Abstract
Combating climate change has emerged as a critical mandate for sustainable development, particularly among the top polluters. Green financial instruments have become popular in this regard as the world is shifting to a low-carbon economy to curb global environmental deterioration. This study assesses how renewable energy and two major green financial instruments, green credits (TLBs) and green securities (CAPs), affect environmental quality during the 1992Q1–2020Q4 period. We focused on China, the world’s second-largest economy and one of the main CO2 emitters, as a case study from which other countries can adjust their green policies to sustainable development. In a comparative analysis, we mainly employed the method of moments-quantile regression (MM-QR) with the fixed-effects model and Granger’s spectral causality in the frequency domain. First, the results revealed that green securities effectively reduced CO2 emissions in all regions at all quantiles than green credits that mainly improved environmental quality in the eastern region, unlike the central and western regions in most cases. Second, we found disparate and asymmetrical effects of the size of TLBs and CAPs on CO2 emissions across provinces. Third, renewable energy consumption enhanced environmental quality in all provinces. In contrast, economic growth, oil prices, urbanization, trade openness, and foreign direct investments have heterogeneous effects over time on CO2 emissions across provinces. Accordingly, based on the special characteristics of each region, our findings imply heterogeneous and specific green policies for sustainable development over time.
This is a preview of subscription content, log in via an institution to check access.
Similar content being viewed by others
Availability of data and materials
The datasets used and/or analyzed during the current study are available from the China Stock Market & Accounting Research Database (CSMAR) and the Wind database.
Notes
According to Turner et al. (2012), the consolidated assets of the banking system reached about 240% of GDP and domestic credit was equivalent to 145% of GDP in 2011.
References
Abbasi, M. A., Parveen, S., Khan, S., & Kamal, M. A. (2020). Urbanization and energy consumption effects on carbon dioxide emissions: Evidence from Asian-8 countries using panel data analysis. Environmental Science and Pollution Research, 27(15), 18029–18043. https://doi.org/10.1007/s11356-020-08262-w
Abumunshar, M., Aga, M., & Samour, A. (2020). Oil price, energy consumption, and CO2 emissions in Turkey new evidence from a bootstrap ARDL test. Energies, 13(21), 5588. https://doi.org/10.3390/en13215588
Akan, T., Gündüz, H. İ, Vanlı, T., Zeren, A. B., Işık, A. H., & Mashadihasanli, T. (2023). Why are some countries cleaner than others? New evidence from macroeconomic governance. Environment, Development and Sustainability, 25(7), 6167–6223.
Akram, R., Chen, F., Khalid, F., Huang, G., & Irfan, M. (2021). Heterogeneous effects of energy efficiency and renewable energy on economic growth of BRICS countries: a fixed effect panel quantile regression analysis. Energy, 215, 119019.
Anwar, A., Siddique, M., Dogan, E., & Sharif, A. (2021). The moderating role of renewable and non-renewable energy in environment-income nexus for ASEAN countries: Evidence from method of moments quantile regression. Renewable Energy, 164, 956–967. https://doi.org/10.1016/j.renene.2020.09.128
Anwar, A., Younis, M., & Ullah, I. (2020). Impact of urbanization and economic growth on CO2 emission: A case of far east Asian countries. International Journal of Environmental Research and Public Health, 17(7), 2531. https://doi.org/10.3390/ijerph17072531
Apergis, N., Jebli, M. B., & Youssef, S. B. (2018). Does renewable energy consumption and health expenditures decrease carbon dioxide emissions? Evidence for sub-Saharan Africa countries. Renewable Energy, 127, 1011–1016. https://doi.org/10.1016/j.renene.2018.05.043
Assamoi, G. R., Wang, S., Liu, Y., & Gnangoin, Y. T. B. (2020). Investigating the pollution haven hypothesis in Cote d’Ivoire: Evidence from autoregressive distributed lag (ARDL) approach with structural breaks. Environmental Science and Pollution Research, 27, 16886–16899.
