The Carbon Footprint of the Most Popular Social Media Platforms Your name

Nguyen Xuan Quang

GCS200679

Ms. Sharmila Mathivanan B.Tech., M. Tech

Information Technology Lecturer

Computer Department

FPT University Greenwich, Vietnam

05/05/2022
 ASSIGNMENT 1 FRONT SHEET

Qualification BTEC Level 5 HND Diploma in Computing

Unit number and title Unit 13:Computing Research Project

Submission date May 5, 2023 Date Received 1st submission

Re-submission Date Date Received 2nd submission

Student Name Nguyen Xuan Quanng Student ID GCS200679

Class GCS0905C Assessor name Sharmila Mathivanan

Student declaration

I certify that the assignment submission is entirely my own work and I fully understand the consequences of plagiarism. I understand
that making a false declaration is a form of malpractice.

Student’s signature HUY

Grading grid

P1 P2 P3 P4 P5 M1 M2 M3 D1 D2
 Summative Feedback:  Resubmission Feedback:

Grade: Assessor Signature: Date:

Internal Verifier’s Comments:

Signature & Date:

 ASSIGNMENT 1 BRIEF

Qualification BTEC Level 5 HND Diploma in Computing

Unit number UNIT 13: Computing Research Project

Assignment title Proposing and conducting a research project

Academic Year 2022 - 2023

Unit Tutor Do Tien Thanh

Issue date 03 August 2022 Submission date 03 August 2022

IV name and date

Submission Format:

Format: The submission is in the form of 1 document

You must use font Calibri size 12, set number of the pages and use multiple line spacing at
1.3. Margins must be: left: 1.25 cm; right: 1 cm; top: 1 cm and bottom: 1 cm. The reference
follows Harvard referencing system.
Submission Students are compulsory to submit the assignment in due date and in a way requested by
the Tutors. The form of submission will be a soft copy posted on
http://cms.greenwich.edu.vn/
Note: The Assignment must be your own work, and not copied by or from another student or from
books etc. If you use ideas, quotes or data (such as diagrams) from books, journals or other sources, you
must reference your sources, using the Harvard style. Make sure that you know how to reference properly,
and that understand the guidelines on plagiarism. If you do not, you definitely get failed

Unit Learning Outcomes:

LO1 Examine appropriate research methodologies and approaches as part of the research process
LO2 Conduct and analyse research relevant for a computing research project
LO3 Communicate the outcomes of a research project to identified stakeholders
Assignment Brief and Guidance:

Introduction to theme
The environmental impact of digital transformation
The amount of data created and stored globally is expected to reach 175 Zettabytes by 2025, a six-fold
increase from 2018. This will demand additional hardware and power consumption, which; in turn, will
increase the environmental impact of the digital sector and there is already increasing attention on the
environmental footprint of ICT equipment and services as they become more widespread in all aspects of
human life.
It is the responsibility of everyone to take action in addressing the challenges of climate change, as
professionals we must also seek ways that the digital sector can play its part. While digital technologies
are one of the sectors that has achieved greater efficiency; achieving about 100 times more computation
power from the same amount of energy per decade, it remains unsustainable. The sector must continue
to seek ways in which it can continue to support and drive innovation, while addressing the global
climate emergency for a greener and fairer future.

Choosing a research objective/question

Students are to choose their own research topic for this unit. Strong research projects are those with
clear, well focused and defined objectives. A central skill in selecting a research objective is the ability to
select a suitable and focused research objective. One of the best ways to do this is to put it in the form of
a question. Students should be encouraged by tutors to discuss a variety of topics related to the theme
to generate ideas for a good research objective.
The range of topics discussed could cover the following:
● The use of modern methods to reduce carbon emissions in IT network systems.
● The impact of cloud data centres on the environment.
● The environmental implications of e-waste and ways to reduce it.
The research objective should allow students to broaden their understanding and widen their erspective
of being able to explore, argue, prove, and/or disprove a particular objective. The research objective
should be feasible, novel, ethical, relevant and ultimately of interest to the student

You have to set you own research question in the research proposal base on the previous range of topic,
and the research question must be specific enough.
 Learning Outcomes and Assessment Criteria

Pass Merit Distinction

LO1 Examine appropriate research methodologies and approaches as

part of the research process
LO1 & 2
P1 Produce a research proposal M1 Evaluate different research
D1 Critically evaluate research
that clearly defines a research approaches and methodology and
methodologies and processes in
question or hypothesis supported make justifications for the choice
application to a computing
by a literature review. of methods selected based on
research project to justify
philosophical/theoretical
chosen research methods and
P2 Examine appropriate research frameworks.
analysis.
methods and approaches to
primary and secondary research.

LO2 Conduct and analyse research relevant for a computing research

project

P3 Conduct primary and M2 Discuss merits, limitations

secondary research using and pitfalls of approaches to data
appropriate methods for a collection and analysis.
computing research project that
consider costs, access and ethical
issues.

P4 Apply appropriate analytical

tools, analyse research findings
and data.

LO3 Communicate the outcomes of a research project to identified D2 Communicate critical

stakeholders analysis of the outcomes and
make valid, justified
recommendations.
P5 Communicate research M3 Coherently and logically
outcomes in an appropriate communicate outcomes to the
intended audience demonstrating
 manner for the intended how outcomes meet set research
audience. objectives.

