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Towards Paris Climate Agreement goals: The essential role of green finance and green technology

Author

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  • Li, Tianyu
  • Yue, Xiao-Guang
  • Qin, Meng
  • Norena-Chavez, Diego

Abstract

Probing the essential role of green finance (GF) and green technology (GT) is crucial to achieving the Paris Climate Agreement goals. The investigation utilises the wavelet-based quantile-on-quantile regression method to capture the comprehensive interrelation among GF, GT and the progress towards Paris Climate Agreement goals (PCA). The quantitative analyses indicate that GF and GT exert favourable impacts on PCA at the high and low quantiles in the short run, underlining that green finance and green technology could facilitate the realisation of Paris Climate Agreement goals, but the adverse effects in several cases contradict this opinion. In addition, GF and GT's positive and negative impacts on PCA are weakened in the medium term, and their stimulatory effects are also shown in the long-run scenario. Through comparing the impacts of GF and FT on PCA, and find that green finance contributes more towards the Paris Climate Agreement goals than green technology. Against the backdrop of increasingly severe climate changes and risks, these discussions could put forward meaningful lessons to realise the Paris Climate Agreement goals by developing green finance and green technology.

Suggested Citation

  • Li, Tianyu & Yue, Xiao-Guang & Qin, Meng & Norena-Chavez, Diego, 2024. "Towards Paris Climate Agreement goals: The essential role of green finance and green technology," Energy Economics, Elsevier, vol. 129(C).
    • Handle: RePEc:eee:eneeco:v:129:y:2024:i:c:s0140988323007715
    DOI: 10.1016/j.eneco.2023.107273
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    Keywords

    Paris Climate Agreement goals; Green finance; Green technology; Quantile on quantile regression; Wavelet analysis;
    All these keywords.

    JEL classification:

    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • Q55 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environmental Economics: Technological Innovation
    • C32 - Mathematical and Quantitative Methods - - Multiple or Simultaneous Equation Models; Multiple Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models; Diffusion Processes; State Space Models

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