Assamoi, G. R., Wang, S., Liu, Y., Gnangoin, T. B. Y., Kassi, D. F., & Edjoukou, A. J. R. (2020a). Dynamics between participation in global value chains and carbon dioxide emissions: Empirical evidence for selected Asian countries. Environmental Science and Pollution Research, 27(14), 16496–16506. https://doi.org/10.1007/s11356-020-08166-9
Awan, U., Sroufe, R., & Bozan, K. (2022). Designing value chains for industry 40 and a circular economy: A review of the literature. Sustainability, 14(12), 7084. https://doi.org/10.3390/su14127084
Awan, U., Gölgeci, I., Makhmadshoev, D., & Mishra, N. (2022). Industry 4.0 and circular economy in an era of global value chains: What have we learned and what is still to be explored? Journal of Cleaner Production, 371, 133621. https://doi.org/10.1016/j.jclepro.2022.133621
Bersvendsen, T., & Ditzen, J. (2021). Testing for slope heterogeneity in Stata. The Stata Journal: Promoting Communications on Statistics and Stata, 21(1), 51–80. https://doi.org/10.1177/1536867x211000004
Bilgili, F., Mugaloglu, E., & Koçak, E. (2020). In M. Shahbaz & D. Balsalobre-Lorente (Eds.), Econometrics of green energy handbook. Cham: Springer.
Breitung, J., & Candelon, B. (2006). Testing for short- and long-run causality: A frequency-domain approach. Journal of Econometrics, 132(2), 363–378. https://doi.org/10.1016/j.jeconom.2005.02.004
Breusch, T., & Pagan, A. (1980). The Lagrange multiplier test and its application to model specification in econometrics. Review of Economic Studies, 47, 239–254.
Chen, X., & Chen, Z. (2021). Can green finance development reduce carbon emissions? Empirical evidence from, 30 Chinese provinces. Sustainability, 13(21), 12137. https://doi.org/10.3390/su132112137
Chin, M.-Y., Ong, S.-L., Ooi, D.B.-Y., & Puah, C.-H. (2022). The impact of green finance on environmental degradation in BRI region. Environment, Development and Sustainability. https://doi.org/10.1007/s10668-022-02709-5
Cochrane, S.G., Deng, S., Singh, A., Rogers, J., & Merollo B. (2019). China’s provincial economies: Growing together or pulling apart?. Moody’s Analytics.
Baloch, M. A., & Wang, B. (2019). Analyzing the role of governance in CO2 emissions mitigation: The BRICS experience. Structural Change and Economic Dynamics, 51, 119–125. https://doi.org/10.1016/j.strueco.2019.08.007
Dickey, D. A., & Fuller, W. A. (1981). Likelihood ratio statistics for autoregressive time series with a unit root. Econometrica, 49, 1057.
Dogan, E., & Seker, F. (2016). The influence of real output, renewable and non-renewable energy, trade and financial development on carbon emissions in the top renewable energy countries. Renewable and Sustainable Energy Reviews, 60, 1074–1085. https://doi.org/10.1016/j.rser.2016.02.006
Dogan, E., & Seker, F. (2016). Determinants of CO2 emissions in the European Union: The role of renewable and non-renewable energy. Renewable Energy, 94, 429–439. https://doi.org/10.1016/j.renene.2016.03.078
Dong, K., Sun, R., & Dong, X. (2018). CO2 emissions, natural gas and renewables. Economic growth: Assessing the evidence from China. Science of the Total Environment, 640, 293–302.
Driscoll, J. C., & Kraay, A. C. (1998). Consistent covariance matrix estimation with spatially dependent panel data. Review of Economics and Statistics, 80(4), 549–560. https://doi.org/10.1162/003465398557825
Du, L., Wei, C., & Cai, S. (2012). Economic development and carbon dioxide emissions in China: Provincial panel data analysis. China Economic Review, 23(2), 371–384. https://doi.org/10.1016/j.chieco.2012.02.004
Ehigiamusoe, K. U., & Dogan, E. (2022). The role of interaction effect between renewable energy consumption and real income in carbon emissions: Evidence from low-income countries. Renewable and Sustainable Energy Reviews, 154, 111883. https://doi.org/10.1016/j.rser.2021.111883
El-Bannany, M. (2017). Factors influencing accounting conservatism in banks: The UAE case. Journal of Governance and Regulation, 6(2), 14–21.
