Can Digital Finance Suppress Energy Consumption Intensity?—An Empirical Analysis Based on 268 Prefecture-Level Cities in China

在“双碳”目标背景下，本研究基于2011~2021年中国268个地级市面板数据，系统分析数字金融对绿色低碳转型的作用机理与区域异质性。研究发现，数字金融发展通过提升资源配置效率、推动产业结构升级的双重中介路径，显著降低能源消费强度，提升能源效率，其促进效应在资源型城市和西部地区更为突出。据此提出三维政策框架：一是强化数字金融基础设施建设，向中西部及农村地区倾斜资源，创新低碳主题金融产品；二是构建“数据 + 产业”双轮驱动机制，推动资源配置效率提升与产业结构深度调整；三是实施差异化区域策略，为资源型城市设计转型专项方案，对西部清洁能源开发提供定向政策支持。本研究为数字金融深度降低能源消费强度、提升能源效率提供了理论支撑与实践路径，对构建绿色金融体系具有重要参考价值。Under the background of the “dual carbon” goals (carbon peaking and carbon neutrality), this study systematically examines the mechanisms and regional heterogeneity of digital finance in driving green and low-carbon transition, utilizing panel data from 268 prefecture-level cities in China between 2011 and 2021. The findings reveal that digital finance development significantly reduces energy consumption intensity and enhances energy efficiency through dual mediating pathways: improving resource allocation efficiency and promoting industrial structure upgrading. These effects are more pronounced in resource-dependent cities and western regions. Based on these insights, the study proposes a three-dimensional policy framework: (1) Strengthening digital financial infrastructure, prioritizing resource allocation to central-western and rural areas, and innovating low-carbon-themed financial products; (2) Establishing a “data-industry” dual-drive mechanism to enhance resource allocation efficiency and facilitating deep industrial restructuring; (3) Implementing differentiated regional strategies, designing specialized transition plans for resource-dependent cities and providing targeted policy support for clean energy development in western regions. This research offers theoretical and practical pathways for leveraging digital finance to reduce energy consumption intensity and improve energy efficiency, providing critical references for building a green financial system.