Spatial Effects of Financial Agglomeration and Green Technological Innovation on Carbon Emissions

Zhijie Hao, Ziqian Zhao, Zhiwei Pan, Decai Tang (), Meiling Zhao () and Hui Zhang
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Zhijie Hao: Business School, Jiangsu Open University, Nanjing 210036, China
Ziqian Zhao: School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China
Zhiwei Pan: School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China
Decai Tang: School of Management Science and Engineering, Nanjing University of Information Science and Technology, Nanjing 210044, China
Meiling Zhao: Jiangsu Trendy Information Technology Co., Ltd., Nanjing 211800, China
Hui Zhang: Jiangsu Trendy Information Technology Co., Ltd., Nanjing 211800, China

Sustainability, 2025, vol. 17, issue 6, 1-34

Abstract: Financial agglomeration and green technology innovation are important measures to reduce carbon emissions and promote the development of a green economy. Based on the panel data of 30 provinces and cities in China from 2011 to 2020, this paper uses the locational entropy method and the carbon emission coefficient measurement method provided in the IPCC inventory guide to establish a spatial econometric model to explore the specific impact of financial agglomeration and green technology innovation on carbon emission. The results show that (1) both financial agglomeration and green technology innovation will reduce carbon emissions; (2) when considering the spatial effect, financial agglomeration and green technology innovation will effectively reduce carbon emissions; (3) the influence of financial agglomeration and green technology innovation on carbon emissions has regional heterogeneity. Only green technology innovation can significantly reduce carbon emissions in the eastern region. Financial agglomeration and green technology innovation in the central region can significantly reduce carbon emissions. Financial agglomeration in the western region can significantly reduce carbon emissions, but green technology innovation will lead to an increase in carbon emissions. This paper provides useful suggestions for optimizing the financial industry’s structure, improving the level of green technology, and alleviating environmental pollution.

Keywords: green technological innovation; financial agglomeration; carbon emission; spatial measurement (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2025
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