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Nurturing nature: The role of green finance in reviving urban biodiversity

Author

Listed:
  • Gao, Zhiyuan
  • Zhao, Ying
  • Li, Lianqing
  • Hao, Yu

Abstract

China's green finance (GF) policies have been progressively implemented and strengthened, positioning GF as a pivotal catalyst for biodiversity enhancement. This study employs the GF Innovation and Reform Zones as a quasi-experimental setting to examine the influence and underlying mechanisms of GF on biodiversity, utilizing data from 278 Chinese cities. The findings indicate that GF markedly improves urban biodiversity. Heterogeneity analysis reveals that GF positively impacts biodiversity in western cities, cities with advanced economic development, resource-centric cities, and small to medium-sized urban centers. Mechanism tests identify ecological value realization and climate change as key pathways through which GF augments biodiversity levels. Given the intricate nature and pressing need for biodiversity conservation, this study offers a theoretical framework for leveraging GF in biodiversity preservation efforts.

Suggested Citation

  • Gao, Zhiyuan & Zhao, Ying & Li, Lianqing & Hao, Yu, 2025. "Nurturing nature: The role of green finance in reviving urban biodiversity," The Quarterly Review of Economics and Finance, Elsevier, vol. 102(C).
    • Handle: RePEc:eee:quaeco:v:102:y:2025:i:c:s1062976925000468
    DOI: 10.1016/j.qref.2025.102005
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    Keywords

    Green finance; Biodiversity; Climate change; Ecological value realization;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • R51 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - Regional Government Analysis - - - Finance in Urban and Rural Economies
    • Q57 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Ecological Economics

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