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Sustainability
Volume 17
Issue 5
10.3390/su17052201
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Article

Impact of Green Finance on Renewable Energy Technology Innovation: Empirical Evidence from China

by
Xiaoyan Shi
1,* and
Daimin Shi
2
1
College of Science, Gansu Agricultural University, Lanzhou 730700, China
2
School of Statistics, Southwestern University of Finance and Economics, Chengdu 611130, China
*
Author to whom correspondence should be addressed.
Sustainability 2025, 17(5), 2201; https://doi.org/10.3390/su17052201
Submission received: 21 January 2025 / Revised: 23 February 2025 / Accepted: 25 February 2025 / Published: 3 March 2025
Review Reports Versions Notes

Abstract

This work empirically analyzes the drivers of RETI from a financial perspective, using panel data from China’s provincial-level regions from 2013 to 2022. The results indicate that green financial development can significantly promote renewable energy innovation, which still holds after a series of robustness tests. Analysis of the mechanisms shows that green finance drives renewable energy technological innovation (RETI) by easing financing limitations and promoting the green transformation of industrial sectors. Furthermore, threshold effect analysis indicates a significant threshold effect regarding the influence of green finance on technological innovation within the renewable energy sector. Specifically, when the level of technological innovation in renewable energy surpasses a certain threshold value, the facilitating effect of green finance on this innovation becomes markedly stronger. Further analysis also reveals that technological innovation in renewable energy can significantly drive the low-carbon transformation of the energy consumption structure.
Keywords: green finance; RETI; decarbonization of the energy consumption structure; mechanisms of influence; heterogeneity green finance; RETI; decarbonization of the energy consumption structure; mechanisms of influence; heterogeneity

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MDPI and ACS Style

Shi, X.; Shi, D. Impact of Green Finance on Renewable Energy Technology Innovation: Empirical Evidence from China. Sustainability 2025, 17, 2201. https://doi.org/10.3390/su17052201

AMA Style

Shi X, Shi D. Impact of Green Finance on Renewable Energy Technology Innovation: Empirical Evidence from China. Sustainability. 2025; 17(5):2201. https://doi.org/10.3390/su17052201

Chicago/Turabian Style

Shi, Xiaoyan, and Daimin Shi. 2025. "Impact of Green Finance on Renewable Energy Technology Innovation: Empirical Evidence from China" Sustainability 17, no. 5: 2201. https://doi.org/10.3390/su17052201

APA Style

Shi, X., & Shi, D. (2025). Impact of Green Finance on Renewable Energy Technology Innovation: Empirical Evidence from China. Sustainability, 17(5), 2201. https://doi.org/10.3390/su17052201

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