This study explores the role of carbon finance in provincial low-carbon transformation in China, in line with dual carbon goals. Using panel data from 30 provincial regions (2012-2021) and a Spatial Durbin Model, it analyzes how carbon finance development affects low-carbon transformation. Results show that carbon finance positively influences low-carbon transformation nationally, with notable spatial heterogeneity. In Central and Eastern China, carbon finance significantly advances local low-carbon transformation and positively affects neighboring areas. However, in Western China, its impact is less significant and negatively influences nearby regions.

Xiyang Li, Ruobing Ning, Qian Zhang, Xin Liao. The Impact of Carbon Finance Development Level on China's Provincial Low-Carbon Transition. Academic Journal of Business & Management (2023) Vol. 5, Issue 27: 141-147. https://doi.org/10.25236/AJBM.2023.052723.

[1] Fan Zhengqiang, Li Qi. Study on the Evaluation Index System for the Industrial Transformation of Resource-based Cities Based on Systemic Innovation [J]. Research on Financial and Economic Issues, 2009(22): 73-74.

[2] Cheng Jiayi. Empirical Study on the Transformation Policy of Resource-Exhausted Cities - Based on Panel Data Analysis [J]. Journal of Northeast University of Finance and Economics, 2009(03): 56-59.

[3] Tan Lingling, Liu Chuangeng. Maturity Evaluation Model and Empirical Study on Low-Carbon Transformation of Resource-based Cities [J]. Journal of China University of Mining and Technology (Social Science Edition), 2014, 16(03): 74-80.

[4] Fan Fangzhi, Zhang Lijun. Study on the Transformation of Financial Structure and Industrial Structure Upgrading in China [J]. Financial Research, 2003(11): 36-48.

[5] El-Karmi F.Z, Abu-Shikhah N.M. The Role of Financial Incentives in Promoting Renewable Energy in Jordan [J]. Renewable Energy, 2013, 57(sep.): 620-625.

[6] Peng Yuwen, Zou Mingxing. The Impact of Carbon Finance Development on Industrial Structure Upgrading - Based on Comparative Analysis of City Clusters [J]. Enterprise Economy, 2019(06): 15-20. DOI:10.13529/j.cnki.enterprise.economy.2019.06.002.

[7] Minh T.C, Naderi N. Unleashing the Role of Green Finance, Clean Energy, and Environmental Responsibility in Emission Reduction [J]. Journal of Environmental Assessment Policy and Management, 2022, 24(03).

[8] Liu Tingting. Analysis of the Impact of Green Credit on the Low-Carbon Transformation of Industries [J]. Business Accounting, 2020(09): 102-104.

[9] Lu Zhida. Study on the Impact of Carbon Finance on the Low-Carbonization of Resource-based Industries - Based on Empirical Research of CDM [J]. Financial Theory and Practice, 2020(11): 57-62.

[10] Zheng Qunzhe. Measurement and Analysis of Influencing Factors of Carbon Finance Development Level in China [J]. Research on Technology Economics and Management, 2022(02): 75-79.

[11] Gan Chunhui, Zheng Ruogu, Yu Dianfan. The Impact of China's Industrial Structure Changes on Economic Growth and Fluctuations [J]. Economic Research Journal, 2011, 46(5): 4-16.

[12] Xu Xiaofei. Study on the Evaluation System of Carbon Finance Market Development in China [J]. Economic Research Guide, 2020(02): 154-156.

[13] Xu Yingqi, Cheng Yu, Wang Jingjing. Spatiotemporal Evolution and Green Technological Innovation Impact of Carbon Emission Efficiency in China's Resource-based Cities [J]. Geographical Research, 2023, 42(03): 878-894.

[14] Zhou Guofu, Chen Hanbin. Threshold Effect Analysis of Industrial Structure Upgrading on Urban-Rural Income Gap [J]. Statistical Research, 2021(2): 15-28.

[15] Sun Hao, Gui Heqing, Yang Dong. Measurement and Evaluation of High-Quality Economic Development in China's Provinces [J]. Zhejiang Social Sciences, 2020 (8): 4-14.