Green Finance, Technological Innovation, and Carbon Reduction: Based on Panel Data of Chinese Cities

This study discusses the effect of green finance on carbon emission reduction and the mechanism of technological innovation in China, especially analyzes the comprehensive effect of green finance in the process of low-carbon transformation of urban agglomerations in China. Based on the panel data of China city from 2000 to 2023, this study evaluates the impact of green finance on carbon emissions by using various models, such as interaction model and intermediary adjustment model. The results show that both green finance and technological innovation can significantly reduce carbon emissions, and the synergistic effect of them is obviously stronger than that of a single path. The mechanism analysis shows that green finance can achieve coordinated emission reduction by promoting green technology innovation, upgrading industrial structure and improving the level of regional digital economy. Heterogeneity analysis shows that the regional emission reduction effect of Yangtze River Delta urban agglomeration with developed digital economy, high degree of digital transformation and concentrated cities is more significant. This study not only expands the theoretical framework of green financial collaborative governance, but also provides a new empirical basis and policy reference for other international urban agglomerations to achieve high-quality and low-carbon development.