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Carbon finance development, industrial structure and green financial instruments

Author

Listed:
  • Zhao, Chenyuan
  • Lei, Zhaolongyu
  • Zhao, Xu
  • Wang, Yuxuan

Abstract

Based on panel data from 30 provinces (cities) in China from 2006 to 2022, this study empirically analyzes the impact of carbon finance development on the optimization and upgrading of the industrial structure with the moderating effect of green financial instruments. This study constructs a new indicator to evaluate the level of carbon finance from financial environment, energy efficiency, and technological development, and finds that the development of carbon finance has a positive impact on the optimization and upgrading of industrial structure. Green finance instruments such as green loans play a positive role in promoting development. The innovation of this study lies in redefining the indicators of industrial structure optimization across three dimensions: rationalization, advancement, and upgrading of the industrial structure. This innovation is of practical significance in exploring the direction of industrial structure optimization and upgrading.

Suggested Citation

  • Zhao, Chenyuan & Lei, Zhaolongyu & Zhao, Xu & Wang, Yuxuan, 2025. "Carbon finance development, industrial structure and green financial instruments," The North American Journal of Economics and Finance, Elsevier, vol. 78(C).
    • Handle: RePEc:eee:ecofin:v:78:y:2025:i:c:s1062940825000701
    DOI: 10.1016/j.najef.2025.102430
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    More about this item

    Keywords

    Carbon finance; Optimization of industrial structure; Green financial instruments; Green credit;
    All these keywords.

    JEL classification:

    • C12 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Hypothesis Testing: General
    • C51 - Mathematical and Quantitative Methods - - Econometric Modeling - - - Model Construction and Estimation
    • E69 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Other

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