Summary of fossil fuel properties.

Reducing carbon emission intensity is crucial for achieving sustainable development. Carbon emission intensity is expressively affected by the issuance of green bonds. Thus, it is imperative to assess the influence of green bond issuance on carbon emissions and examine their correlation. Such research holds great potential to expedite the overhaul and modernization of businesses and to construct a circular economy system. This paper uses the spatial Durbin model to draw empirical conclusions by using data from 26 provinces in China between 2016 and 2021. Firstly, under different spatial matrices, it has been analyzed that an increase of 1% in the issuance of green bonds leads to a reduction of 0.306% or 0.331% in carbon emission intensity. It shows that green bonds have the potential to substantially reduce carbon intensity. Additionally, the intensity of emissions in the current period is driven by the intensity of emissions in the previous period. Secondly, the analysis of mediated transmission suggests that green bonds can ultimately reduce carbon emission intensity by changing the energy consumption structure or improving the efficiency of green technology innovation. Thirdly, the analysis of heterogeneity shows that the inhibitory effect of green bond issuance on carbon emissions is stronger in less economically developed regions than in economically developed regions. There is a significant inhibitory effect of green bond issuance in neighboring provinces on local carbon emission intensity. This effect is present only in provinces in less economically developed regions and not in economically developed regions.

降低碳排放强度（carbon emission intensity）对于实现可持续发展至关重要。碳排放强度显著受到绿色债券（green bonds）发行的影响，因此评估绿色债券发行对碳排放的影响并探究二者的相关性具有重要意义。此类研究有助于加快企业的转型升级与现代化建设，并助力构建循环经济体系。

本文采用空间杜宾模型（Spatial Durbin Model），基于中国2016—2021年26个省份的面板数据得出实证结论：
首先，在不同空间权重矩阵下的分析结果显示，绿色债券发行量每提升1%，可使碳排放强度降低0.306%或0.331%，表明绿色债券具备显著降低碳排放强度的潜力；此外，当期碳排放强度受到上期碳排放强度的正向驱动。
其次，中介传导机制分析表明，绿色债券可通过优化能源消费结构或提升绿色技术创新效率，最终降低碳排放强度。
第三，异质性分析显示，相较于经济发达地区，绿色债券发行对碳排放的抑制作用在经济欠发达地区更为显著；邻省份的绿色债券发行对本地碳排放强度存在显著的抑制效应，且该抑制效应仅存在于经济欠发达地区的省份，在经济发达地区省份中并未体现。