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Can digital transformation influence the development of green finance? The role of green technology innovation and energy efficiency

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  • Lu, Ke
  • Liu, Runke

Abstract

Over the past few years, digital transformation and green finance have emerged as pivotal drivers of economy transitions toward high-quality development. However, the mechanisms underlying digital transformation and green finance remain unclear. Thus, this study aims to investigate how digital transformation shapes green finance. In addition, the mediating role of green technology innovation and the moderating role of energy efficiency are examined. Using panel data from 31 Chinese provincial regions spanning from 2011 to 2023, an empirical analysis is conducted with methods of baseline regression, quantile regression, mediating effect model, moderating effect model, and spatial Durbin model. The main empirical findings are as follows. (1) Digital transformation significantly promotes green finance and generates a significant positive spatial spillover effect on neighboring regions. (2) The effect of digital transformation on green finance is mediated by green technology innovation, and energy efficiency nonlinearly moderates this relationship, weakening the effect at low levels but strengthening it at high levels. (3) The influence of digital transformation on green finance is heterogeneous across regions, with the effect being more pronounced in the southeast regions, regions identified as digital transformation follower, and after announcement of the Double-Carbon Policy in 2020. Consequently, this study offers both theoretical and practical insights for better understanding the relationship between digital transformation and green finance.

Suggested Citation

  • Lu, Ke & Liu, Runke, 2026. "Can digital transformation influence the development of green finance? The role of green technology innovation and energy efficiency," Energy, Elsevier, vol. 348(C).
    • Handle: RePEc:eee:energy:v:348:y:2026:i:c:s0360544226006717
    DOI: 10.1016/j.energy.2026.140568
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    JEL classification:

    • O3 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights

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