Comparison between inclusive finance and green finance in alleviating energy poverty and the mediating role of energy structure

Drawing on panel data from 30 Chinese provinces from 2011 to 2017, this study investigates the comprehensive impact of inclusive finance and green finance on energy poverty, along with the mechanisms through which these effects occur. The findings demonstrate that both inclusive finance and green finance significantly alleviate energy poverty. Inclusive finance primarily influences energy poverty through income and consumption effects, while green finance contributes by improving energy efficiency and supporting the transition to low-carbon energy sources. Moreover, a synergistic effect exists between inclusive and green finance, with inclusive finance fostering the development of green finance—an effect that becomes more pronounced with increased investment in science and technology. Heterogeneity analysis reveals that inclusive finance has a greater impact in the western region, whereas green finance exerts stronger influence in the eastern region, highlighting differences in their operative mechanisms and levels of regional economic development. Building on existing literature concerning the relationship between financial inclusivity and energy structure, this study further explores their nonlinear relationship and examines the roles of energy consumption and technological advancement in this dynamic. The paper concludes with policy recommendations based on the combined effects of inclusive and green finance on energy poverty.