Driving green innovation: The impact of digital finance on China's transition to clean energy

As an avant-garde financial model, digital finance stands as a key contributor to the advancement of clean energy. This paper employs econometric methods to scrutinize the influence of digital finance on China's clean energy transition spanning the years 2011-2020. The findings underscore that digital finance plays a pivotal role in fostering the clean energy transition. Moreover, the industrial structure, transportation infrastructure, and R&D intensity positively moderate this relationship. Additionally, the impact of digital finance on clean energy transition exhibits nonlinearity, while fixed asset investment demonstrates a single threshold effect on clean energy transition. Furthermore, heterogeneity analysis unveils significant variation in the impact of digital finance on clean energy transition, with a more pronounced promotion effect observed in low-urbanization areas. This study provides robust evidence supporting the promotion of China's clean energy transition.