Abstract
China’s main energy structure is dominated by coal. The burning of coal is a major source of greenhouse gas emissions, making China the largest carbon emitter. Facing double pressure on ecological protection and economic development, improving energy efficiency is more practical than reducing coal utilization. In this context, digital finance can be a vital engine that supports a transition to a low-carbon economy. Based on panel data for 2011 to 2019 of 30 provinces in China, this study probes the effect of digital finance on the total factor energy efficiency and constructs a moderated mediating effect model to analyze the mechanism of action. The results show that: (1) digital finance is able to improve the total factor energy efficiency, (2) the industrial structure plays a mediating effect, which is regionally heterogeneous, and (3) the above transmission path is affected by the degree of regional resource dependence. With the deepening of resource dependence, the role of digital finance in driving energy efficiency through the industrial structure is enhanced. This research demonstrates the effectiveness of digital finance in energy efficiency improvement and develops ideas for ecological governance and sustainable development.
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