| Title | From bits to emissions: how FinTech benefits climate resilience? |
|---|---|
| ID_Doc | 77775 |
| Authors | Wu, QY |
| Title | From bits to emissions: how FinTech benefits climate resilience? |
| Year | 2024 |
| Published | |
| Abstract | With financial technology (FinTech) emerging as a pivotal force driving business model innovation and reshaping market competitiveness, its potential contribution to sustainability has garnered widespread attention. Drawing on carbon emissions data at the county level from 2011 to 2017 in China, alongside information on the FinTech companies, this study reveals that FinTech significantly reduces regional carbon emissions intensity. This effect is particularly pronounced in developed regions and metropolitan cities. These findings withstand rigorous scrutiny, including the application of instrumental variable strategies, controlling for financial attributes, and robustness checks altering model specifications. Mechanism analysis indicates that FinTech fosters optimization and upgrading of industrial structure and promotes the development of the ICT industry, while simultaneously driving down the proportion of coal in electricity generation and per unit GDP energy consumption, and increasing the proportion of new energy generation, thereby enhancing overall energy efficiency. The evidence presented herein supports the role of FinTech in enhancing Nationally Determined Contributions and achieving the objectives of the Paris Agreement. |
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