Fan, B., Zhang, Y., Li, X., & Miao, X. (2019). Trade openness and carbon leakage: Empirical evidence from China’s industrial sector. Energies, 12(6), 1101. https://doi.org/10.3390/en12061101
Friedman, M. (1937). The use of ranks to avoid the assumption of normality implicit in the analysis of variance. Journal of the American Statistical Association, 32, 675–701.
Gani, A. (2012). The relationship between good governance and carbon dioxide emissions: Evidence from developing economies. Journal of Economic Development, 37(1), 77–93. https://doi.org/10.35866/caujed.2012.37.1.004
Gorus, M. S., & Aydin, M. (2019). The relationship between energy consumption, economic growth, and CO2 emission in MENA countries: Causality analysis in the frequency domain. Energy, 168, 815–822. https://doi.org/10.1016/j.energy.2018.11.139
Guo, C.-Q., Wang, X., Cao, D.-D., & Hou, Y.-G. (2022). The impact of green finance on carbon emission-analysis based on mediation effect and spatial effect. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2022.844988
Hair, J. F., Anderson, R. E., Tatham, R. L., & Black, W. C. (1995). Multivariate data analysis (3rd ed.). Macmillan.
Hansen, L. P. (1982). Large sample properties of generalised method of moments estimators. Econometrica, 50(4), 1029. https://doi.org/10.2307/1912775
Hao, Y., & Liu, Y. (2015). Has the development of fdi and foreign trade contributed to China’s CO2 emissions? An empirical study with provincial panel data. Natural Hazards, 76, 1079–1091. https://doi.org/10.1007/s11069-014-1534-4
He, L., Liu, R., Zhong, Z., Wang, D., & Xia, Y. (2019a). Can green financial development promote renewable energy investment efficiency? A consideration of bank credit. Renewable Energy, 143, 974–984. https://doi.org/10.1016/j.renene.2019.05.059
He, L., Zhang, L., Zhong, Z., Wang, D., & Wang, F. (2019b). Green credit., renewable energy investment and green economy development: Empirical analysis based on, 150 listed companies of China. Journal of Cleaner Production, 208, 363–372. https://doi.org/10.1016/j.jclepro.2018.10.119
Ho, V. H. (2018). Sustainable finance & China’s green credit reforms: A test case for bank monitoring of environmental risk. Cornell Int’l LJ, 51, 609.
Hunjra, A. I., Tayachi, T., Chani, M. I., Verhoeven, P., & Mehmood, A. (2020). The Moderating effect of institutional quality on the financial development and environmental quality nexus. Sustainability, 12(9), 3805. https://doi.org/10.3390/su12093805
IEA. (2020). Projected costs of generating electricity, 2020., IEA., Paris https://www.iea.org/reports/projected-costs-of-generating-electricity-2020
Im, K. S., Pesaran, M. H., & Shin, Y. (2003). Testing for unit roots in heterogeneous panels. Journal of Econometrics, 115, 53–74.
Zhakanova Isiksal, A. (2021). The financial sector expansion effect on renewable electricity production: case of the BRICS countries. Environment, Development and Sustainability, 23(6), 9029–9051. https://doi.org/10.1007/s10668-020-01010-7
Ji, L., Jia, P., & Yan, J. (2021). Green credit, environmental protection investment and debt financing for heavily polluting enterprises. Plos One, 16(12), e0261311. https://doi.org/10.1371/journal.,pone.0261311
Jianlong, Y., Ke, Z., Yu, C., Weijie., H., Cheng, X., & Qiong., W. (2010). Climate and Energy Impacts of China’s Stimulus Package. World Wide Fund for Nature., http://awsassets.panda.org/downloads/stimulus_final_en_lr_edit_fin.pdf
Kao, C. (1999). Spurious regression and residual-based tests for cointegration in panel data. Journal of Econometrics, 90(1), 1–44.
