Impact of green bond issuance on energy intensity: Evidence from new energy enterprises

As a green financial instrument supporting green programs in new energy enterprises, green bonds possess the potential to reduce enterprise energy intensity (EEI). However, this potential effect requires empirical verification. According to the data of China's new energy listed enterprises, this paper applies a staggered difference-in-differences method to explore the influence of green bond issuing by new energy enterprise on EEI. The findings indicate that the new energy enterprise's issuance of green bond can remarkably reduce EEI. Mechanism analysis demonstrates that the effect for green bonds in reducing EEI is achieved by fostering green technological innovation and increasing the number of executives with environmental experience. Heterogeneity is analyzed at both the enterprise and regional levels. At the enterprise level, private enterprises, low-tech enterprises, or small to medium enterprises only experience a significant decline in EEI after the issuance of green bonds. Regionally, the EEI reduction effect of green bonds is significant only for new energy enterprises in highly economically developed or highly environmentally aware cities. Additionally, green bond issuance by new energy enterprise also significantly enhances the enterprise sustainable development performance.