Research on the Impact of Green Finance on Carbon Emissions under the Background of “Dual Carbon” Goals

Abstract

 It is of great significance to clarify the influence of green finance on carbon neutralization and quantify the influence of green finance on carbon emission in our country for better realizing government goals and realizing the economic benefits of carbon market. This paper uses the sample data from 2013 to 2021 to establish a VAR model to study the dynamic effects of green credit, green securities and green investment on carbon emission intensity. The results show that green credit, green securities and green investment have inhibitory effects on carbon emission intensity in different periods. Green investment and green securities have a fast inhibitory effect, but green investment does not have a long-term effect. The effect of green credit is slow, but it is long-term. The contribution of green credit to reducing carbon emission intensity is more than 50% at the highest, while that of green securities is less than 20%. The development of green securities is far from enough. Therefore, attention should be paid to the coordinated development of various financing means and the innovation of green financial products to promote the development of green finance, so as to achieve the goal of carbon neutrality more quickly.