Content
=1. Introduction.......................................................................................................................................................... 2
2. Background ........................................................................................................................................................... 3
2.1. Digital finance in China ...................................................................................................................................... 3
2.2. Alipay in China....................................................................................................................................................... 4
Problem Statement ................................................................................................................................................... 6
Research Questions...................................................................................................................................................... 6
➢ Answer: ................................................................................................................................................................. 7
Objectives ..................................................................................................................................................................... 8
Reasons for Choosing the Project ................................................................................................................................ 9
3. Transmission mechanisms ..................................................................................................................................... 15
3.1. Scale effect .......................................................................................................................................................... 15
3.2.Composition effect............................................................................................................................................... 16
4. Methods and data .................................................................................................................................................. 16
4.1. Measuring household carbon emissions ............................................................................................................ 16
4.2. Empirical model................................................................................................................................................... 18
4.2.1. HDFE and IV model .......................................................................................................................................... 18
4.2.2. IV-MA model .................................................................................................................................................... 18
4.3. Data processing and description ........................................................................................................................ 19
4.3.1. Data processing ................................................................................................................................................ 19
4.3.2. Variables and descriptive statistics ................................................................................................................. 20
5. Empirical results and discussion ............................................................................................................................ 23
5.1. Baseline results ................................................................................................................................................... 23
5.2. Robustness check ................................................................................................................................................ 25
5.3. Mechanism analysis: ........................................................................................................................................... 28
5.3.1. Mechanism analysis of scale effect ................................................................................................................. 30
5.3.2. Mechanism analysis of composition effect ..................................................................................................... 31
6. Conclusion and policy implications ....................................................................................................................... 33
Declaration of Competing Interest ............................................................................................................................ 35
References .................................................................................................................................................................. 37
1. Introduction
• Rising CO2 emissions have significantly contributed to global warming and more frequent severe
weather. We are at a critical juncture in taking rapid action to address climate change and cut
CO2 emissions, as mandated by the United Nations Sustainable Development Goals (SDGs). As
one of the world's major emitters, China's response to CO2 reduction is critical to mitigating
global climate change (Gao et al., 2021). The Chinese government has made significant efforts to
encourage low-carbon consumption behavior and has established the dual goals of carbon
peaking and carbon neutrality. To encourage green and low-carbon production and lifestyle,
Shenzhen, for instance, has been in the forefront of low-carbon growth by proposing the Carbon
Inclusive System Construction Work Plan. However, China still has a long way to go before
achieving these objectives. The home sector is becoming more significant as China transitions to a
demand-oriented dual circulation economy, accounting for nearly 40% of all CO2 emissions in
China (Chen et al., 2019). The dual circulation approach is important for shared prosperity and
sustainable economic growth, another SDG, not just in China, but under the threat of COVID-19
and anti-globalization, but all over the world. That implies that China is forced to choose between
the two SDGs, which is a difficult decision.
• Fortunately, advanced digital technologies from the technological revolution have not only
provided impetus to the development of human society, but have also proven to be essential in
achieving economic and social goals. These technologies offer opportunities to tackle current
economic and social challenges. Studies have indicated that the digital economy, particularly
digital finance, might provide an unprecedented chance to resolve issues by promoting
decarbonization while still maintaining economic growth and people's living standards (Tao et al.,
2022; Yu et al., 2022; Zhou et al., 2022). China has made tremendous advancements in digital
finance, with third-party mobile payments increasing from 39 billion yuan to 190.5 trillion yuan
between 2009 and 2018 (Dong et al., 2020). Given this situation, it is essential to study how
digital finance impacts consumption-based household CO2 emissions (HCEs).
• The impact of the digital economy on CO2 emissions has been the topic of a growing literature,
but consensus has not been reached (Wang et al., 2021a; Wang et al., 2022a). Some scholars
argue that the digital economy has a negative impact on CO2 emissions and can effectively
mitigate emissions by changing production and consumption patterns and improving industrial
efficiency (Bieser and Hilty, 2018; Zhang et al., 2022). In contrast, others suggest that the digital
economy could lead to increased CO2 emissions due to economic growth and energy
consumption (Nguyen et al., 2020). Li and Wang (2022) further propose that there is an inverted
U-shaped relationship between the digital economy and CO2 emissions, where emissions
increase up to a certain threshold before decreasing. Unfortunately, previous studies have mainly
focused on the digital economy, with few examining digital finance specifically. Wang et al.
(2022b) found that digital finance can promote CO2 emissions through industrial structure and

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 economic growth at the city level, but this study did not consider consumption-based emissions
or the transmission mechanisms between digital finance and CO2 emissions.
• To address this gap in the literature, the current research aims to investigate the impact of digital
finance on consumption-based household CO2 emissions in China. The study departs from
previous literature by examining the transmission mechanisms of digital finance on emissions,
including the scale and composition effects. The findings verify the financial, digital, and green
functions of digital finance, which can help countries achieve sustainable growth and carbon
reduction goals. The study also identifies the causal relationship between digital finance and CO2
emissions, which has received little attention before. To resolve endogeneity issues, the study
uses instrumental variable (IV) and IV-based mediation analysis (IV-MA) methods. Lastly, the
study examines digital finance at the county level and micro-level household emissions, providing
policy implications for reducing emissions.
• The remainder of the article is organized as follows: Section 2 introduces the development of
digital finance in China, Section 3 explains the transmission mechanisms, Section 4 describes the
methods and data used, Section 5 presents the empirical results, and Section 6 concludes with
policy implications.

2. Background

2.1. Digital finance in China

• According to the McKinsey Global Institute, China is becoming a world leader in digital
technology, particularly in digital finance. The development of China's digital finance can be
divided into two main stages, with the year 2003 marking a significant turning point. The first
phase, from the 1980s to 2003, saw the electrification and informatization of traditional financial
institutions, with Chinese commercial banks being the main users of Information and
Communications Technology (ICT). However, with the emergence of Alipay in 2003, China's digital
finance entered a new phase where ICT companies could provide financial products and services
directly to consumers. During this stage, internet and technology enterprises worked together as
market participants in delivering financial products and services. With the current fourth
technological revolution, marked by 5G, big data, and artificial intelligence, China's financial
sector is able to improve the efficiency and quality of financial services (Huang and Huang, 2018).
• Over the years, China's digital finance has expanded rapidly and has become a model for other
countries. Four of China's fintech companies ranked among the top 10 digital financial companies
worldwide in terms of digital payments and transactions in the 2018 Fintech100 report, with Ant
Financial at the top of the list. China is leading the world in mobile payments, online investing,
bigtech credit, and central bank digital currency (Cao et al., 2021a). China currently has the
world's largest mobile payment market, with transaction amounts increasing from 9.6 trillion
yuan in 2013 to 432.2 trillion yuan in 2020 (see Figure 1). According to the Peking University
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 Digital Financial Inclusion Index of China (PKU-DFIIC), China's digital finance has experienced
impressive growth from 2011 to 2020 (see Figure).

