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Green finance, green innovation and carbon intensity

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  • Li, Qi
  • Lei, Hanyun
  • Yu, Minggui

Abstract

This study investigates the impact of green finance and green patents on carbon intensity using panel data from China between 2007 and 2022. We begin by analyzing the direct effects of green finance and green patents, finding that green finance plays a significant role in reducing carbon intensity. Among the six types of green financial instruments, green credit, investment, insurance, and subsidies show stronger effects, while green equity and bonds exhibit weaker or insignificant impacts. Furthermore, we explore the moderating role of green patents and find that green technological innovation significantly enhances the emissions reduction effects of green finance. Finally, our spatial econometric analysis reveals that green finance not only reduces carbon emissions within the local jurisdiction but also exerts positive spillover effects on surrounding regions. By integrating direct effects, moderating mechanisms, and spatial spillovers, this study provides a comprehensive understanding of the green finance–technology–emissions nexus and offers valuable empirical evidence to guide future policy formulation.

Suggested Citation

  • Li, Qi & Lei, Hanyun & Yu, Minggui, 2025. "Green finance, green innovation and carbon intensity," International Review of Financial Analysis, Elsevier, vol. 106(C).
    • Handle: RePEc:eee:finana:v:106:y:2025:i:c:s1057521925006374
    DOI: 10.1016/j.irfa.2025.104550
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