The charm of green finance: Can green finance reduce corporate carbon emissions?

Xin Zhao, Ramzi Benkraiem (), Mohammad Zoynul Abedin and Silu Zhou
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Xin Zhao: Shaanxi Province Key Laboratory of Thin Films Technology & Optical Test, School of Opto-electronic Engineering - Xi'an Technological University
Ramzi Benkraiem: Audencia Business School
Mohammad Zoynul Abedin: Teesside University

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Abstract: The "dual carbon" approach, which emphasizes support for environmentally friendly development and green transition, has reignited passion for green finance. Simultaneously, green finance has progressively emerged as a pivotal approach for addressing climate challenges. The paper develops green finance indicators for Chinese provinces and carbon emission indicators for 2001–2020 A-share listed enterprises. Green financing has been proven to lessen carbon output by upgrading industrial constructure and technological advancement from macroscopical view. On the micro level, carbon emissions can be reduced through three channels: financing effect, innovation effect and external supervision effect. Further research shows that green finance has worse emission reduction results on enterprises in heavy polluting industries and resource-based industries. However, the reduction effect is better for enterprises with high capital intensity and high local marketization level. This conclusion has important guiding significance for the global government on how to achieve the "double carbon" goal through green finance reasonably and effectively.

Keywords: green finance; corporate carbon emissions (search for similar items in EconPapers)
Date: 2024-05
Note: View the original document on HAL open archive server: https://hal.science/hal-04925274v1
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Published in Energy economics, 2024, 134, pp.107574. ⟨10.1016/j.eneco.2024.107574⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-04925274

DOI: 10.1016/j.eneco.2024.107574

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