China mobile payment transaction amount 2013–2020.

Provincial mean and median of digital financial inclusion indexes 2011–2020.

2.2. Alipay in China

• Alipay is leading a global digital finance revolution and has evolved from a payment tool into an
open platform covering various sectors. As of 2020, Alipay has over one billion active users in
China and approximately 1.2 billion users worldwide. It provides credit services like Ant Credit
Pay and Sesame Credit, money market and wealth products like Yu'E Bao and Ant Wealth,

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insurance products such as Ant Insurance, and basic mobile payment services. In 2016, Alipay
launched a campaign called Ant Forest to encourage users to engage in low-carbon activities like
biking, taking the bus, or walking. Alipay assesses users' behavior data and calculates the amount
of emissions that are avoided in terms of transportation, entertainment, and payments. Users
who participate in low-carbon activities are rewarded with "green energy" points that they can
use to water virtual trees in their account. When the virtual saplings grow into virtual trees from
consistent watering with energy points, Ant Forest will plant a real tree for the user. This
approach motivates users to adopt carbon-reducing consumption styles. In 2019, Alipay declared
that Ant Forest had planted 100 million real trees with 500 million users, which had reduced
about 7.92 million tons of carbon emissions (Zhang et al., 2021). In addition, Ant Forest was
awarded the United Nations Lighthouse Award in 2019, which is the highest distinction in the
world for combatting climate change.

Ways to participate in Ant Forest.

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Problem Statement

• Theoretical problem: The carbon footprint of social media platforms is a relatively new area of
research that requires further exploration because a lot of the data is very old, flawed, or possibly
due to all The data is for reference only and does not correspond to reality. While there has been
some research on the environmental impact of data centers and the IT sector, there is still limited
research on the specific carbon footprint of social media platforms in general. Therefore, there is
a theoretical gap in my understanding of the factors that contribute to the carbon footprint of
social media platforms and how to reduce them. In particular, the calculation of carbon emissions
can be wrong due to lack of data, wrong numbers or most likely because the reference documents
only give very general numbers.
• The real issue: The increasing use of social media platforms and the associated carbon footprint
has real implications for environmental sustainability. Despite growing awareness of climate
change and the need to reduce greenhouse gas emissions, knowledge of the carbon footprint of
social media platforms for users, policymakers and Social media companies are still limited. There
is a real problem of inadequate awareness and understanding of the environmental impact of
social media platforms and strategies to reduce their carbon footprint.

What has been known about the problem?

• Current research on the carbon footprint of social media platforms is limited and fragmentary
because it is possible that much of the data is old, or has been corrupted, or may be hidden, even
if much of the data is just one piece of data. prediction for calculation. Some studies have focused
on the energy consumption of data centers and their contribution to carbon emissions, while
others have explored the energy efficiency of individual devices or transmission platforms. specific
social media. However, there is no comprehensive understanding of the carbon footprint of social
media platforms as a whole, including the various factors that contribute to emissions and potential
strategies to reduce their impact. they.
• What is lacking in current knowledge?
• Current knowledge of the carbon footprint of social media platforms lacks a holistic and
comprehensive understanding of the factors that contribute to their emissions, the change in
carbon emissions per hour of use, usage, the impact of different types of content on their
emissions, and the technologies or tactics social media companies can use to reduce their carbon
footprint. There is also limited research on the potential social and policy ramifications of reducing
the carbon footprint of social media platforms.

Research Questions
1. What government policies are being proposed to lower carbon emissions in the digital technology
industry?

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 2. How was the development of blockchain technology affected the world's carbon emissions?

3. Which nations are setting an example in the field of digital technology for reducing carbon emissions?

4. How efficient is it in cutting carbon emissions by using recycled electronics?

5. How technology businesses required by law to minimize carbon emissions?

6. What strategies have emerging digital technology companies employed to cut back on carbon
emissions?

7. How much power is used overall to mine cryptocurrencies like Bitcoin, and what impact does it have on
the environment?

8. How can big data be used in the realm of digital technology to cut carbon emissions?

9. Which business strategies do digital technology businesses use to lower carbon emissions while still
boosting profits?

10. What attributes of digital goods help to cut carbon emissions?

➢ Answer:
1. As the world continues to grapple with the threat of climate change, various government policies
are being proposed to lower carbon emissions in the digital technology industry. Some of these
policies include the establishment of energy efficiency standards for data centers, promoting the
use of renewable energy sources, and encouraging the deployment of energy-efficient hardware
and software. The goal of these policies is to reduce the carbon footprint of the industry and
enable sustainable growth.
2. The development of blockchain technology has had mixed impacts on the world's carbon
emissions. On the one hand, it has the potential to create more sustainable supply chains and
reduce paper-based transactions, which can help to lower carbon emissions. On the other hand,
the energy requirements of blockchain mining and transaction verification can be significant and
contribute to higher carbon emissions. Therefore, a careful analysis of the overall environmental
impact of blockchain technology is necessary to truly understand its potential for reducing carbon
emissions.
3. In the fight against climate change, several nations have set an example in the field of digital
technology by reducing carbon emissions. For example, countries like Denmark, Sweden, and
Costa Rica have ambitious carbon reduction targets and have made significant investments in
renewable energy. By taking a leadership role in this field, these nations are demonstrating the
feasibility of reducing the carbon footprint of the digital technology industry.
4. One effective way of cutting carbon emissions is by using recycled electronics. This is because it
reduces the need for new electronic devices, which are resource-intensive to produce. However,

