Can green finance improve China's haze pollution reduction? The role of energy efficiency

Abstract

Green finance is crucial to advancing the decrease of haze pollution in my nation as a new kind of environmental governance. This research constructs a comprehensive evaluation system of green finance to analyze the impact of green finance on haze pollution reduction and to consider the mediating role of energy efficiency in 30 provinces and regions in China. Through a series of robustness tests, the mechanism and path of green finance on haze pollution reduction are confirmed. The main conclusions are as follows: First, the development of green finance has a positive effect on haze pollution reduction. Second, the upgrading of industrial structure and the improvement of technological level are important paths for green finance to promote haze pollution reduction, and can also have an indirect impact through energy efficiency. The moderating and mediating effects of energy efficiency and green finance can effectively promote the reduction of haze pollution. In other words, the development of green finance can achieve the goal of reducing haze pollution by improving energy efficiency. Third, there is regional heterogeneity in green finance for haze pollution reduction, and regions with high levels of green finance are more effective in reducing haze pollution. Fourth, environmental Supervision, environmental decentralization and average wind speed can promote haze pollution reduction, economic development to some extent exacerbated the haze pollution. Based on the above research conclusions, this paper puts forward corresponding countermeasures and suggestions.