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Research on the accelerating effect of green finance on the transformation of energy consumption in China

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  • Liu, Qingrui
  • Tang, Lu

Abstract

In the face of global climate change, accelerating the transformation of energy consumption is key. This paper constructs intermediary effect and threshold effect models to empirically test the impact mechanism of urbanization on energy consumption transformation. The results show that an increase in the urbanization rate can reduce energy consumption. The development of green finance helps improve the traditional energy consumption structure dominated by fossil energy consumption through the intermediary effect. When the urbanization rate enters the high threshold range, the negative impact of green financial development on fossil energy is significantly enhanced. The research conclusion shows that with continuous improvement in the urbanization rate, the development of green finance can accelerate the transformation of traditional energy consumption, which is conducive to the realization of the goals of “reaching carbon peak by 2030 and carbon neutrality by 2060″ proposed by the Chinese government.

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  • Liu, Qingrui & Tang, Lu, 2022. "Research on the accelerating effect of green finance on the transformation of energy consumption in China," Research in International Business and Finance, Elsevier, vol. 63(C).
    • Handle: RePEc:eee:riibaf:v:63:y:2022:i:c:s027553192200157x
    DOI: 10.1016/j.ribaf.2022.101771
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    6. Xueyang Wang & Xiumei Sun & Mahmood Ahmad & Jiawei Chen, 2024. "RETRACTED ARTICLE: Towards high-quality energy development: role of trade liberalization," Economic Change and Restructuring, Springer, vol. 57(1), pages 1-36, February.
    7. Zhu, Zhongwei & Hua, Qian & Xu, Shuai & Lin, Weiwei, 2025. "The mechanism of green finance in promoting China's new quality productive forces: Technological innovation and data factor," Research in International Business and Finance, Elsevier, vol. 79(C).
    8. Ping Lin & Dixin Cai & Qingfeng Geng & Junbing Xu, 2025. "From Green to Gold: the cash management impact of China’s new diversified green finance policy," Humanities and Social Sciences Communications, Palgrave Macmillan, vol. 12(1), pages 1-14, December.
    9. Yang Li & Kunlin Zhu & Xianghui Li & Zunirah Mohd Talib & Brian Teo Sheng Xian, 2023. "Dynamic Pattern and Evolution Trend of the New Four Modernizations Synchronous Development in China: An Analysis Based on Panel Data from 31 Provinces," Sustainability, MDPI, vol. 15(8), pages 1-26, April.
    10. Umar, Zaghum & Hadhri, Sinda & Abakah, Emmanuel Joel Aikins & Usman, Muhammad & Umar, Muhammad, 2024. "Return and volatility spillovers among oil price shocks and international green bond markets," Research in International Business and Finance, Elsevier, vol. 69(C).
    11. Dong, Xiaotian & Wang, Kai-Hua & Tao, Ran & Sorana, Vătavu & Moldovan, Nicoleta-Claudia, 2024. "Is there a relationship between climate policy uncertainty and green finance? Evidence from bootstrap rolling window test," Economic Analysis and Policy, Elsevier, vol. 82(C), pages 277-289.
    12. Wang, Peijia & Xu, Xuelu, 2025. "Green finance and energy efficiency improvement: The role of green innovation and industrial upgrading," Innovation and Green Development, Elsevier, vol. 4(1).
    13. Wenqing Zhang & Jingrong Dong, 2023. "The Polarization Effect and Mechanism of China’s Green Finance Policy on Green Technology Innovation," Sustainability, MDPI, vol. 15(13), pages 1-26, June.
    14. Lee, Chien-Chiang & Xuan, Chengnan & Wang, Fuhao & Wang, Keying, 2024. "Path analysis of green finance on energy transition under climate change," Energy Economics, Elsevier, vol. 139(C).
    15. Ha, Le Thanh & Bouteska, Ahmed & Sharif, Taimur & Abedin, Mohammad Zoynul, 2024. "Dynamic interlinkages between carbon risk and volatility of green and renewable energy: A TVP-VAR analysis," Research in International Business and Finance, Elsevier, vol. 69(C).
    16. Lee, Chien-Chiang & Wang, Chang-song & He, Zhiwen & Xing, Wen-wu & Wang, Keying, 2023. "How does green finance affect energy efficiency? The role of green technology innovation and energy structure," Renewable Energy, Elsevier, vol. 219(P1).
    17. La Torre, Mario & Leo, Sabrina & Palma, Alessia & Zapata, Jenny Daniela Salazar, 2024. "Public spending and green finance: A systematic literature review," Research in International Business and Finance, Elsevier, vol. 68(C).
    18. Wang, Chonghao & Lin, Boqiang, 2024. "Does industrial relocation impact green economic efficiency? Evidence from China’s energy-intensive industries," Research in International Business and Finance, Elsevier, vol. 70(PB).
    19. Feng, Chao & Zhong, Siqi & Wang, Miao, 2024. "How can green finance promote the transformation of China's economic growth momentum? A perspective from internal structures of green total-factor productivity," Research in International Business and Finance, Elsevier, vol. 70(PA).
    20. Jovović, Jelena & Popović, Saša, 2025. "Investigating volatility spillovers: Connectedness between green bonds, conventional bonds, and energy markets," Research in International Business and Finance, Elsevier, vol. 76(C).
    21. Xu, Ting & Xuan, Siyuan & Xuan, Xiaoqin, 2025. "Green finance as a catalyst for energy transition: Green total factor productivity and digital economy," International Review of Financial Analysis, Elsevier, vol. 107(C).

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