The Impact of Setting up Pilot Zones for Green Finance Reform and Innovations on Industrial Carbon Emission Intensity

Tianyi Wang

doi:10.54254/2754-1169/2025.GL27525

Advances in Economics, Management and Political SciencesOpen access

The Impact of Setting up Pilot Zones for Green Finance Reform and Innovations on Industrial Carbon Emission Intensity

Research Article

Open Access

The Impact of Setting up Pilot Zones for Green Finance Reform and Innovations on Industrial Carbon Emission Intensity

Tianyi Wang ^1*

¹ Anhui University

^*Corresponding author: i42314024@stu.ahu.edu.cn

Published on 2 October 2025

AEMPS Vol.222

ISSN (Print): 2754-1177

ISSN (Online): 2754-1169

ISBN (Print): 978-1-80590-403-8

ISBN (Online): 978-1-80590-404-5

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Abstract

With the rise of the Industrial Revolution, economic development and technological progress have been accompanied by increasingly severe environmental issues. Global warming poses threats and adverse impacts on humanity's long-term development. Many countries have begun taking measures to curb pollution, and the actions of developed nations have provided valuable experience for Developing a green financial system for a sustainable future. Therefore, green finance has emerged. Regarded as the world's largest industrial producer, there is a relatively high proportion of industrial carbon emissions in China. To achieve sustainable goals, China needs to focus on measures addressing industrial carbon emissions. In 2017, China launched the policy to set up pilot zones for green finance reform and innovations, aiming to explore effective pathways for green finance development through local pilots (GFPZ), thereby reconciling economic growth with environmental protection. The empirical strategy of this research is based on a difference-in-differences (DID) model, a quasi-experimental design used to estimate the policy's causal effect on industrial carbon emission intensity (ICEI). What is more, a conclusion could be found verified by the research---- this policy accounts for lessening industrial carbon emission intensity, and this effect could remain statistically significant under the employment of robustness tests.

Keywords:

GFPZ, difference-in-differences model, industrial carbon emission.

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References

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References

[2]. Xu, W., Feng, X. & Zhu, Y. (2023) The Impact of Green Finance on Carbon Emissions in China: An Energy Consumption Optimization Perspective. Sustainability, 15, 10610.

[4]. Chen, H.L., Yang, X.K. & Wang, Z.B. (2024) Impact and Spillover Effect of Digital Economy on Industrial Carbon Emission Intensity. Research of Environmental Sciences, 37, 672-685.

[5]. Yi, Q.G. & Tao, H.M. (2024) A Study on the Impact of Digital Economy on Industrial Carbon Emission Intensity. Journal of Green Science and Technology, 26, 192-196.

[9]. Cowan, E. (1998) Topical Issues in Environmental Finance. Research Paper Commissioned by Asia Branch of the Canadian International Development Agency, 12, 18-19.

[10]. Zhang, Q.J. & Huang, L. (2023) Can the Establishment of Green Finance Reform and Innovation Pilot Zones Promote Enterprise Technological Innovation? Reform of Economic System, 1, 182-190.

[11]. Tan, X.C., Gao, J.X. & Zeng, A. (2023) Impact Assessment of the Green Finance Reform and Innovation Pilot Zone Policy on Carbon Emissions. Advances in Climate Change Research, 19, 213-216.

Cite this article

Wang,T. (2025). The Impact of Setting up Pilot Zones for Green Finance Reform and Innovations on Industrial Carbon Emission Intensity. Advances in Economics, Management and Political Sciences,222,38-47.

Data availability

The datasets used and/or analyzed during the current study will be available from the authors upon reasonable request.

About volume

Volume title: Proceedings of ICFTBA 2025 Symposium: Financial Framework's Role in Economics and Management of Human-Centered Development

ISBN: 978-1-80590-403-8(Print) / 978-1-80590-404-5(Online)

Editor: Lukáš Vartiak, Habil. Florian Marcel Nuţă

Conference website: https://2025.icftba.org/Galati.html

Conference date: 17 October 2025

Series: Advances in Economics, Management and Political Sciences

Volume number: Vol.222

ISSN: 2754-1169(Print) / 2754-1177(Online)

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