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• Construct indicator systems for green finance and clean energy. • Investigation conducted on coupling coordination relationship between green finance and clean energy systems. • Influencing factors of coupling coordination degree explored using fsQCA method. • Results reveal imbalance in coupling coordination degree for GCS in China. • Identification of three pathways for enhancing coupling coordination degree. 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. [ABSTRACT FROM AUTHOR]

Green finance is essential for supporting the development of green, low-carbon projects and preventing environmental and climate financial risks. Investigating and studying whether and how it can aid in implementing energy transformation is worthwhile. This paper uses 30 provinces from 2004 to 2020 as research samples, the entropy method to construct a green finance measurement system, and the weighted multidimensional vector angle index method to construct an energy low-carbon transformation index based on the actual situation of green finance in China and the existing theoretical research basis. We systematically analyzed each province's spatiotemporal evolution characteristics of green finance and energy structure transformation by constructing a fixed effect model, a GMM model, an intermediary effect model, and a spatial Dubin model. We empirically tested the effect direction, internal mechanism, spatial spillover, and regional heterogeneity of green finance development (GFD) on energy structure transformation (EST) to investigate the low-carbon transformation of energy structures. The findings indicate the following:(1) Green finance plays a positive role in promoting the transformation and development of China's energy structure. (2) The influence of green finance development on the transformation of China's energy structure has significant spatial spillover, exhibiting "local and neighborhood" reciprocity. Through the spatial spillover effect, green finance can encourage the low-carbon transformation of local energy structures and increase the level of low-carbon transformation in neighboring areas. (3) The improvement of the level of green technology innovation and the intensity of environmental regulations are essential channels for green finance to support the low-carbon transformation of the energy structure, and regional heterogeneity will alter this transmission mechanism. The findings of this study provide empirical evidence for the vital role of green finance in achieving the double dividend of economic growth and low-carbon emission reduction. This study provides a new perspective for constructing a green finance system and advancing the dual-carbon objective and a resource for formulating effective regional energy transformation policies. [ABSTRACT FROM AUTHOR]