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The transformation and upgrading of China's manufacturing industry is supported by smart and green manufacturing, which have great potential to empower the nation's green development. This study examines the impact of the Made in China 2025 industrial policy on urban green economic growth. This study applies the super-slacks-based measure model to measure cities' green economic growth, using the double machine learning model, which overcomes the limitations of the linear setting of traditional causal inference models and maintains estimation accuracy under high-dimensional control variables, to conduct an empirical analysis based on panel data of 281 Chinese cities from 2006 to 2021. The results reveal that the Made in China 2025 strategy significantly drives urban green economic growth, and this finding holds after a series of robustness tests. A mechanism analysis indicates that the Made in China 2025 strategy promotes green economic growth through green technology progress, optimizing energy consumption structure, upgrading industrial structure, and strengthening environmental supervision. In addition, the policy has a stronger driving effect for cities with high manufacturing concentration, industrial intelligence, and digital finance development. This study provides valuable theoretical insights and policy implications for government planning to promote high-quality development through industrial policy. [ABSTRACT FROM AUTHOR]

This study is intended to expose the connectedness of green financing and other green policies like renewable energy and technological progress towards identifying the best practice to achieve climate goal cum sustainable environmental development for China within the period 1985–2021. Amid the increased utilization of fossil fuels in China's economic activities and its position as the highest carbon emitting country in the world, China is considered a financial stable economy with access to renewable energy source such as hydroelectric power. For effective research into the objective of this study, the study builds on mechanism of the green finance—renewable—technology and emission nexus with the help of linear dynamics of ARDL bound and VECM granger causality methods. Empirical results from both approaches have given insight to the selected objectives of this study. According to ARDL dynamics: (i) the coefficients of linear (1.802) and non-linear(− 1.860) (i.e. square term) of financial development are positively and negatively connected to the carbon emissions. This confirms the presence of inverted U-shape relationship between the financial development and carbon emissions. (ii) the relationship between hydroelectric power representing renewable energy and CO2 is negative—(− 0.19) and significant at 1% level. This results depicts the reduction power of hydroelectric power on CO2, (iii) also, a negative (− 0.000982) linkage between number of patent application representing technological innovation and environmental development through carbon emissions responses is established. Also, findings from VECM granger causality approach back the findings from ARDL through a nexus between the variables of interest (finance, hydroelectric power, and technology and carbon emissions). Findings point to the ability of green financing to reduce carbon emissions if green financing policies are utilized effectively in regulating carbon emissions. [ABSTRACT FROM AUTHOR]