Green FinTech and the Transition in Energy Consumption Structure: Evidence from China

Using panel data from 30 Chinese provinces over 2013–2023, this study examines green FinTech and the transition in energy consumption structure. Green FinTech is measured by the coupling coordination degree between FinTech and green finance, while the coal consumption share serves as an inverse indicator of the low-carbon transition. Two-way fixed-effects estimates show a robust negative association between green FinTech and the local coal consumption share across alternative index constructions and spatial weight matrix specifications. A one-standard-deviation increase corresponds to a decline of approximately 3.25 percentage points. The baseline spatial Durbin model identifies negative direct and positive indirect effects, revealing contrasting local and cross-provincial associations. Heterogeneity analysis shows a stronger local association in central provinces and provinces with higher initial coal dependence. These findings highlight the relevance of green FinTech to energy consumption structure transition and support differentiated financial policies and cross-provincial coordination.