Green Climate Finance Development and Environmental Air Quality Improvement: Unveiling the Role of Green Technological Progress and Industrial Symbiotic Agglomeration

Jiazhan Gao, Guihong Hua and Baofeng Huo

Business Strategy and the Environment, 2025, vol. 34, issue 2, 1669-1690

Abstract: Green finance represents a transformative approach within the financial sector, markedly influencing both economic growth and environmental stewardship. This study analyzes data spanning 2006 to 2020 from 278 Chinese cities to explore green climate finance (GCF) development's effects on environmental air quality and its operative mechanisms. Results demonstrate a significant positive correlation between GCF development and environmental air quality enhancements. The mediation effect analysis underscores the critical roles of industrial symbiotic networks and green technological progress in facilitating air quality improvements through GCF development. Further investigations delineate a more substantial influence of GCF development on air quality in resource‐dependent and larger urban areas. Non‐linear dynamics between GCF development and air quality enhancements are elucidated through threshold model investigations, indicating varying levels of GCF development effectiveness. This study provides valuable empirical insights for financial policy formulation concerning air quality management and carries profound implications for both theoretical understanding and practical application in the economic and environmental realms.

Date: 2025
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