Research on the Impact of Green Finance and the Digital Economy on the Energy Consumption Structure in the Context of Carbon Neutrality

Abstract

Improving the structure of energy consumption (ECS) through green finance and the digital economy is one of the main paths to achieving the goal of carbon neutrality. This paper explores the impact of green finance and the digital economy on the ECS of 30 regions in China from 2007 to 2022 using the Generalized method of moments(GMM) model, further analyzes its heterogeneity, and then provides a reference for the scientific development of relevant decisions. The conclusions are as follows: (1) The change in the ECS is closely related to the degree of optimization of the ECS in the previous year, and this is a process of dynamic adjustment. The level of digital economy development can improve the ECS of the country as a whole and in the eastern and central regions, while the western regions have not yet played a significant role due to the underdevelopment of the digital economy. Green finance can inhibit fossil fuel energy consumption in all regions, and it promotes cleaner, more efficient, and low-carbon energy consumption, thereby improving the ECS. However, the impact effect is the largest in the east and smaller in the west. (2) The urbanization levels of the country as a whole and that of the central and western regions show a positive correlation with the results of energy consumption. However, in the eastern region, it shows an inhibitory effect on fossil fuel energy consumption, which can optimize the ECS. The industrial structures in all regions have positive impact coefficients; the development of industry is not conducive to the optimization of the ECS. Trade openness can improve the ECS only in the eastern region; technological progress in all regions can significantly improve the ECS. Based on the background of carbon neutrality, this paper reveals that green finance and the digital economy promote cleaner, more efficient, and lower carbon energy consumption and reduce the level of energy consumption. This paper also provides a reference for the scientific formulation of relevant decisions.