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Financial agglomeration is a key way to promote the green transformation of the global economy and environmental governance. The existing literature mainly analyzed the impact of financial agglomeration on economic development, but rarely examines its comprehensive impact on economic growth and environmental governance considering spatial spillover effects. Based on the perspective of spatial spillover effects, this paper uses panel data of 285 cities above the prefecture-level in China to examine the impact and mechanism of financial agglomeration on green development. The results show that: (1) During the study period, financial agglomeration and green development in China are significantly different in directions of spatial distribution and expansion, but the spatial correlation between the two is relatively high. (2) Financial agglomeration can exert significant spatial spillover effects on green development. (3) Financial agglomeration has more obvious positive spatial spillover effects on green development of cities in the servitization stage or with high administrative level. (4) Industrial structure upgrading effect, labor upgrading effect and technological innovation effect are the main paths that financial agglomeration affects green development. The research results can provide a new perspective and approach to promote the green transformation of economy and sustainable development of the world. [ABSTRACT FROM AUTHOR]

• The impact of economic growth pressure on energy efficiency improvement is discussed. • Economic growth pressure has hindered the improvement of energy efficiency. • Heterogeneity effects exist in individual dimension and temporal dimension. Economic growth target management has been a typical feature of Chinese governments at all levels for a long time in the past decades. Based on a panel data of 188 Chinese cities, this paper examines the impact of pressure brought by economic growth target on energy efficiency improvement. The results suggest that economic growth pressure has hindered the improvement of energy efficiency. For every unit of increase in economic growth pressure, the improvement indicator of energy efficiency will decrease by 3.3%. This finding is robust, after replacing explained variables and core explanatory variables, no substantial changes are found. Sub-sample regression confirms the existence of heterogeneity effects in individual dimension and temporal dimension. Finally, by summarizing existing studies, this paper finds that the investment imbalance effect, the hindrance effect on industrial structure upgrading, and the crowding-out effect on innovation are three important ways for economic growth pressure to restrain the improvement of energy efficiency. Our findings are helpful to understand the role of the government's economic growth target management in resource allocation and energy utilization and provide a certain practical reference for China to promote high-quality economic development. [ABSTRACT FROM AUTHOR]