Will Pilot Programs to Integrate Technology and Finance Help Cities Improve Their Carbon Emission Efficiency?

As the key driver of economic development, sci-tech finance presents a new opportunity for China’s economic green transformation. This paper employs the difference-in-difference method to examine the influence of sci-tech finance policies on urban carbon emission efficiency. The results show the following: (1) Generally, the technology finance policy can notably enhance urban carbon emission efficiency, and this conclusion remains valid after a series of robustness checks. (2) Mechanism tests indicate that sci-tech finance can promote low-carbon development via innovation, financing, and energy structure channels. (3) Heterogeneity tests reveal that sci-tech finance has a more pronounced impact on emissions reduction in the eastern regions, areas with strict environmental regulations, regions with a higher degree of marketization, and non-resource-based cities. (4) A spatial Durbin model was employed to analyze the spatial spillover effects of science and technology finance. (5) The Double Machine Learning (DML)model was used for verification and inspection, and found that sci-tech is conducive to improving the carbon emission efficiency of cities. Finally, this study offers policy recommendations, including formulating region-specific implementation guidelines for the growth of sci-tech finance, taking into account the distinct features of each area.