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Green finance (GF) is recognized as a key driver of sustainable development. While existing studies have extensively discussed the relationship between GF and the Sustainable Development Goals (SDGs), few have explored the coupling coordination relationship between GF and SDGs. In this paper, we use data from thirty Chinese provinces (municipalities and autonomous regions) from 2008–2021 to examine the degree of coupling coordination development (CCD) between GF and the SDGs systems using the CCD model. We find that most SDGs and their sub-goals exhibit a significant upward trend, except for SDG8, 14–16. GF presents a fluctuating upward trend, with a significant decline in 2010 and 2019. The CCDs between GF and SDGs and their sub-goals generally show an M-shaped upward trend in most regions, with most of them experiencing a synchronous decline in 2011–2012 and 2019. In the analysis of regional heterogeneity, the eastern region performs better in SDG8–9, the central region performs better in SDG3, 14–15, while the western region performs better in SDG7. This paper provides empirical evidence for a further in-depth understanding of the relationship between GF and SDGs, which can contribute to advancing GF development and the SDG process. [ABSTRACT FROM AUTHOR]

Green finance (GF) has emerged as a promising tool to promote low-carbon development, while knowledge is rather limited regarding the underlying mechanism. This article aims to address this void by constructing a city-level GF index covering seven dimensions and identifying the main pathways through which GF can facilitate the low-carbon development of cities. Using a balanced panel data covering 277 Chinese cities from 2010 to 2020, the results show that: (1) China's GF development exhibits an overall spatial differentiation of 'high in the east and low in the west', while the distribution of carbon intensity (CI) displays an overall spatial differentiation of 'high in the north and low in the south'; (2) GF significantly decreases CI of cities, which is robust to employing DID strategies and IV estimations; (3) The role of GF on CI varies with the level of CI whereas not with the level of GF. Specifically, the mitigating effect of GF on CI is significant in both high GF and low GF groups, but only in high CI group; and (4) GF promotes low-carbon transition of cities through mainly on adjusting industrial structure rather than stimulating technological innovation. Despite we also demonstrate green finance enhances green innovation, due to multi-factors, such technology progress it brings may not always translate into a tangible improvement in green productivity. For most developing countries including China, the future policy objective of green finance should focus on enhancing sustainable technological progress. [ABSTRACT FROM AUTHOR]