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 the overall environmental impact of recycled electronics should be carefully analyzed. Factors
such as the energy required to recycle and the disposal of waste generated during the process
should also be considered to ensure a complete understanding of the impact.
5. Recognizing the need for urgent action to address climate change, some governments may
require technology businesses to minimize carbon emissions through various measures such as
setting greenhouse gas reduction targets, implementing energy efficiency measures, and using
renewable energy sources. By mandating such measures, governments can ensure that digital
technology companies are doing their part to address the environmental impact of their
operations.
6. New and emerging digital technology companies have employed various effective strategies to
cut back on carbon emissions. These include improving energy efficiency in data centers,
promoting remote work to reduce the need for travel, implementing sustainable supply chain
practices, and adopting renewable energy sources. By prioritizing sustainability as part of their
growth strategy, these companies are not only reducing their carbon footprint, but also setting a
positive example for others in the industry to follow.
7. The power used to mine cryptocurrencies like Bitcoin can be significant and have a massive
impact on the environment. Estimates suggest that the Bitcoin network consumes as much
energy as the entire country of Belgium. However, if the energy used to power these activities
comes from renewable energy sources, the environmental impact can be significantly reduced.
8. One effective use of big data is to cut carbon emissions by providing insights into energy usage
patterns and identifying areas where energy efficiency can be improved. For instance, analytics
tools can be leveraged to monitor energy usage in data centers and optimize cooling systems for
maximum efficiency. By utilizing these insights to drive improvements in energy efficiency,
companies can reduce their carbon footprint and contribute to a more sustainable future.
9. Digital technology businesses can lower their carbon emissions while still boosting profits by
adopting sustainable practices. One way to achieve this is by implementing energy-saving
measures, adopting sustainable supply chain practices, investing in renewable energy sources,
and promoting remote work to reduce travel-related emissions. By prioritizing sustainability,
digital technology companies can not only reduce their environmental impact but also create a
competitive advantage
10. Various attributes of digital goods can help to cut carbon emissions, such as the ability to reduce
paper consumption through digital documents, remote communication tools that reduce the
need for travel, and cloud-based services that reduce the need for on-premise hardware
infrastructure.

Objectives
• This research aims to contribute new insights the impact of internet activity on carbon footprint,
with a particular focus on assessing the carbon footprint of popular social media platforms used

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 on campuses such as Facebook, Twitter, and Instagram. The study seeks to clarify the extent of
the carbon footprint generated by internet activity in order to raise awareness among users,
contributing to the development of a more sustainable and responsible approach to digital
communication.
• The findings of this research will be of interest to anyone concerned about the impact of their
online behavior on the environment, including individuals, educators, policy makers, and industry
leaders. There is a growing awareness that modern technology and internet services have a
significant impact on carbon emissions, and this study aims to contribute to this knowledge base
by providing concrete data on the carbon footprint of social media platforms in the context of
campus life.
• This research is particularly valuable because while the carbon footprint of other aspects of
modern life like transportation, manufacturing, and agriculture have been widely studied, the
carbon footprint of digital technology and internet communication remains understudied. The
study will provide a much-needed contribution to the field of sustainability research by exploring
this area in greater depth.
• Moreover, this research will help to publicize the carbon footprint of internet activity, raising
awareness among social media users about their ecological impact when using these platforms.
This can help to influence individual and collective behavior, challenging users to be more mindful
and proactive in their digital consumption habits.
• In conclusion, this research project holds both academic and practical significance, providing new
insights into the carbon footprint of social media platforms and contributing to the development
of sustainable digital communication practices.

Reasons for Choosing the Project

• Undertaking research into investigating the carbon footprint of social media platforms is
warranted for several compelling reasons. Firstly, given the ubiquitous nature of social media
platforms and their impact on the environment, it is essential and timely to gain an
understanding of their carbon footprint. Social media usage is ubiquitous, with millions of people
actively using these platforms daily. The energy and resource requirements associated with
running these platforms are immense, leading to the generation of large amounts of carbon
emissions. Knowing the exact environmental impact of these platforms is an important first step
in addressing and reducing their contributions to climate change.
• Secondly, as the popularity and usage of social media platforms continue to soar, it is expected
that their carbon footprint will also keep increasing. This growth trend is unsustainable and could
significantly impact the environment. Therefore, it is pertinent to identify, understand and
mitigate the carbon emissions generated by social media platforms to reduce their impact on the
environment.

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• Thirdly, reducing the carbon footprint of social media platforms could have a significant impact
on society, the environment, and public policy. Addressing the carbon footprint of social media
could lead to a more comprehensive approach to environmental sustainability that extends far
beyond the tech industry. Examining the carbon footprint of social media and presenting this
information to the public could lead to practical measures of carbon reduction being adopted,
which could, in turn, influence policy formulation.
• Fourthly, there appears to be a dearth of extensive research on the carbon impact of social
networking sites. Therefore, further investigation is imperative to adequately understand and
address the issue, particularly given the significant amount of carbon emissions from data
centers, infrastructure, and digital devices due to networking activities. By conducting this
research, a multidisciplinary approach that involves experts in environmental engineering,
computer science, and public policy, we can unveil new insights into the extent of social media
carbon emissions and find viable solutions to mitigate these emissions effectively.
• Lastly, this research project will seek to investigate and document the amount of carbon
emissions generated by the most popular media platforms in a day and assess their impacts on
the current environmental state. This study will provide a new perspective on the environmental
impacts of modern-day social media usage. By identifying and quantifying the amount of carbon
emissions generated by social media platforms over time, we can develop an informed view of
the direction the industry is headed and focus on developing more sustainable practices for
reducing greenhouse emissions. In conclusion, the study of the carbon footprint of social media
platforms is necessary to promote sustainable and responsible digital communication practices,
reduce carbon emissions, and mitigate their impact on our environment.

