Can green finance strengthen energy resilience? The case of China

Enhancing the energy system's resilience to risks is a pressing need, and green finance provides inspiration in achieving this goal. Nevertheless, only a limited number of scholars have empirically examined the impact of green finance on energy resilience. This study employs panel data for 16 years (2006–2021) from 30 provinces in China to empirically investigate the correlation between energy resilience and green finance. The study also aims to analyze heterogeneity and the underlying influencing mechanisms. The results indicate that green finance can effectively enhance China's energy resilience, particularly in the economic and social domains. This finding is highly reliable, as it passes several robustness checks. Additionally, this positive impact is not universal. The significance of promoting green financing is limited to the eastern and western areas, where it can indirectly bolster energy resilience by fostering industrial transformation and driving green technology innovation. These discoveries offer valuable insights for policymakers aiming to enhance the energy system's resilience to risks from a green financing perspective.