The Impact of Green Finance and Financial Technology on Regional Green Energy Technological Innovation Based on the Dual Machine Learning and Spatial Econometric Models

Abstract

Regional green energy technological innovation is an important means to alleviate economic–environmental contradictions. The purpose of this study was to explore the mechanisms of green finance, financial technology, and regional green energy technological innovation. In this study, we constructed dual machine learning models, spatial econometric models, and panel threshold effect models to investigate the effects of green finance and financial technology on regional green energy technological innovation, using panel data from 266 cities nationwide from 2009 to 2021. The research findings are as follows: (1) Both green finance and financial technology significantly promote regional green energy technological innovation. (2) Based on a spatial weight matrix embedded in economic geography, both green finance and financial technology generate positive spatial spillover effects on regional green energy technological innovation. (3) The interaction between green finance and financial technology significantly contributes to regional green energy technological innovation. Financial technology can strengthen the positive local and neighboring effects of green finance on regional green energy technological innovation. (4) Based on the threshold effect of financial technology, green finance cannot significantly promote regional green energy technological innovation when financial technology is in an underdeveloped stage. With the advancement of financial technology, green finance continues to have a positive impact on regional green energy technological innovation. Based on this analysis and our conclusions, we propose practical policy recommendations that can provide a more sustainable approach to green energy technology innovation.