{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,6,25]],"date-time":"2026-06-25T10:49:03Z","timestamp":1782384543493,"version":"3.54.5"},"reference-count":40,"publisher":"MDPI AG","issue":"6","license":[{"start":{"date-parts":[[2026,6,22]],"date-time":"2026-06-22T00:00:00Z","timestamp":1782086400000},"content-version":"vor","delay-in-days":0,"URL":"https:\/\/creativecommons.org\/licenses\/by\/4.0\/"}],"content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Systems"],"abstract":"<jats:p>The environmental effects of green finance policies involve complex systemic interactions across multiple levels, yet existing studies often adopt fragmented analytical approaches. Drawing on the multi-level perspective (MLP), this study conceptualizes the environmental impacts of Green Finance Reform and Innovation Pilot Zones (GFRIPZs) as a process of systemic green transformation involving interactions among landscape, regime, and niche levels. Using panel data of 287 prefecture-level and above cities in China from 2012 to 2022, this study applies a staggered difference-in-differences (DID) model to evaluate the environmental impacts of GFRIPZs. The results show that GFRIPZs significantly reduce both PM2.5 concentrations and CO2 emissions. Mechanism analyses based on multiple mediation models and GSEM reveal pollutant-specific differences in underlying channels. Green technological innovation (GTI) constitutes one observable pathway for PM2.5, whereas the policy effect is more closely associated with energy structure adjustment for CO2. Heterogeneity analysis further shows that PM2.5 mitigation is stronger in colder cities, while CO2 reduction is more pronounced in developed cities. These findings reveal pollutant-specific mechanisms of green finance and offer policy implications for developing countries seeking to promote systemic green transformation.<\/jats:p>","DOI":"10.3390\/systems14060719","type":"journal-article","created":{"date-parts":[[2026,6,25]],"date-time":"2026-06-25T08:14:12Z","timestamp":1782375252000},"page":"719","update-policy":"https:\/\/doi.org\/10.3390\/mdpi_crossmark_policy","source":"Crossref","is-referenced-by-count":0,"title":["A Multi-Level Systems Analysis of Green Finance Policies: Exploring the Dual Effects on Air Pollution and Carbon Emissions"],"prefix":"10.3390","volume":"14","author":[{"given":"Ping","family":"Yu","sequence":"first","affiliation":[{"name":"School of Economics, Wuhan University of Technology, Wuhan 430070, China"},{"name":"School of Entrepreneurship, Wuhan University of Technology, Wuhan 430070, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"given":"Wangbaihui","family":"Xiong","sequence":"additional","affiliation":[{"name":"School of Economics, Wuhan University of Technology, Wuhan 430070, China"}],"role":[{"vocabulary":"crossref","role":"author"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-3258-152X","authenticated-orcid":false,"given":"Joseph Paul","family":"Chunga","sequence":"additional","affiliation":[{"name":"School of Economics, Wuhan University of Technology, Wuhan 430070, China"}],"role":[{"vocabulary":"crossref","role":"author"}]}],"member":"1968","published-online":{"date-parts":[[2026,6,22]]},"reference":[{"key":"ref_1","doi-asserted-by":"crossref","first-page":"293","DOI":"10.1111\/jpim.12672","article-title":"Board Gender Diversity, Feminine Culture, and Innovation for Environmental Sustainability","volume":"41","author":"Lee","year":"2024","journal-title":"J. Prod. Innov. Manag."},{"key":"ref_2","doi-asserted-by":"crossref","first-page":"103371","DOI":"10.1016\/j.resourpol.2023.103371","article-title":"Nexus between Green Finance, Environmental Degradation, and Sustainable Development: Evidence from Developing Countries","volume":"81","author":"Hunjra","year":"2023","journal-title":"Resour. Policy"},{"key":"ref_3","doi-asserted-by":"crossref","first-page":"417","DOI":"10.1038\/s41893-020-00669-0","article-title":"Air Pollution Reduction and Climate Co-Benefits in China\u2019s Industries","volume":"4","author":"Qian","year":"2021","journal-title":"Nat. Sustain."