Kassi D.F., Nasiri, A., & Edjoukou, A.J.R. (2017). Financial Development, Economic Growth and Energy Consumption Nexus in Cote d’Ivoire. International Journal of Finance & Banking Studies. (2147–4486): 6(3): 1. https://doi.org/10.20525/ijfbs.v6i3.746
Kassi, D. F., Li, Y., & Dong, Z. (2021). The mitigating effect of governance quality on the finance-renewable energy-growth nexus: Some international evidence. International Journal of Finance & Economics. https://doi.org/10.1002/ijfe.2423
Kassi, D. F., Li, Y., Gnangoin, Y. T., N’Drin, M.G.-R., Gnahe, F. E., & Edjoukou, A. J. R. (2023). Investigating the Finance-energy-growth trilogy in sub-Saharan Africa: Evidence from the NARDL framework. SAGE Open, 13(1), 215824402211497. https://doi.org/10.1177/21582440221149714
Kassi, D. F., Li, Y., Riaz, A., Wang, X., & Batala, L. K. (2022). Conditional effect of governance quality on the finance-environment nexus in a multivariate EKC framework: Evidence from the method of moments-quantile regression with fixed-effects models. Environmental Science and Pollution Research. https://doi.org/10.1007/s11356-022-18674-5
Kassi, D. F., Rathnayake, D. N., Edjoukou, A. J. R., Gnangoin, Y. T., Louembe, P. A., Ding, N., & Sun, G. (2019a). Asymmetry in exchange rate pass-through to consumer prices: New perspective from sub-Saharan African countries. Economies, 7(1), 5. https://doi.org/10.3390/economies7010005
Kassi, D. F., Sun, G., & Ding, N. (2020). Does governance quality moderate the finance-renewable energy-growth nexus? Evidence from five major regions in the world. Environmental Science and Pollution Research, 27(11), 12152–12180. https://doi.org/10.1007/s11356-020-07716-5
Kassi, D. F., Sun, G., Ding, N., Rathnayake, D. N., & Assamoi, G. R. (2019b). Asymmetry in exchange rate pass-through to consumer prices: Evidence from emerging and developing Asian countries. Economic Analysis and Policy, 62, 357–372. https://doi.org/10.1016/j.eap.2018.09.013
Katircioglu, S. (2017). Investigating the role of oil prices in the conventional EKC model: Evidence from Turkey. Asian Economic and Financial Review, 7(5), 498–508. https://doi.org/10.18488/journal.,aefr/2017.7.5/102.5.498.508
Khan, H., Khan, I., & Binh, T. T. (2020). The heterogeneity of renewable energy consumption, carbon emission and financial development in the globe: A panel quantile regression approach. Energy Reports, 6, 859–867. https://doi.org/10.1016/j.egyr.2020.04.002
Koenker, R. (2004). Quantile regression for longitudinal data. Journal of Multivariate Analysis, 91(1), 74–89. https://doi.org/10.1016/j.jmva.2004.05.006
Koenker, R., & Bassett, G. (1978). Regression quantiles. Econometrica, 46(1), 33. https://doi.org/10.2307/1913643
Lanoie, P., Laplante, B., & Roy, M. (1998). Can capital markets create incentives for pollution control? Ecological Economics, 26(1), 31–41.
Le, T. H., Chang, Y., & Park, D. (2020). Renewable and nonrenewable energy consumption, economic growth, and emissions: International evidence. The Energy Journal. https://doi.org/10.5547/01956574.41.2.thle
Levin, A., Lin, C. F., & Chu, C. S. J. (2002). Unit root tests in panel data: Asymptotic and finite sample properties. Journal of Econometrics, 108, 1–24.
Li, P., & Tu, Y. (2014). The impacts of openness on air quality in China. Environment and Development Economics, 19(2), 201–227. https://doi.org/10.1017/s1355770x13000557
Li, T., Shi, Z., & Han, D. (2021). Does renewable energy consumption contribute to the development of low-carbon economy? Evidence from China. Environmental Science and Pollution Research, 28(39), 54891–54908. https://doi.org/10.1007/s11356-021-14468-3
Li, T., Yong, W., & Dingtao, Z. (2016). Environmental Kuznets curve in China: New evidence from dynamic panel analysis. Energy Policy, 91, 138–147.
