Green Finance and Urban Ecological Resilience: Institutional, Technological, and Behavioral Mechanisms

Building resilient cities that can survive, adapt, and thrive amid climate and ecological challenges has become a global priority, yet achieving this goal requires adequate financial support. This study investigates the impact of green finance on urban ecological resilience (UER) by exploiting the establishment of China’s Green Finance Reform and Innovation Pilot Zones (GFPZs) as a policy shock. Using a DPSIR-based (driving force–pressure–state–impact–response) evaluation framework and a staggered difference-in-differences approach with panel data from 277 cities (2011–2022), the empirical results show that (1) the GFPZ policy significantly enhances UER; (2) green finance improves UER through three transmission channels—government environmental governance, green technological innovation, and public environmental participation; (3) the policy effects display clear spatial and structural heterogeneity, with stronger impacts in southern, less-developed, and non-traditional industrial cities, as well as positive local effects, negative spatial spillovers, and significant synergies with national big data pilot zones. This study clarifies how financial instruments contribute to building resilient cities and offers insights for embedding green finance into urban ecological strategies.