Role of green finance in renewable energy development in the tourism sector

The primary purpose of this paper is to evaluate the impacts of green finance on green energy deployment in China's tourism industry. To this end, the annual data over 1992-2021 through the ARDL (Autoregressive Distributed Lag) approach for the case of China are analyzed. The findings confirm that the issued green bonds positively impact the green efficiency of China's tourism industry in the long term. In contrast, the coefficient of issued green bonds is insignificant for the short-term approach. In addition, in the short and long term, the consumer price index also has a significant adverse effect on the green efficiency of China's tourism industry. The recommended practical policies are improving executive regulations and transparent market information, implementing green fiscal policies, green construction in hotels and tourist accommodations, green globalization, operational phases of innovation, adaptation, and stabilization (IAS), and eco-tourism regionalism.

Automated summary

The primary purpose of this paper is to evaluate the impacts of green finance on green energy deployment in China's tourism industry. The paper analyzes the annual data over 1992-2021 using the ARDL approach and finds that the issuance of green bonds has a positive long-term impact on the green efficiency of China's tourism industry. However, the short-term impact of green bonds is not significant. Additionally, the consumer price index has a significant adverse effect on the green efficiency of China's tourism industry in both the short and long term. The recommended practical policies include improving executive regulations and transparent market information, implementing green fiscal policies, promoting green construction in hotels and tourist accommodations, adopting green globalization, and focusing on innovation, adaptation, and stabilization (IAS) in eco-tourism regionalism.