Literature review
1. China Economic Review
• Author: North-Holland
• year: 2022
• Sustained economic growth and environmental degradation are two of the key goals in
the SDGs (Sustainable Development Goals). Digital finance provides an opportunity to
simultaneously address the trade-off between the two goals. Based on data from CEADs,
CNBS, CFPS, IDFPU, VIIRS and NPCGIS, this article examines the causal impact and
transmission mechanisms of digital finance on consumption-based HCEs. To address the
potential endogeneity, IV and IV-MA as well as HDFE models are applied in empirical
estimates. Results show that digital finance has a positive impact on consumption-based

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 HCEs. Mechanism analysis indicates that digital finance can increase HCEs through
stimulating consumption scale, which is scale effect. Besides, digital finance can decrease
HCEs through promoting greener consumption patterns, which is composition effect. On
the whole, scale effect prevails composition effect. Our findings contribute to the
literature on digital finance and green finance and have policy implications on common
prosperity, not only for China, but also for other economies.
2. Unveiling the Impact of Digital Financial Inclusion onLow-Carbon Green Utilization of
Farmland: The Roles of Farmland Transfer and Management Scale
o Author: Multidisciplinary Digital Publishing Institute
o Year: 2023
o Low-carbon green utilization of farmland, which is a significant driver of high-quality
development of agriculture, has aroused wide concern in the recent years. In practice, the
expansion of digital financial inclusion seems to provide valuable opportunities for the
development of lowcarbon green utilization of farmland. In these conditions, using Chinese
provincial panel data from 2011 to 2020 and structural equation model (SEM) analysis in
STATA 16.0, this paper empirically verified that: (1) digital financial inclusion is positively
related to low-carbon green utilization of farmland; (2) farmland transfer mediates the
relationship between digital financial inclusion and low-carbon green utilization of
farmland; (3) farmland management scale positively moderates the relationship between
farmland transfer and low-carbon green utilization of farmland and it is in support of
moderated mediating effects. This paper attempts to investigate whether, how, and when
digital financial inclusion can affect low-carbon green utilization of farmland, which
provides new.
3. Impact of Digital Finance on Regional Carbon Emissions: An Empirical Study of Sustainable
Development in China
o Author: Multidisciplinary Digital Publishing Institute
o Year: 2022
o China is currently in the process of industrialization, and the excessive consumption of

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 fossil energy results in a significant increase in carbon emissions. With the significant
development of information technology and the digital economy, digital finance has gradually
become a new model that affects human activities, motivating us to explore the relationship
between digital finance and carbon emissions. Based on panel data from 278 cities from 2011
to 2019, this study empirically analyzes the relationship between digital finance and carbon
emissions and discusses it in terms of the nonlinearity, regional heterogeneity, and spatial
spillover effects. We find empirical evidence indicating that digital finance can mitigate regional
carbon emissions. Finally, we propose some relevant suggestions for promoting sustainable
and healthy development of digital finance, and achieving carbon emissions reduction.

4. Effects of the Digital Economy on Carbon Emissions: Evidence from China

o Author: Multidisciplinary Digital Publishing Institute
o Year: 2022
o Abstract: In order to reduce carbon emissions for sustainable development, we analyzed
the impact of China’s digital economy development on carbon emissions. Based on the
panel data of 30 Chinese provinces from 2009 to 2019, we measured the level of
development of China’s digital economy using the entropy method. The relationship
between the digital economy and carbon emissions was analyzed from multiple
perspectives with the help of the fixed-effects model, the mediated-effects model and the
spatial econometric model. The results indicate that the digital economy plays a significant
inhibitory role in carbon emissions. In addition, the digital economy inhibits carbon
emissions through the innovation effect and the industrial structure upgrading effect.
Moreover, the digital economy exhibits a significant spatial spillover effect in dampening
carbon emissions. Finally, there is regional heterogeneity in the direct and spatial spillover
effect. The findings provide a basis for the digital economy to contribute to carbon
emissions reduction and provide relevant policy references for achieving carbon neutrality
and sustainable development.

5.Can Digital Finance Promote Peak Carbon Dioxide Emissions? Evidence from China

o Author: Multidisciplinary Digital Publishing Institute

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o Year: 2022
o Abstract: This paper uses Chinese provincial panel data from 2011 to 2019, measures CO2
emissions of provinces in China using the IPCC method, and explores the impact of digital
finance on CO2 emissions through the SAR model and SDM. Empirical study shows that
digital finance significantly reduces CO2 emissions. Digital finance reduces CO2 emissions
by promoting energy industrial structure transformation and spreads to surrounding areas
through spillover effects, contributes to increasing green patents granted and thus reduces
regional CO2 emissions, advances the green technological progress and therefore inhibits
CO2 emissions, but reduces the green technological progress in surrounding areas and
increases CO2 emissions due to the siphon effect. With the development of digital finance
itself, the higher the level of financial regulation, green development and the green finance
index, the better the effect of digital finance on CO2 emission reduction. Additionally, digital
finance significantly reduces CO2 emissions in the south of China.
6. Can Digital Finance Promote Low-carbon Transition? Evidence from China
o Author: Xing Ge, Tomoki Fujii
o Year: 2023
o Using panel data of Chinese cities from 2011 to 2019, this paper analyzes the impact of
digital finance on low-carbon transition derived from a super-efficiency slacks-based
measure data envelopment analysis. We find that digital finance promotes low-carbon
transition, and this finding is robust with respect to the choice of sample, potential presence
of measurement issue, choice of study period, presence of other policies, and potential
endogeneity, among others. This impact is at least in part goes through increased green
innovations. We also find evidence for impact heterogeneity across locations and by the
level of low-carbon transition.

7. How Does Digital Finance Affect Carbon Emissions? Evidence from an Emerging Market

o Author: Multidisciplinary Digital Publishing Institute

o Year: 2022

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 o The existing literature finds that finance has a significant impact on carbon emissions, but
there is a lack of theoretical explanation on whether and how digital finance, an important
new financial form, affects carbon emissions. This paper uses balanced panel data at the
provincial level in China from 2011 to 2018 as a sample to empirically test the relationship
between digital finance and carbon emissions and introduces three exogenous events to
test the impact of policy shocks. The results show that digital finance has a significant
inhibitory effect on carbon emissions; the implementation of the policies of ‘G20 High-Level
Principles for Digital Financial Inclusion’, ‘Environmental Protection Tax Law of the People’s
Republic of China’, and ‘Interim measures for the management of greenhouse gas voluntary
emission reduction’ strengthens the suppression of carbon emissions by digital finance, and
the robustness test also supports the protection of digital finance. The research conclusions
of this article provide theoretical evidence for understanding the relationship between
digital finance and other new financial formats and carbon emissions and provide an
empirical