},{"key":"ref_4","doi-asserted-by":"crossref","first-page":"73","DOI":"10.1164\/rccm.201609-1862OC","article-title":"Fine Particulate Air Pollution and Daily Mortality. A Nationwide Analysis in 272 Chinese Cities","volume":"196","author":"Chen","year":"2017","journal-title":"Am. J. Respir. Crit. Care Med."},{"key":"ref_5","doi-asserted-by":"crossref","first-page":"141","DOI":"10.1038\/s43017-021-00244-x","article-title":"Challenges and Opportunities for Carbon Neutrality in China","volume":"3","author":"Liu","year":"2022","journal-title":"Nat. Rev. Earth Environ."},{"key":"ref_6","doi-asserted-by":"crossref","first-page":"131664","DOI":"10.1016\/j.jclepro.2022.131664","article-title":"How to Control Air Pollution with Economic Means? Exploration of China\u2019s Green Finance Policy","volume":"353","author":"Zhang","year":"2022","journal-title":"J. Clean. Prod."},{"key":"ref_7","doi-asserted-by":"crossref","first-page":"100107","DOI":"10.1016\/j.ese.2021.100107","article-title":"Green Finance, Fintech and Environmental Protection: Evidence from China","volume":"7","author":"Muganyi","year":"2021","journal-title":"Environ. Sci. Ecotechnol."},{"key":"ref_8","doi-asserted-by":"crossref","first-page":"48477","DOI":"10.1007\/s11356-022-19228-5","article-title":"Green Finance and Corporate Environmental Violations: A Test from the Perspective of Illegal Pollution Discharge Behaviors","volume":"29","author":"Zhang","year":"2022","journal-title":"Environ. Sci. Pollut. Res."},{"key":"ref_9","doi-asserted-by":"crossref","first-page":"094010","DOI":"10.1088\/1748-9326\/ad6466","article-title":"Green Finance and Grey Air: Assessing the Impact of Green Finance Pilot Zones on Company-Level Pollution in China","volume":"19","author":"Luo","year":"2024","journal-title":"Environ. Res. Lett."},{"key":"ref_10","doi-asserted-by":"crossref","first-page":"124331","DOI":"10.1016\/j.jenvman.2025.124331","article-title":"Decarbonization like China: How Does Green Finance Reform and Innovation Enhance Carbon Emission Efficiency?","volume":"376","author":"Du","year":"2025","journal-title":"J. Environ. Manag."},{"key":"ref_11","doi-asserted-by":"crossref","first-page":"107452","DOI":"10.1016\/j.eneco.2024.107452","article-title":"Does Green Finance Policy Help to Improve Carbon Reduction Welfare Performance? Evidence from China","volume":"132","author":"Wang","year":"2024","journal-title":"Energy Econ."},{"key":"ref_12","doi-asserted-by":"crossref","first-page":"102914","DOI":"10.1016\/j.ribaf.2025.102914","article-title":"How Does Green Finance Policy Reduce the Carbon Emissions of Polluting Enterprises? A Mediation Effect Analysis of Inclusive Finance","volume":"77","author":"Meng","year":"2025","journal-title":"Res. Int. Bus. Financ."},{"key":"ref_13","doi-asserted-by":"crossref","first-page":"310","DOI":"10.1006\/jeem.2000.1161","article-title":"Pollution and Capital Markets in Developing Countries","volume":"42","author":"Dasgupta","year":"2001","journal-title":"J. Environ. Econ. Manag."},{"key":"ref_14","doi-asserted-by":"crossref","first-page":"124132","DOI":"10.1016\/j.jenvman.2025.124132","article-title":"Nonnegligible Transition Risks towards Net-Zero Economy: Lessons from Green Finance Initiatives in China","volume":"375","author":"Huang","year":"2025","journal-title":"J. Environ. Manag."},{"key":"ref_15","doi-asserted-by":"crossref","first-page":"1914","DOI":"10.1016\/j.eap.2025.05.031","article-title":"Green Structural Monetary Policy and Firms\u2019 Asymmetric Carbon Emission Reduction: Evidence from China","volume":"86","author":"Wan","year":"2025","journal-title":"Econ. Anal. Policy"},{"key":"ref_16","doi-asserted-by":"crossref","first-page":"107678","DOI":"10.1016\/j.eneco.2024.107678","article-title":"Green Financial Policy, Technological Advancement Reversal, Assessment of Emission Reduction Effects","volume":"136","author":"Chen","year":"2024","journal-title":"Energy Econ."