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ORIGINAL RESEARCH
Green Fiscal and Carbon Emissions: Evidence
from Green Specialized Bond Projects in China
1
School of Public Finance and Taxation, Hebei University of Economics and Business, Shijiazhuang, 050061, China
2
School of Economics and Management, Shijiazhuang University, Shijiazhuang, 050035, China
Submission date: 2024-05-19
Final revision date: 2024-06-20
Acceptance date: 2024-07-22
Online publication date: 2024-11-13
Publication date: 2025-07-22
Corresponding author
Pol. J. Environ. Stud. 2025;34(5):5503-5513
KEYWORDS
TOPICS
ABSTRACT
Green government debt serves a dual role in supporting ecological and environmental protection
initiatives while also alleviating local financial burdens, making it a vital green fiscal tool. This paper
assesses the impact of green government debt on carbon emissions, focusing on China’s green special
bond program from 2015 to 2021. The findings indicate that green government debt significantly
reduces regional carbon emissions, particularly in key cities, cities southeast of the Hu Huanyong
line, and resource-oriented cities. Further analysis reveals that green government debt effectively
enhances energy consumption efficiency and stimulates social green investment. However, the issue
of green government debt absorbing excessive financial resources persists, preventing the formation
of a synergistic effect with green corporate debt. Based on these findings, this paper recommends
issuing green government debt tailored to local conditions, clearly defining its scope, and exploring
synergistic development models of green finance to achieve more efficient air pollution control.
CONFLICT OF INTEREST
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
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