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Financial technology, industrial ecology and energy efficiency
Yunping Hao1, Bing Zhang2,3
1College of Finance, Nanjing Agricultural University, Weigang 1 Xuanwu, Nanjing, China. yunpinghao@126.com.
Environmental Science and Pollution Research International
|August 28, 2023
Summary
Financial technology significantly boosts energy efficiency by improving industrial ecology. This digital innovation is key to achieving carbon neutrality goals, showing a 33.1% average increase in energy efficiency.
Area of Science:
- Environmental Science
- Economics
- Energy Policy
Background:
- Achieving carbon neutrality requires transforming energy structures, promoting industrial ecology, and enhancing energy efficiency.
- Financial technology (FinTech) presents a novel avenue for optimizing energy systems and industrial processes.
Purpose of the Study:
- To empirically investigate the impact of financial technology on energy efficiency.
- To examine the mediating role of industrial ecology in the FinTech-energy efficiency relationship.
Main Methods:
- Utilized provincial panel data from 2011-2020 for empirical analysis.
- Employed econometric models to assess the direct and indirect effects of FinTech.
Main Results:
- Financial technology significantly enhances energy efficiency, with a one standard deviation increase associated with a 33.1% average surge.
- Industrial ecology acts as a crucial channel through which FinTech promotes energy efficiency.
- FinTech's positive impact on energy efficiency is observed across all regions, though with notable regional heterogeneity.
Conclusions:
- Financial technology is a vital tool for improving energy efficiency and advancing carbon neutrality.
- Industrial ecology development is instrumental in maximizing FinTech's benefits for energy efficiency.
- Policy interventions should consider regional differences to leverage FinTech effectively for energy efficiency improvements.
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