The Relationship Between Green Finance, Sustainable Technological Innovation and Energy Efficiency
DOI:
https://doi.org/10.13052/spee1048-5236.43212Keywords:
Green finance, sustainable technological innovation, energy efficiency, data envelope, MarquisAbstract
Sustainable technological innovation can promote this progress in finance. This optimization and upgrading of energy efficiency can provide a good energy environment for green development. The collaborative innovation of financial enterprises has brought such development to the tertiary industry, driving the upgrading of consumer demand, and thus promoting the development of green finance. At this same time, sustainable technological innovation will increase investment in environmental protection, reduce energy consumption, promote the reduction of carbon emissions in the financial industry, and accelerate the development of green finance. This paper uses the data envelopment analysis method to calculate the Marquis production efficiency index, examines the dynamic generation efficiency of intertemporal energy input and output, and calculates the energy efficiency of green finance. This article measures and deconstructs energy efficiency at the provincial level, and pays attention to its changes. The study depicted the efficiency distribution of 28 provinces in two stages of the survey period. By using random kernel estimation for two periods during the survey period, dynamic distribution three-dimensional maps and density contour maps of total factor energy productivity, energy utilization efficiency, and energy allocation efficiency growth rates were drawn for the two periods. The results show that the transfer probability group of energy efficiency and its decomposition terms mainly falls near the diagonal, indicating that TFP and its decomposition term growth rate have certain transferability. From 2005 to 2015, the energy utilization efficiency of the seven economic regions has been significantly improved, and the energy efficiency differences in different regions have gradually converged. The energy efficiency of the Yangtze River Delta and the Pearl River Delta is the highest and has been continuously improved, followed by the Beijing Delta, the central region, the northeast region and the southwest region are again in terms of energy efficiency. Compared with provinces with relatively poor industrial structures, provinces with better industrial structures do not have significant advantages in energy efficiency, while provinces with higher levels of technological innovation typically have relatively higher energy efficiency.
Downloads
References
Zhang L, Saydaliev H B, Ma X. Does green finance investment and technological innovation improve renewable energy efficiency and sustainable development goals. Renewable Energy, 2022, 193: 991–1000.
Taskin D, Dogan E, Madaleno M. Analyzing the relationship between energy efficiency and environmental and financial variables: A way towards sustainable development. Energy, 2022, 252: 124045.
Nawaz M A, Seshadri U, Kumar P, et al. Nexus between green finance and climate change mitigation in N-11 and BRICS countries: empirical estimation through difference in differences (DID) approach. Environmental Science and Pollution Research, 2021, 28(6): 6504–6519.
Zhang D, Mohsin M, Rasheed A K, et al. public spending and green economic growth in BRI region: mediating role of green finance. Energy Policy, 2021, 153: 112256.
Taghizadeh-Hesary F, Yoshino N. Sustainable solutions for green financing and investment in renewable energy projects. Energies, 2020, 13(4): 788.
Khan Z, Ali M, Kirikkaleli D, et al. The impact of technological innovation and public-private partnership investment on sustainable environment in China: Consumption-based carbon emissions analysis. Sustainable Development, 2020, 28(5): 1317–1330.
Sun H, Edziah B K, Kporsu A K, et al. Energy efficiency: The role of technological innovation and knowledge spillover. Technological Forecasting and Social Change, 2021, 167: 120659.
Ng A W. From sustainability accounting to a green financing system: Institutional legitimacy and market heterogeneity in a global financial centre. Journal of cleaner production, 2018, 195: 585–592.
Guo Y, Xia X, Zhang S, et al. Environmental regulation, government R&D funding and green technology innovation: Evidence from China provincial data. Sustainability, 2018, 10(4): 940.
Shahbaz M, Raghutla C, Song M, et al. Public-private partnerships investment in energy as new determinant of CO2 emissions: the role of technological innovations in China. Energy Economics, 2020, 86: 104664.
Ionescu L. Leveraging green finance for low-carbon energy, sustainable economic development, and climate change mitigation during the COVID-19 pandemic. Review of Contemporary Philosophy, 2021, 20: 175–187.
Pan X, Ai B, Li C, et al. Dynamic relationship among environmental regulation, technological innovation and energy efficiency based on large scale provincial panel data in China. Technological Forecasting and Social Change, 2019, 144: 428–435.
Song M, Fisher R, Kwoh Y. Technological challenges of green innovation and sustainable resource management with large scale data. Technological Forecasting and Social Change, 2019, 144: 361–368.
Owen R, Brennan G, Lyon F. Enabling investment for the transition to a low carbon economy: Government policy to finance early-stage green innovation. Current opinion in environmental sustainability, 2018, 31: 137–145.
Dikau S, Volz U. Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 2021, 184: 107022.
Wang R, Mirza N, Vasbieva D G, et al. The nexus of carbon emissions, financial development, renewable energy consumption, and technological innovation: what should be the priorities in light of COP 21 Agreements. Journal of Environmental Management, 2020, 271: 111027.
Banga J. The green bond market: a potential source of climate finance for developing countries[J]. Journal of Sustainable Finance & Investment, 2019, 9(1): 17–32.
Kirikkaleli D, Adebayo T S. Do renewable energy consumption and financial development matter for environmental sustainability? New global evidence. Sustainable Development, 2021, 29(4): 583–594.
Guo J, Zhou Y, Ali S, et al. Exploring the role of green innovation and investment in energy for environmental quality: An empirical appraisal from provincial data of China[J]. Journal of Environmental Management, 2021, 292: 112779.
He L, Zhang L, Zhong Z, et al. green credit, renewable energy investment and green economy development: Empirical analysis based on 150 listed companies of China. Journal of cleaner production, 2019, 208: 363–372.
https://aeeeuropeenergy.com/