Liu, J. Y., Xia, Y., Fan, Y., Lin, S. M., & Wu, J. (2017). Assessment of a green credit policy aimed at energy-intensive industries in China based on a financial CGE model. Journal of Cleaner Production, 163, 293–302. https://doi.org/10.1016/j.jclepro.2015.10.111
Machado, J. A. F., & Santos, S. J. M. C. (2019). Quantiles via moments. Journal of Econometrics, 213(1), 145–173. https://doi.org/10.1016/j.jeconom.2019.04.009
Madaleno, M., Dogan, E., & Taskin, D. (2022). A step forward on sustainability: The nexus of environmental responsibility, green technology, clean energy and green finance. Energy Economics, 109, 105945. https://doi.org/10.1016/j.eneco.2022.105945
Mankiw NG., & Scarth W. (2008). Macroeconomics. Third Canadian Edition.
Marquardt, D. W. (1970). Generalized inverses, ridge regression, biased linear estimation, and nonlinear estimation. Technometrics, 12(3), 591.
Mhadhbi, M., Gallali, M. I., Goutte, S., & Guesmi, K. (2021). On the asymmetric relationship between stock market development, energy efficiency and environmental quality: A nonlinear analysis. International Review of Financial Analysis, 77, 101840. https://doi.org/10.1016/j.irfa.2021.101840
Mosleh, S., Al-Geitany, S., Lawrence Emeagwali, O., Altuntaş, M., Agyekum, E. B., Kamel, S., El-Naggar, M. F., & Agbozo, E. (2022). Linking financial development and environment in developed nation using frequency domain causality techniques: The role of globalization and renewable energy consumption. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2022.929093
Orsatti, G., Quatraro, F., & Pezzoni, M. (2020). The antecedents of green technologies: The role of team-level recombinant capabilities. Research Policy, 49(3), 103919. https://doi.org/10.1016/j.respol.2019.103919
Paramati, S. R., Alam, M. S., & Apergis, N. (2018). The role of stock markets on environmental degradation: A comparative study of developed and emerging market economies across the globe. Emerging Markets Review, 35, 19–30. https://doi.org/10.1016/j.ememar.2017.12.004
Paramati, S. R., Ummalla, M., & Apergis, N. (2016). The effect of foreign direct investment and stock market growth on clean energy use across a panel of emerging market economies. Energy Economics, 56, 29–41.
People’s Bank of China. (2015). Establishing China’s green financial system. Background paper A: theoretical framework of green finance. United nations environment programme. Inquiry: Design of a sustainable financial system, 1–11.
Pesaran, M.H. (2004). General diagnostic tests for cross section dependence in panels. University of Cambridge, Faculty of Economics, Cambridge Working papers in economics No., 0435.
Pesaran, M. H., & Yamagata, T. (2008). Testing slope homogeneity in large panels. Journal of Econometrics, 142, 50–93.
Phillips, P. C. B., & Perron, P. (1988). Testing for a unit root in time series regression. Biometrika, 75(2), 335.
Qi, M. (2021). Green credit, financial ecological environment, and investment efficiency. Complexity, 2021, 1–14. https://doi.org/10.1155/2021/5539195
Ren, X., Shao, Q., & Zhong, R. (2020). Nexus between green finance, non-fossil energy use, and carbon intensity: Empirical evidence from China based on a vector error correction model. Journal of Cleaner Production, 277, 122844. https://doi.org/10.1016/j.jclepro.2020.122844
Ren, S., Hao, Y., & Wu, H. (2022). How does green investment affect environmental pollution? Evidence from China. Environmental and Resource Economics, 81(1), 25–51. https://doi.org/10.1007/s10640-021-00615-4
Ren, S., Yuan, B., Ma, X., & Chen, X. (2014). International trade, FDI (foreign direct investment) and embodied CO2 emissions: A case study of Chinas industrial sectors. China Economic Review, 28, 123–134. https://doi.org/10.1016/j.chieco.2014.01.003
Ruan, F., Yan, L., & Wang, D. (2020). The complexity for the resource-based cities in China on creating sustainable development. Cities, 97, 102571.
