Key points are not available for this paper at this time.
Analysing the impact of green finance policies on urban energy efficiency contributes to finding solutions to promote the development of China's low-carbon energy system and the global reduction of greenhouse gas emissions. Utilizing Chinese urban data from 2006 to 2021, the study employs an enhanced non-radial distance function (NDDF) model to evaluate the energy efficiency of 282 prefecture-level cities. It examines the 'Green Finance Reform and Innovation Pilot Zone' policy as a quasi-natural experiment. It uses a double machine learning model to analyze its effect on urban energy efficiency and its mechanisms. The research demonstrates that green finance policies significantly improve energy efficiency, mainly through strengthening environmental regulation, fostering green technology innovation, and optimizing industrial structure. Additionally, an in-depth analysis of regional heterogeneity reveals variations in the policy's effectiveness across eastern, central, and western regions and between resource-rich and resource-poor cities. The findings suggest that the efficacy of green finance policies, while generally positive, is influenced by regional economic development and resource endowment differences. The study suggests targeted strategies to improve the green finance system, customize policies according to regional specifics, incentivize corporate green innovation, and foster cross-sectoral collaboration. By offering novel insights into sustainable development and providing actionable policy recommendations, this research contributes to advancing Chinese urban centres' economic and environmental sustainability through the strategic application of green finance.
Zhao et al. (Sun,) studied this question.