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ORIGINAL RESEARCH
How Does Green Finance Influence Carbon
Emission Intensity? A Non-Linear
fsQCA-ANN Approach
1
Department of Management and Economics, Tianjin University, Tianjin, China
2
College of Politics and Public Administration, Qinghai Minzu University, Xining, Qinghai Province, China
3
College of Finance and Economics, Qinghai University, Xining, Qinghai Province, China
4
Department of Party Committee, Party School of the Qinghai Provincial Committee of CPC,
Xining, Qinghai Province, China
Submission date: 2024-04-26
Final revision date: 2024-06-16
Acceptance date: 2024-06-30
Online publication date: 2024-10-25
Publication date: 2025-07-05
Corresponding author
Pol. J. Environ. Stud. 2025;34(5):5031-5037
KEYWORDS
TOPICS
ABSTRACT
This study explores the linkages between financial activities and ESG factors to support sustainable
development goals, using a sophisticated fsQCA-ANN method to analyze the impact of green finance
on carbon intensity. Findings reveal nine causal paths contributing to carbon reduction, highlighting
intricate interactions among factors. Key insights include the positive effect of a conducive financial
environment, increased environmental investment, and the integration of green finance atmosphere,
environmental investment, financial regulatory expenditure, and local digital economy. The Green
Finance Development Index (GFDI), Digital Inclusive Finance Index (DIF), and Financial Value
Added (FV) further enhance environmental innovation and technology transfer, aiding the transition
to a low-carbon economy. The ANN methods show that the impact of green finance on decarbonization
is complex and non-linear. This study underscores the necessity of considering these interactions for
promoting sustainable development and reducing carbon emissions, providing theoretical and empirical
foundations to support sustainable development goals.
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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