Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective

To respond to global climate change and achieve a “carbon peak” and “carbon neutrality” as soon as possible has become a common goal around the world. Economic growth relies heavily on financial development; indeed, low-carbon economic development is inseparable from financial support. This paper st...

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Autores principales:	Xueyang Liu, Xiaoxing Liu
Formato:	article
Lenguaje:	EN
Publicado:	MDPI AG 2021
Materias:	financial development carbon emissions spatial effects Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
Acceso en línea:	https://doaj.org/article/dd751fafb4554e7295ba8e8925571329
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spelling	oai:doaj.org-article:dd751fafb4554e7295ba8e89255713292021-11-11T19:36:05ZCan Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective10.3390/su1321119122071-1050https://doaj.org/article/dd751fafb4554e7295ba8e89255713292021-10-01T00:00:00Zhttps://www.mdpi.com/2071-1050/13/21/11912https://doaj.org/toc/2071-1050To respond to global climate change and achieve a “carbon peak” and “carbon neutrality” as soon as possible has become a common goal around the world. Economic growth relies heavily on financial development; indeed, low-carbon economic development is inseparable from financial support. This paper studies the impact of financial development on carbon emission intensity and its mechanism from both theoretical and empirical aspects. Based on the 2005–2018 data on Chinese cities and the Spatial Durbin Model (SDM) research results, this paper finds that: (1) Financial development has significantly reduced China’s carbon emission intensity overall. After considering spatial effects, financial development increases local carbon emission intensity, although it may lead to a more significant decrease in the surrounding area. (2) The analysis of heterogeneity shows that only the financial development in the eastern region has a substantial detrimental impact on total carbon emission intensity and the carbon emission intensity of neighboring cities. The financial development in the central and western regions has no significant effect on carbon emission intensity. (3) The mechanism test shows that financial development mainly reduces carbon emission intensity through technological innovation and structural optimization, with the effect of technological innovation being 9.5%, and the effect of structural optimization being 12.15%. The expansion of the consumption effects of financial development has no significant impact on carbon emission intensity. Accordingly, this article believes that it is necessary to further support financial development, build large-scale financial centers, continue to optimize the structure of financial products, and encourage the development of green finance.Xueyang LiuXiaoxing LiuMDPI AGarticlefinancial developmentcarbon emissionsspatial effectsEnvironmental effects of industries and plantsTD194-195Renewable energy sourcesTJ807-830Environmental sciencesGE1-350ENSustainability, Vol 13, Iss 11912, p 11912 (2021)
institution	DOAJ
collection	DOAJ
language	EN
topic	financial development carbon emissions spatial effects Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350
spellingShingle	financial development carbon emissions spatial effects Environmental effects of industries and plants TD194-195 Renewable energy sources TJ807-830 Environmental sciences GE1-350 Xueyang Liu Xiaoxing Liu Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
description	To respond to global climate change and achieve a “carbon peak” and “carbon neutrality” as soon as possible has become a common goal around the world. Economic growth relies heavily on financial development; indeed, low-carbon economic development is inseparable from financial support. This paper studies the impact of financial development on carbon emission intensity and its mechanism from both theoretical and empirical aspects. Based on the 2005–2018 data on Chinese cities and the Spatial Durbin Model (SDM) research results, this paper finds that: (1) Financial development has significantly reduced China’s carbon emission intensity overall. After considering spatial effects, financial development increases local carbon emission intensity, although it may lead to a more significant decrease in the surrounding area. (2) The analysis of heterogeneity shows that only the financial development in the eastern region has a substantial detrimental impact on total carbon emission intensity and the carbon emission intensity of neighboring cities. The financial development in the central and western regions has no significant effect on carbon emission intensity. (3) The mechanism test shows that financial development mainly reduces carbon emission intensity through technological innovation and structural optimization, with the effect of technological innovation being 9.5%, and the effect of structural optimization being 12.15%. The expansion of the consumption effects of financial development has no significant impact on carbon emission intensity. Accordingly, this article believes that it is necessary to further support financial development, build large-scale financial centers, continue to optimize the structure of financial products, and encourage the development of green finance.
format	article
author	Xueyang Liu Xiaoxing Liu
author_facet	Xueyang Liu Xiaoxing Liu
author_sort	Xueyang Liu
title	Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
title_short	Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
title_full	Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
title_fullStr	Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
title_full_unstemmed	Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective
title_sort	can financial development curb carbon emissions? empirical test based on spatial perspective
publisher	MDPI AG
publishDate	2021
url	https://doaj.org/article/dd751fafb4554e7295ba8e8925571329
work_keys_str_mv	AT xueyangliu canfinancialdevelopmentcurbcarbonemissionsempiricaltestbasedonspatialperspective AT xiaoxingliu canfinancialdevelopmentcurbcarbonemissionsempiricaltestbasedonspatialperspective
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Can Financial Development Curb Carbon Emissions? Empirical Test Based on Spatial Perspective

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