Driving green innovation: The impact of digital finance on China's transition to clean energy

As an avant-garde financial model, digital finance stands as a key contributor to the advancement of clean energy. This paper employs econometric methods to scrutinize the influence of digital finance on China's clean energy transition spanning the years 2011–2020. The findings underscore that digital finance plays a pivotal role in fostering the clean energy transition. Moreover, the industrial structure, transportation infrastructure, and R&D intensity positively moderate this relationship. Additionally, the impact of digital finance on clean energy transition exhibits nonlinearity, while fixed asset investment demonstrates a single threshold effect on clean energy transition. Furthermore, heterogeneity analysis unveils significant variation in the impact of digital finance on clean energy transition, with a more pronounced promotion effect observed in low-urbanization areas. This study provides robust evidence supporting the promotion of China's clean energy transition.