How to achieve the common developments of green finance and clean energy in China? Evidence from coupling coordination evaluation

Investigating the integrated development between green finance and clean energy has significant implications for achieving structural energy transformation and sustainable financial development. This paper aims to explore the path toward achieving a positive interaction between green finance and clean energy. To achieve this, a coupling coordination degree model for the green finance – clean energy system is constructed. Additionally, limited attention has been paid to the interconnectedness of multiple factors with coupling coordination. Hence, we introduce a fuzzy set qualitative comparative analysis (fsQCA) approach to explore diverse pathways to enhance coupling coordination. Empirical results indicate that from 2011 to 2020, the degree of coupling coordination between green finance and clean energy in China improved from 0.3341 to 0.4718. However, it remains on the verge of an imbalanced level. Furthermore, the regional coupling coordination degree exhibits uneven development, with a tendency towards high-value clustering. The coordinated development paths of different provinces are driven by various configurations of conditions. Based on these findings, this study suggests that provinces should formulate policies tailored to their local characteristics and condition configurations, and effectively promote the coordinated development of green finance and clean energy in their respective regions. This study improves the comprehension of the coordinated development between green finance and clean energy at the provincial level in China. The employed fsQCA technique offers a novel approach for investigating developmental pathways of coupling coordination, bearing significance in promoting a mutually beneficial and harmonious relationship between green finance and clean energy.