期刊
ENERGY POLICY
卷 165, 期 -, 页码 -出版社
ELSEVIER SCI LTD
DOI: 10.1016/j.enpol.2022.112973
关键词
Green building; Green finance; Performance gap; Econometrics; Time series analysis
资金
- Beijing Outstanding Young Scientist Program [JJWZYJH01201910003010]
- National Science Fund for Distinguished Young Scholars [51825802]
- Shandong Provincial Natural Science Foundation, China [ZR2019MG008]
- Humanities and Social Sciences Foundation of Shandong University [IFWF2025]
- National Social Science Fund of China [18BJY236]
- Young Scholars Program of Shandong University, Weihai
The study finds that green financial instruments have a significant impact on promoting the development of green buildings in China, with green fiscal investment playing a critical role. The combination of green fiscal investment, insurance, and credit shows the best supporting effect. However, the current green finance market is still government-driven and needs to shift towards a market-driven pattern.
The building sector accounts for a major portion of China's total energy use and energy-related CO2 emissions. Promoting the development of green buildings (GBs) via the application of green financial instruments (GFIs, including green fiscal investment, green credit, green insurance, and green bonds) is crucial for China to achieve carbon mitigation goals. This study explores the effect and mechanism of GFIs on supporting the development of GBs using time series econometrics. Results show that the overall green finance system exhibits significant supporting effects on the development of GBs. Among four types of GFIs, green fiscal investment plays a critical and an indispensable role. The effects of alternative GFI combinations on GB development are compared. The combination of green fiscal investment, insurance, and credit shows the most satisfactory supporting effect. In this combination, insurance plays a bridging role, as it better ensures that GBs' actual energy performance meets expected performance, thus promoting green credit financing for GBs. However, the results also indicate that the current green finance market is still in a government-driven pattern. To facilitate its transformation to a market driven pattern, policies should focus on designing more targeted GFI-combination products, bridging GBs' performance gaps, and updating GBs' rating system.
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