},{"key":"ref_17","doi-asserted-by":"crossref","first-page":"117915","DOI":"10.1016\/j.jenvman.2023.117915","article-title":"The Effects and Drivers of Green Financial Reform in Promoting Environmentally-Biased Technological Progress","volume":"339","author":"Ge","year":"2023","journal-title":"J. Environ. Manag."},{"key":"ref_18","doi-asserted-by":"crossref","first-page":"105415","DOI":"10.1016\/j.eneco.2021.105415","article-title":"Green Credit Policy and Firm Performance: What We Learn from China","volume":"101","author":"Yao","year":"2021","journal-title":"Energy Econ."},{"key":"ref_19","doi-asserted-by":"crossref","first-page":"105099","DOI":"10.1016\/j.eneco.2021.105099","article-title":"Green Credit Policy, Credit Allocation Efficiency and Upgrade of Energy-Intensive Enterprises","volume":"94","author":"Wen","year":"2021","journal-title":"Energy Econ."},{"key":"ref_20","doi-asserted-by":"crossref","first-page":"106413","DOI":"10.1016\/j.eneco.2022.106413","article-title":"Crossing the Rivers by Feeling the Stones: The Effect of China\u2019s Green Credit Policy on Manufacturing Firms\u2019 Carbon Emission Intensity","volume":"116","author":"Lee","year":"2022","journal-title":"Energy Econ."},{"key":"ref_21","doi-asserted-by":"crossref","first-page":"122079","DOI":"10.1016\/j.techfore.2022.122079","article-title":"Green Innovation Effect of Pilot Zones for Green Finance Reform: Evidence of Quasi Natural Experiment","volume":"186","author":"Liu","year":"2023","journal-title":"Technol. Forecast. Soc. Change"},{"key":"ref_22","doi-asserted-by":"crossref","first-page":"103673","DOI":"10.1016\/j.irfa.2024.103673","article-title":"Green Finance and Innovative Cities: Dual-Pilot Policies and Collaborative Green Innovation","volume":"96","author":"Hou","year":"2024","journal-title":"Int. Rev. Financ. Anal."},{"key":"ref_23","doi-asserted-by":"crossref","unstructured":"Kilinc-Ata, N., Camkaya, S., and Topal, S. (2025). What Role Do Foreign Direct Investment and Technology Play in Shaping the Impact on Environmental Sustainability in Newly Industrialized Countries (NIC)?: New Evidence from Wavelet Quantile Regression. Sustainability, 17.","DOI":"10.3390\/su17114966"},{"key":"ref_24","doi-asserted-by":"crossref","first-page":"104805","DOI":"10.1016\/j.iref.2025.104805","article-title":"Greening Firms through Finance: How Green Finance Drives Corporate Pollution and Carbon Reduction Synergy in China","volume":"105","author":"Shi","year":"2026","journal-title":"Int. Rev. Econ. Financ."},{"key":"ref_25","doi-asserted-by":"crossref","first-page":"438","DOI":"10.1016\/j.enpol.2019.04.005","article-title":"The Effects of Credit Policy and Financial Constraints on Tangible and Research & Development Investment: Firm-Level Evidence from China\u2019s Renewable Energy Industry","volume":"130","author":"Chang","year":"2019","journal-title":"Energy Policy"},{"key":"ref_26","doi-asserted-by":"crossref","first-page":"112255","DOI":"10.1016\/j.enpol.2021.112255","article-title":"Demand for Green Finance: Resolving Financing Constraints on Green Innovation in China","volume":"153","author":"Yu","year":"2021","journal-title":"Energy Policy"},{"key":"ref_27","doi-asserted-by":"crossref","first-page":"113724","DOI":"10.1016\/j.jbusres.2023.113724","article-title":"Micro Green Technology Innovation Effects of Green Finance Pilot Policy\u2014From the Perspectives of Action Points and Green Value","volume":"159","author":"Xu","year":"2023","journal-title":"J. Bus. Res."},{"key":"ref_28","doi-asserted-by":"crossref","first-page":"107654","DOI":"10.1016\/j.eiar.2024.107654","article-title":"Impact Assessment of Green Finance Reform on Low-Carbon Energy Transition: Evidence from China\u2019s Pilot Zones","volume":"110","author":"Chen","year":"2025","journal-title":"Environ. Impact Assess. Rev."