keywords: Green finance policy; Clean energy deficiency; Spatial spillover; Energy infrastructure; Non-agricultural employment (search for similar items in EconPapers)
Date: 2025
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DOI: 10.1007/s10644-025-09903-1

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