Saboori, B., Al-mulali, Usama, Bin Baba, M., & Mohammed, A. H. (2016). Oil-induced environmental Kuznets curve in organisation of petroleum exporting countries (OPEC). International Journal of Green Energy, 13(4), 408–416. https://doi.org/10.1080/15435075.2014.961468
Saboori, B., Rasoulinezhad, E., & Sung, J. (2017). The nexus of oil consumption, CO2 emissions and economic growth in China, Japan and South Korea. Environmental Science and Pollution Research, 24(8), 7436–7455. https://doi.org/10.1007/s11356-017-8428-4
Sadorsky, P. (2011). Financial development and energy consumption in Central and Eastern European frontier economies. Energy Policy, 39(2), 999–1006. https://doi.org/10.1016/j.enpol.2010.11.034
Shahbaz, M., Khan, S., Ali, A., & Bhattacharya, M. (2017). The impact of globalisation on Co2 emissions in China. The Singapore Economic Review, 62(04), 929–957. https://doi.org/10.1142/s0217590817400331
Sheng, P., & Guo, X. (2016). The long-run and short-run impacts of urbanization on carbon dioxide emissions. Economic Modelling, 53, 208–215. https://doi.org/10.1016/j.econmod.2015.12.006
Song, W., Mao, H., & Han, X. (2021). The two-sided effects of foreign direct investment on carbon emissions performance in China. Science of The Total Environment, 791, 148331. https://doi.org/10.1016/j.scitotenv.2021.148331
Sousa, J.D., Hering L., & Poncet S. (2015). Has trade openness reduced pollution in China?. (CEPII working paper).
Sun, C., Zhang, F., & Xu, M. (2017). Investigation of pollution haven hypothesis for China: An ARDL approach with breakpoint unit root tests. Journal of Cleaner Production, 161, 153–164. https://doi.org/10.1016/j.jclepro.2017.05.119
Tang, X., Zhou, X., & Kholaif, M. M. N. H. K. (2023). Does green finance achieve its goal of promoting coordinated development of economy–environment? Using the pollutant emission efficiency as a proxy: Environment, Development and Sustainability. https://doi.org/10.1007/s10668-023-03129-9
Turner, G., Tan, N., & Sadeghian, D. (2012). The Chinese banking system| bulletin–september quarter, 2012. Bulletin. (September).
Wang, X., Lin, H., Hong, J., & Mi, Z. (2019a). Spatial effects of foreign direct investment on carbon emissions: evidence from China’s provincial panel data. In energy transitions in the, 21st century, 37th USAEE/IAEE North American conference., Nov, 3–6: 2019a. International Association for Energy Economics.
Wang, H., & Bernell, D. (2013). Environmental disclosure in China: An examination of the green securities policy. The Journal of Environment & Development, 22(4), 339–369. https://doi.org/10.1177/1070496513506905
Wang, R., Liu, W., Xiao, L., Liu, J., & Kao, W. (2011). Path towards achieving of China’s, 2020 carbon emission reduction target—a discussion of low-carbon energy policies at province level. Energy Policy, 39(5), 2740–2747.
Wang, Y., Liao, M., Wang, Y., Malik, A., & Xu, L. (2019b). Carbon emissions effects of the coordinated development of two-way foreign direct investment in China. Sustainability, 11, 2428. https://doi.org/10.3390/su11082428
Wang, Y., Liao, M., Xu, L., & Malik, A. (2021). The impact of foreign direct investment on China’s carbon emissions through energy intensity and emissions trading system. Energy Economics, 97, 105212.