},{"key":"ref_29","doi-asserted-by":"crossref","first-page":"1068","DOI":"10.1108\/IJESM-03-2025-0041","article-title":"Assessing the Impact of Technology on the EU Clean Energy Transition: Evidence from the Green Energy Mix Quality Index","volume":"20","year":"2026","journal-title":"Int. J. Energy Sect. Manag."},{"key":"ref_30","doi-asserted-by":"crossref","first-page":"106925","DOI":"10.1016\/j.eiar.2022.106925","article-title":"Assessing the Carbon Intensity of the Heavy Industry in China: Using a Nonparametric Econometric Model","volume":"98","author":"Xu","year":"2023","journal-title":"Environ. Impact Assess. Rev."},{"key":"ref_31","doi-asserted-by":"crossref","first-page":"277","DOI":"10.5547\/01956574.40.SI1.dwan","article-title":"Directed Technical Change, Capital Intensity Increase and Energy Transition: Evidence from China","volume":"40","author":"Wang","year":"2019","journal-title":"Energy J."},{"key":"ref_32","doi-asserted-by":"crossref","first-page":"1257","DOI":"10.1016\/S0048-7333(02)00062-8","article-title":"Technological Transitions as Evolutionary Reconfiguration Processes: A Multi-Level Perspective and a Case-Study","volume":"31","author":"Geels","year":"2002","journal-title":"Res. Policy"},{"key":"ref_33","doi-asserted-by":"crossref","first-page":"408","DOI":"10.1038\/s41586-019-1554-z","article-title":"Climate and Air-Quality Benefits of a Realistic Phase-out of Fossil Fuels","volume":"573","author":"Shindell","year":"2019","journal-title":"Nature"},{"key":"ref_34","first-page":"393","article-title":"Credit Rationing in Markets with Imperfect Information","volume":"71","author":"Stiglitz","year":"1981","journal-title":"Am. Econ. Rev."},{"key":"ref_35","doi-asserted-by":"crossref","first-page":"1103","DOI":"10.1002\/smj.2152","article-title":"Institutional Barriers and Industry Dynamics","volume":"35","author":"Chang","year":"2014","journal-title":"Strateg. Manag. J."},{"key":"ref_36","doi-asserted-by":"crossref","first-page":"97","DOI":"10.1257\/jep.9.4.97","article-title":"Toward a New Conception of the Environment-Competitiveness Relationship","volume":"9","author":"Porter","year":"1995","journal-title":"J. Econ. Perspect."},{"key":"ref_37","doi-asserted-by":"crossref","first-page":"254","DOI":"10.1016\/j.jeconom.2021.03.014","article-title":"Difference-in-Differences with Variation in Treatment Timing","volume":"225","year":"2021","journal-title":"J. Econom."},{"key":"ref_38","doi-asserted-by":"crossref","first-page":"200","DOI":"10.1016\/j.jeconom.2020.12.001","article-title":"Difference-in-Differences with Multiple Time Periods","volume":"225","author":"Callaway","year":"2021","journal-title":"J. Econom."},{"key":"ref_39","doi-asserted-by":"crossref","first-page":"104352","DOI":"10.1016\/j.jpubeco.2020.104352","article-title":"Political Hierarchy and Regional Economic Development: Evidence from a Spatial Discontinuity in China","volume":"194","author":"Jia","year":"2021","journal-title":"J. Public Econ."},{"key":"ref_40","doi-asserted-by":"crossref","first-page":"61","DOI":"10.1016\/j.regsciurbeco.2013.09.003","article-title":"Incentives for China\u2019s Urban Mayors to Mitigate Pollution Externalities: The Role of the Central Government and Public Environmentalism","volume":"47","author":"Zheng","year":"2014","journal-title":"Reg. Sci. Urban Econ."}],"container-title":["Systems"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/6\/719\/pdf","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2026,6,25]],"date-time":"2026-06-25T10:04:30Z","timestamp":1782381870000},"score":1,"resource":{"primary":{"URL":"https:\/\/www.mdpi.com\/2079-8954\/14\/6\/719"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2026,6,22]]},"references-count":40,"journal-issue":{"issue":"6","published-online":{"date-parts":[[2026,6]]}},"alternative-id":["systems14060719"],"URL":"https:\/\/doi.org\/10.3390\/systems14060719","relation":{},"ISSN":["2079-8954"],"issn-type":[{"value":"2079-8954","type":"electronic"}],"subject":[],"published":{"date-parts":[[2026,6,22]]}}}