Green finance development and resource efficiency: A financial structure perspective

Resource utilisation efficiency promotion is a crucial focus of green economic recovery, and the development of green finance could ease the liquidity constraints of this process. This paper examines the nexus between green finance and resource utilisation efficiency from a financial structure perspective using panel data from 2008 to 2021. Our findings indicate that the size of green finance could improve resource utilisation efficiency through green technology developments. Regarding green financial structure, direct finance plays a greater role than indirect finance. Additionally, the implementation of green finance policies can significantly facilitate the enhancement of resource utilisation efficiency. For policymakers, accelerating the development of green finance through fiscal measures should be prioritized. Meanwhile, optimising green financial structures through building a market-based green financial system is necessary. Finally, ensuring that green funds flow into the development of green technology should also be considered.