Has Green Finance Enhanced the Ecological Resilience Level in the Yangtze River Economic Belt?

Abstract

Ecological environment restoration has become an important strategy for the high-quality development of the Yangtze River Economic Belt, and green finance is indispensable to supporting industrial transformation and green innovation. It is of great importance to clarify the internal relationship between green finance and ecological resilience construction. This paper introduces the concept of resilience into the field of ecological construction and constructs an ecological resilience index system from three dimensions of “resistance-adaptability-resilience”. On this basis, it focuses on the different aspects of green finance, such as green credit, green securities, green investment, green insurance, etc., and examines the role of green financial development on the ecological resilience of the Yangtze River Economic Belt. The results of the study showed that (1) during the study period, the overall ecological resilience level of the Yangtze River Economic Belt improved significantly and there were significant differences in the ecological resilience of the economic belts but such spatial differences are converging; (2) green insurance has a significant positive influence on ecological resilience, while green credit, green securities, and green investment have a significant negative influence on ecological resilience; (3) green credit and green securities have a significant positive effect on the resistance to ecological resilience, green credit and green investment inhibit the adaptability of ecological resilience, and green insurance significantly improves the resilience of ecological resilience. Green financial policies should be further optimized, and innovative all-round and multi-level products and services should be provided. It is necessary to leverage social capital to promote green transformation and technological innovation in high-pollution industries. By combining resource endowment and location advantages, we can explore the benign interaction between green finance and ecological civilization construction.