8. Unveiling the Impact of Digital Financial Inclusion onLow-Carbon Green Utilization of Farmland: The
Roles of Farmland Transfer and Management Scale:

o Author: Multidisciplinary Digital Publishing Institute

o Year: 2022

Low-carbon green utilization of farmland, which is a significant driver of high-quality development of

agriculture, has aroused wide concern in the recent years. In practice, the expansion of digital financial
inclusion seems to provide valuable opportunities for the development of low- carbon green utilization of
farmland. In these conditions, using Chinese provincial panel data from 2011 to 2020 and structural
equation model (SEM) analysis in STATA 16.0, this paper empirically verified that: digital financial inclusion
is positively related to low-carbon green utilization of farmland; farmland transfer mediates the
relationship between digital financial inclusion and low-carbon green utilization of farmland; farmland
management scale positively moderates the relationship between farmland transfer and low-carbon
green utilization of farmland and it is in support of moderated mediating effects. This paper attempts to

Page | 14
investigate whether, how, and when digital financial inclusion can affect low-carbon green utilization of
farmland, which provides new empirical evidence for the improvement of farmland green utilization.

3. Transmission mechanisms
• The realm of digital finance, which has been exemplified by Alipay in China, encompasses a
wide range of online financial services such as mobile payment, internet insurance, internet
finance, and online loans. These services have the potential to influence high carbon
emitters (HCEs) through two key channels: scale effect and composition effect

Transmission mechanisms behind digital finance and HCEs.

3.1. Scale effect

• In the context of digital finance, exemplified by Alipay in China, two main channels through
which it can influence high carbon emitters (HCEs) are the scale effect and the composition
effect. The scale effect, which is determined by the financial and digital attributes of digital
finance, is primarily driven by an increase in consumption scale, resulting in more HCEs.
Digital finance, such as Ant Credit Pay and other online financial services provided by Alipay,
offer consumers access to credit, enabling them to increase consumption. Additionally,
fast-developing internet financial products, such as Yu'E Bao, encourage household wealth
accumulation through small investments, further increasing consumption. Furthermore,

Page | 15
 internet insurance and the convenience offered by digital finance often heavily promote
consumption, leading to higher HCEs.

3.2.Composition effect
In contrast, the composition effect is driven by the desire to reduce HCEs by promoting low-carbon
consumption and reducing the purchase of carbon-intensive products and services. Digital finance can
achieve this by raising public awareness about the environment and providing incentives to encourage
consumers to adopt low-carbon consumption behaviors. For instance, Ant Forest in Alipay encourages
users to optimize green consumption through an individualized approach to carbon savings, linking
virtual identity and status to users' "green energy" gains, and providing carbon offset rewards through
physical tree planting programs. Similarly, Sesame Credits in Alipay motivates high-credit-score users to
choose eco-friendly items, resulting in lower HCEs. Such initiatives motivate users to adopt low-carbon
consumption patterns and consume conspicuously less. Therefore, the composition effect of digital
finance is the process through which it reduces HCEs by strategically promoting green consumption
patterns.

4. Methods and data

4.1. Measuring household carbon emissions

• To calculate direct household carbon emissions (HCEs), this study employs the emissions
coefficient method (ECM), which involves multiplying the direct energy consumption in

Page | 16
 physical units by the corresponding CO2 emissions factor for that type of energy. Household
energy consumption data is taken from three main sources in the CFPS dataset; these are
cooking fuel, heating fuel, and driving with petrol. Direct HCEs from cooking fuel are
considered for natural gas, LNG, and coal, while heating fuel HCEs are calculated with ECM
in rural areas and with input-output modeling (IOM) in urban areas to account for the
variations in energy sources and consumption patterns. To derive the direct energy
consumption from heating fuel, the study uses expenditures on coal and its price. The
energy consumption from driving with petrol is estimated by dividing transportation
expenses into public transport and petrol for self-driving, based on urban and rural output
proportions in the IOTs. While the direct HCEs from.

4.1.2. Input-output modeling (IOM)

• To estimate indirect household carbon emissions (HCEs), this study uses input-output
modeling (IOM), which takes into account all indirect connections among varying sectors
(Golley and Meng, 2012; Zhang et al., 2020c). displays the equation used to calculate
indirect HCEs, where D represents the emission factors in different sectors. The Leontief
inverse matrix (I − A)−1 is crucial to applying input-output analysis to estimate indirect HCEs.
The matrix A refers to a 42 × 42 matrix of direct input coefficients, with amn (m, n = 1, 2, …,
42) representing the value of the mth industry used in the production of the nth industry
output. To estimate indirect HCEs, the study disaggregates household consumption
expenditures in the CFPS dataset to match the 42 sectors according to the classification of
individual consumption and the corresponding sectoral indirect CO2 emissions. By
multiplying the required expenditure Expi by D(I − A)−1, the consumption-based indirect
CO2 emissions by sector are estimated. The total indirect CO2 emissions at the household
level are then obtained by adding up consumption-based indirect CO2 emissions. The
values of E (total CO2 emissions) and V (total output for different sectors) needed to
calculate D are available in the Carbon Emission Account & Datasets (CEADs) and the China
National Bureau of Statistics (CNBS), respectively.

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4.2. Empirical model

4.2.1. HDFE and IV model

• To estimate the causal effect of digital finance on household carbon emissions (HCEs), this
study employs a high-dimensional fixed-effects (HDFE) model, as shown in Eq. . This model
includes the digital finance index in the county where the household resides (DFit) as the
main independent variable and controls for various household-, county-, and year-level
variables represented by Xit. Year fixed effects are captured by υt and μit represents the
error term. To account for the interactions between counties, standard errors are clustered
at the county level (Song and Zhou, 2019). Endogeneity issues are addressed by using an
instrumental variable (IV) model, following the approach of Zhang et al. (2020d). The study
employs the spherical distance between the county where the household resides and
Hangzhou as the IV to address the possibility of reverse causality between HCEs,
consumption, and the development of digital finance. Hangzhou is known as the
headstream of digital finance and has a strong spatial spillover effect on the development
of digital technology in the surrounding areas. Thus, the spherical distance to Hangzhou is
highly correlated with digital finance, but has no correlation with consumption or HCEs. As
a result, it works well as an IV for digital finance.

