RESUMO
The implementation of green finance is crucial in achieving a reduction in regional emissions. As such, understanding how green finance affects regional emission reduction is essential. Using provincial panel data from 2008 to 2019, we employed the fixed effects model to examine the impact of green finance on regional emission reduction. The empirical results reveal the following: (1) Green finance has a negative effect on sulfur dioxide intensity, and the development of green finance can significantly reduce the emission of regional pollutants. (2) Among the different instruments of green finance, green credit and green investment exhibit more substantial emission reduction effects than green securities and green insurance. (3) The mechanism by which green finance affects regional emission reduction is mainly through the advanced industrial structure and green technology innovation. (4) The development of green finance shows geographical discrepancies: The eastern region of China is more effective in reducing emissions than the central and western regions. To fully maximize the role of green finance in emission reduction, this paper offers pertinent suggestions for strengthening the green financial system, improving the advanced industrial process, increasing investment in green energy technology, and formulating specific development tactics that consider the prominent characteristics of distinct regions.
RESUMO
Traditional urbanization has stimulated economic growth. Meanwhile, it has damaged the natural environment. China has initiated new urbanization to resolve this dilemma. This paper aims to clarify the relationship between new urbanization and environmental pollution and prove new urbanization's superiority in containing environmental pollution. Thus, this paper adopts the static and dynamic spatial Durbin and mediating effect models to estimate the environmental pollution control mechanism of the new urbanization, using the panel data collected from 285 prefecture-level cities in China from 2003 to 2018. Findings show that: (1) Environmental pollution has time inertia and spatial spillover effect. The degree of pollution in an area is related to the environmental quality in the earlier stage and the surrounding areas. (2) The role of new urbanization in containing environmental pollution can take effect in the long run. In the short term, population urbanization can restrain the environmental pollution of both local and surrounding cities. (3) Heterogeneity analysis shows that the higher the level of environmental pollution, the greater the impact of new urbanization on environmental pollution. (4) Mediating effect test shows that technological effect and industrial structure upgrading are two important channels for new urbanization to reduce environmental pollution. (5) Threshold effect test shows that the inhibition effect of new urbanization on environmental pollution is gradually enhanced after crossing the threshold.