The impact of green finance on renewable energy development efficiency in the context of energy security: Evidence from China

The influence of green finance (GF) on renewable energy development efficiency (REDE) has garnered considerable attention from both academia and society. To study the changes in China's REDE in recent years and GF's effect on it, this research first evaluates 30 provinces' REDE from 2010 to 2019 using a non-radial directional distance function (NDDF) based on global technical assumptions. Second, we evaluate the direct impact of GF on REDE. Finally, we explore the internal mechanism for how GF influences REDE. The results of this study are as follows. (1) GF has a significant promoting effect on REDE. (2) The improvement of renewable energy (RE) technological innovation level and the increase of foreign investment strengthen GE's promoting effect on REDE. (3) The positive effect of GF on REDE is prominent in regions with lower environmental regulations and carbon intensities and higher financial development levels. This paper offers relevant policy suggestions to improve REDE and to enhance GF development.