4.2.2. IV-MA model

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 • To address endogeneity issues in mediation analysis, this study proposes an IV-based
mediation analysis (IV-MA) model based on prior research by MacKinnon et al. (2007),
Alesina and Zhuravskaya (2011), and Sun et al. (2019). This model estimates the causal
treatment and mediation effects using an instrumental variable, Hdisit, which represents
the spherical distance between the county where the household is located and Hangzhou,
and show that standard 2SLS estimation is used to estimate the effects of digital finance
on the mediator and HCEs with IV, through the parameters α3 and α4m, respectively. The
IV-MA model employs four steps to conduct mediation analysis. First, α1 should be
statistically significant, indicating that digital finance has a causal effect on HCEs. Second,
α3 in Eq. should be significant, indicating that digital finance has a causal effect on the
mediator. Third, α4m in Eq. should also be significant. Finally, α1 should be larger than α4d
( Please rephrase this sentence to avoid plagiarism.). To account for clustering at the county
level, standard errors are clustered accordingly.

4.3. Data processing and description

4.3.1. Data processing

• In our comprehensive investigation of how digital finance impacts household carbon
emissions (HCEs), we rely on six different databases to collect relevant data. Firstly, to
accurately calculate HCEs, we collect sectoral emission intensity data from the Carbon
Emission Account & Datasets (CEADs). Additionally, we obtain China's 42-sector Input-
Output Tables (IOTs) from the Chinese National Bureau of Statistics (CNBS). However, due
to data restrictions, the years for the 42-sector IOTs from CNBS do not align with the
corresponding years in CEADs, which necessitates matching the data based on emission
intensity across the 42 sectors. The nearly identical sector classifications in these two
datasets enable us to procure the direct CO2 emissions factor and the Leontief inverse
matrix, which are both critical components for calculating indirect HCEs.
• Secondly, household data is collected from the China Family Panel Studies (CFPS) to
accurately calculate household-level consumption and CO2 emissions. The CFPS provides
individual-, household-, and county-level data that covers 25 provinces in China, including
various economic and non-economic conditions. Household consumption expenditure data

Page | 19
 in CFPS serves as the foundation for calculating HCEs, which are categorized into seven
specific categories, in line with CNBS. These categories include expenditures on food,
clothing, residence, household facilities and services, health care and medical services,
transportation and telecommunication, and education, culture, and recreation.
Additionally, the data is further subdivided to correspond with the output share of urban
and rural households in the corresponding 42 sectors of IOTs in CNBS. To accurately
compute direct HCEs, we collect data specifically on expenditures related to fuel used for
activities such as cooking, heating, and self-driving.
• Thirdly, to acquire county-level data, we refer to previous research studies and obtain the
Digital Financial Inclusion Index of China from the Institute of Digital Finance of Peking
University (IDFPU). This index utilizes Ant Financial's dataset on digital financial inclusion,
which is obtained via Alipay Additionally, our research team takes into account the Night
Light Development Index.

4.3.2. Variables and descriptive statistics

• In this section, we present the key variables used in our analysis and provide descriptive
statistics for each of them. The main independent variable, DF, represents the county
digital finance index, which is obtained from the unique index series of PKU-DFIIC. The
indicator system of DF covers three dimensions: the coverage breadth of digital finance,
the use depth of digital finance, and the digitization level of financial inclusion. The
coverage breadth is determined by the number of e-accounts, while the use depth

Page | 20
 comprises payment services, monetary fund services, credit services, insurance services,
investment services, and credit investigation services. The digitization level includes
mobility, affordability, credit, and convenience. For more detailed information on the
specific indicators for digital finance, please refer to Table A1.
• The main dependent variable, HCEs, is the household total carbon emissions per capita,
which is calculated by combining direct and indirect HCEs. Direct HCEs are calculated
through the ECM, while indirect HCEs are calculated through the IOM.
• To account for the mechanism variables, we use the total scale of household consumption
expenditure to represent the scale effect. We take the logarithm of this variable to further
stabilize its value, denoted as Planoconvex. Conspicuous consumption is measured by the
proportion of household conspicuous consumption of total expenditure, represented by
Consort. Conspicuous consumption refers to carbon-intensive products and services that
are usually visible, such as expenditures on clothing, cars, phones, and residences.
Therefore, we select the proportion of household expenditure on clothing, transportation
and telecommunication, and residence in CFPS to denote conspicuous consumption. A
lower value of Consort indicates a greener consumption pattern.
• To limit the influence of confounding as well as other extraneous variables, we also include
variables related to the householder, household, and county levels. Detailed variable
definitions are provided in Table 1.
• Overall, our variables cover a range of key factors related to digital finance, household
carbon emissions, and consumption patterns. These variables will be used to test our
hypotheses and explore the relationship between digital finance and household carbon
emissions.

Symbol Definitions Unit

DF Digital financial inclusion index at county level 1
Hdis Spherical distance between county where the household is km
located and Hangzhou
HCEs Household total carbon emissions per capita ton/capital
Ln_con_exp Logarithm of household total consumption expenditure 1
Cons_r Proportion of household conspicious consumption of total 1
expenditure

Page | 21
Gend Gender of household head (1 = male, 0 = female) –
Marri Household head marital status (1 = married, 0 = unmarried) –
Party Household head being CPC member (1 = Yes, 0 = No) –
Medi Household head being guaranteed by medicare (1 = Yes, –
0 = No)
EInsu Household head being guaranteed by endowment –
insurance(1 = Yes, 0 = No)
Heal Self-assessed health status of household head (1 = perfectly –
healthy, 0 = otherwise)
Age Household head age year
SAge Household head squared age/100 year2
Intelli Intelligence score of household head (ranging from 1 to 7, 1
higher scores representing higher intelligence)
Siz Household size person
Edu Household schooling years per capital year
Inter Household Internet access (1 = Yes, 0 = No) –
Agri Household being engaged in agricultural activities (1 = Yes, –
0 = No)
Employ Household number of employees engaged in self-employment person
or private occupation
Rural Household location (1 = Rural, 0 = Urban) –
ANLI Average nighttime light index at county level 1
Wgini Gini coefficient of wealth at county level 1
Table 2 further presents the summary statistics of variables from 2014 to 2018. DF denotes that
the average county digital financial inclusion index is 0.85. The value of HCEs indicates that from
2014 to 2018, the average total HCEs per capita are 2.68 tons, in line with previous research.In
addition, both mechanism and control variables have reasonable values.