Wang, Y., & Zhi, Q. (2016). The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia, 104, 311–316. https://doi.org/10.1016/j.egypro.2016.12.053
Wawrzyniak, D., & Doryń, W. (2020). Does the quality of institutions modify the economic growth-carbon dioxide emissions nexus? Evidence from a group of emerging and developing countries. Economic Research-Ekonomska Istraživanja, 33(1), 124–144. https://doi.org/10.1080/1331677x.2019.1708770
Xiao, Z., Yu, L., Liu, Y., Bu, X., & Yin, Z. (2022). Does green credit policy move the industrial firms toward a greener future? Evidence from a quasi-natural experiment in China. Frontiers in Environmental Science. https://doi.org/10.3389/fenvs.2021.810305
Yu, S., Hu, X., Li, L., & Chen, H. (2020). Does the development of renewable energy promote carbon reduction? Evidence from Chinese provinces. Journal of Environmental Management, 268, 110634. https://doi.org/10.1016/j.jenvman.2020.110634
Yue, S., Lu, R., Shen, Y., & Chen, H. (2019). How does financial development affect energy consumption? Evidence from, 21 transitional countries. Energy Policy, 130, 253–262.
Zhang, W., Li, G., Uddin, M. K., & Guo, S. (2020). Environmental regulation, Foreign investment behavior, and carbon emissions for 30 provinces in China. Journal of Cleaner Production, 248, 119208. https://doi.org/10.1016/j.jclepro.2019.119208
Zhang, K., Li, Y., Qi, Y., & Shao, S. (2021). Can green credit policy improve environmental quality? Evidence from China. Journal of Environmental Management, 298, 113445. https://doi.org/10.1016/j.jenvman.2021.113445
Zhang, J., & Zhang, L. (2016). Impacts on CO2 emission allowance prices in China: A quantile regression analysis of the Shanghai emission trading scheme. Sustainability, 8(11), 1195.
Zhang, X.-P., & Cheng, X.-M. (2009). Energy consumption, carbon emissions, and economic growth in China. Ecological Economics, 68(10), 2706–2712. https://doi.org/10.1016/j.ecolecon.2009.05.011
Zhang, Y. J. (2011). The impact of financial development on carbon emissions: An empirical analysis in China. Energy Policy, 39(4), 2197–2203. https://doi.org/10.1016/j.enpol.2011.02.026
Zhong, M., & Hong, L. (2015). Environmental and industrial policy environment for the development of green finance in China. In greening China’s financial system. The International Institute for Sustainable Development and the Development Research Center of the State Council. https://www.iisd.org/system/files/publications/greening-chinas-financial-system.pdf
Zhou, X., Tang, X., & Zhang, R. (2020). Impact of green finance on economic development and environmental quality: A study based on provincial panel data from China. Environmental Science and Pollution Research, 27(16), 19915–19932. https://doi.org/10.1007/s11356-020
Zugravu-Soilita, N. (2019). Trade in environmental goods and air pollution: A Mediation analysis to estimate total, direct and indirect effects. Environmental and Resource Economics, 74(3), 1125–1162. https://doi.org/10.1007/s10640-019-00363-6
Acknowledgements
The authors are thankful to the distinguished Prof. LUC HENS, the editorial team, and the honorable reviewers for their valuable comments that have improved the quality of this manuscript.
Funding
Henan University funded this research under the postdoctoral research grant CJ3050A0670895.
Author information
Authors and Affiliations
Contributions
Conceptualization: DFK, YL, DY; Methodology: DFK, YTG, DY; Formal analysis and investigation: DFK, YTG, DY; Writing—original draft preparation: DFK, YL, DY; Writing—review and editing: SJT, FEG, RS; Funding acquisition: DFK, YL, DY; Resources: SJT, FEG, RS; Supervision: YL, DFK.
Corresponding author
Ethics declarations
Competing interests
The authors have no competing interests to declare that are relevant to the content of this article.
Consent to participate
All authors read and approved the manuscript.
Ethical approval
Not applicable.
Additional information
Publisher's Note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Electronic supplementary material
Below is the link to the electronic supplementary material.
Appendix
Appendix
See Table
8.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Kassi, D.F., Li, Y., Gnangoin, T.Y. et al. Green credits, green securities, renewable energy, and environmental quality: a comparative analysis of sustainable development across Chinese provinces. Environ Dev Sustain (2023). https://doi.org/10.1007/s10668-023-03717-9
Received:
Accepted:
Published:
DOI: https://doi.org/10.1007/s10668-023-03717-9
Keywords
- Green credits
- Green securities
- Renewable energy
- Carbon emissions
- Chinese provinces
- Moments-quantile regression