Can financial inclusion facilitate carbon neutrality in China? The role of energy efficiency
2022
Dong, J. J. | Dou, Yue | Jiang, Qingzhe | Zhao, Jun
With the vigorous popularization of inclusive finance, its carbon emission-reduction effect deserves great attention. For this purpose, we check the spatial effect of financial inclusion on carbon dioxide (CO₂) emissions by building a composite index of financial inclusion. After conducting a series of robust tests, we also examine how energy efficiency adjusts and affects the financial inclusion-CO₂ nexus. The primary findings highlight that: (i) China's financial inclusion is positively correlated with the greenhouse effect; in other words, increased inclusive finance cannot facilitate carbon emission reduction; (ii) the interaction and synergy between energy efficiency and financial inclusion can effectively weaken the promotion effect of financial inclusion on carbon emissions and enhance the reduction effect of energy efficiency; and (3) in addition to the direct effect, China's financial inclusion can also facilitate greenhouse effect by impeding the innovation of energy technologies. Following the three results, we propose the corresponding policy implications.
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