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Impact of green credit policy on energy efficiency: Empirical evidence from heavily polluting enterprises

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  • Pan, Ting
  • Lin, Boqiang

Abstract

Improving energy efficiency (EE) is an important way to realize the low-carbon transformation of heavily polluting enterprises (HPEs). Green credit policy (GCP) environmental governance has emerged as a key energy-saving strategy. The impact and primary mechanisms of GCP on HPEs' EE are examined in this research using a DID model and data from a Chinese corporate tax survey. It also compares how the decisions of relevant stakeholders from local governments, financial markets, and the public affect the correlation between GCP and EE. Research has found that: (1) HPEs' EE can be successfully increased with GCP. (2) The positive relationship between GCP and EE can be positively regulated by the degree of financial market growth and public environmental awareness, while local government environmental regulations play a negative regulatory role. (3) The GCP improves EE through three main channels: reducing energy use, improving environmental information disclosure, and encouraging technological innovation. (4) In areas with high marketization, high energy intensity, and large firms, the impact of GCP is more significant. By assessing the impact of GCP implementation, the paper offers specific recommendations for enhancing the green finance system and encouraging sustainable green development of businesses.

Suggested Citation

  • Pan, Ting & Lin, Boqiang, 2025. "Impact of green credit policy on energy efficiency: Empirical evidence from heavily polluting enterprises," Technological Forecasting and Social Change, Elsevier, vol. 212(C).
    • Handle: RePEc:eee:tefoso:v:212:y:2025:i:c:s0040162525000149
    DOI: 10.1016/j.techfore.2025.123983
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