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The role of green finance in the construction of new energy system: Evidence from China

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  • Lee, Chien-Chiang
  • Li, Jiangnan
  • Wang, Fuhao

Abstract

Under the rapid development of energy transition and new energy technologies, it is of practical significance to construct a new energy system and explore the empowerment mechanism of green finance on the new energy system. This study conducted empirical research, analyzing the specific theoretical mechanism and transmission path of green finance in constructing a new energy system. The research results indicate that green finance directly promotes the construction of a new energy system, further driving the improvement of technical innovation levels, and facilitating the establishment of more environmental protection institutions, thereby indirectly promoting the construction of a new energy system. Additionally, green finance has a stronger promotion effect under conditions of lower openness levels, economic development levels, urbanization rates, and proportions of the tertiary industry. Moreover, under higher government fiscal expenditure conditions, green finance also generates a greater promotion effect. As the development level of the new energy system increases, the marginal impact of green finance first rises, then stabilizes, and ultimately decreases. Within the empirical analysis framework, this paper provides a novel perspective on the empowerment of green finance, contributing to the construction of a new energy system under new development conditions.

Suggested Citation

  • Lee, Chien-Chiang & Li, Jiangnan & Wang, Fuhao, 2024. "The role of green finance in the construction of new energy system: Evidence from China," Energy Economics, Elsevier, vol. 139(C).
    • Handle: RePEc:eee:eneeco:v:139:y:2024:i:c:s0140988324005863
    DOI: 10.1016/j.eneco.2024.107878
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