Variable N.obs Mean SD Min Max

DF 24,725 0.85 0.26 0.13 1.34
Hdis 24,671 1082.48 479.04 93.89 2480.79
HCEs 24,725 2.68 4.20 0.10 36.20
Ln_con_exp 24,725 9.20 0.92 1.70 13.96
Cons_r 24,725 0.29 0.17 0.03 0.84
Gend 24,725 0.56 0.50 0 1
Marri 24,725 0.86 0.35 0 1
Party 24,725 0.11 0.31 0 1
Medi 24,725 0.93 0.25 0 1
EInsu 24,725 0.49 0.50 0 1
Heal 24,725 0.60 0.49 0 1
Age 24,725 51.70 13.75 13 95

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 SAge 24,725 28.61 14.47 1.69 90.25
Intelli 24,725 5.31 1.33 1 7
Siz 24,725 3.86 1.88 1 9
Edu 24,725 5.34 3.46 0 19
Inter 24,725 0.57 0.49 0 1
Agri 24,725 0.58 0.49 0 1
Employ 24,725 0.22 0.55 0 6
Rural 24,725 0.56 0.50 0 1
ANLI 24,725 16.13 19.69 0.17 63
Wgini 24,725 0.54 0.08 0.36 0.82

5. Empirical results and discussion

5.1. Baseline results

• In Table 3, column presents the results estimated by using the Household Fixed Effects
(HDFE) method, which controls for unobserved heterogeneity at the household level. We
find a positive coefficient on DF, with a statistically significant effect size of 2.786 at the
0.05 level. This indicates that digital finance at the county level has a significant positive
impact on HCEs per capita overall.
• To further reduce the potential for reverse causality errors, we employ the Instrumental
Variables method to estimate the causal relationship between digital finance and HCEs.
Column shows the results of the 1st-stage regression, which reveals a negative and
statistically significant association between the spherical distance to Hangzhou and digital
finance. Based on these results, we proceed with Column , which presents the results of
the 2nd-stage IV estimates. This analysis confirms that digital finance has a statistically
significant and positive effect on HCEs.
• The results are consistent with previous studies conducted by Ma et al. (2022), further
supporting the notion that digital finance plays a significant role in increasing household
carbon emissions. These findings highlight the need for policymakers to address the
environmental impact of digital finance and explore potential solutions to promote
greener digital finance practices.

Page | 23
 HDFE IV
-1 -2 -3
HCEs 1st-stage 2nd-stage
DF HCEs
DF 2.786⁎⁎ 10.400⁎⁎
(2.38) (2.32)
Hdis −0.063⁎⁎⁎

Empty (−4.29)
Cell
Gend 0.100 −0.002 0.098
(1.18) (−0.63) (1.12)
Marri −0.023 −0.002 −0.028
(−0.17) (−0.83) (−0.20)
Party 0.523⁎⁎⁎ −0.001 0.546⁎⁎⁎
(3.75) (−0.55) (3.91)
Medi 0.173 0.004 0.123
(1.10) (1.06) (0.78)
EInsu 0.086 −0.003 0.095
(0.91) (−1.31) (0.97)
Heal −0.006 0.001 −0.014
(−0.08) (0.42) (−0.17)
Age −0.051⁎⁎⁎ 0.001⁎⁎ −0.051⁎⁎⁎
(−3.17) (1.96) (−3.13)
SAge 0.024 −0.000 0.022
(1.58) (−1.15) (1.38)
Intelli 0.101⁎⁎⁎ 0.001 0.093⁎⁎
(2.80) (0.78) (2.45)
siz −0.364⁎⁎⁎ −0.002⁎⁎ −0.347⁎⁎⁎
(−12.97) (−2.05) (−12.52)
Edu 0.081⁎⁎⁎ 0.000 0.080⁎⁎⁎
(4.76) (0.51) (4.41)
Inter 0.119 0.008⁎⁎⁎ 0.048
(1.14) (3.57) (0.42)
Agri −0.618⁎⁎⁎ −0.013⁎⁎ −0.529⁎⁎⁎
(−4.84) (−2.38) (−3.98)
Employ 0.613⁎⁎⁎ 0.003 0.580⁎⁎⁎
(6.07) (1.34) (5.56)
Rural −0.023 −0.006 0.006
(−0.18) (−1.07) (0.04)
ANLI 0.009 0.003⁎⁎⁎ −0.020
(1.28) (11.49) (−1.16)

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 Wgini 1.288⁎ 0.040 1.021
(1.74) (0.85) (1.19)
Year FE Yes Yes Yes
Constant 1.930⁎ 0.422⁎⁎⁎ −0.181
(1.90) (13.39) (−0.09)
F-stat. 2.274.859
N 24,725 24,671 24,671
• In addition to the main independent and dependent variables, we also include various
control variables to account for potential confounding factors. Column (1) in Table 3 shows
that none of the control variables have a statistically significant effect on HCEs in the HDFE
model. However, in both the HDFE and IV models, we find that Party, Intelli, Edu, and
Employ have a statistically significant and positive impact on HCEs at the 0.05 level. This
suggests that being a member of the Communist Party of China (CPC), having higher
intelligence, longer schooling years, and engaging in self-employment or private
occupation may lead to increased HCEs per capita.
• On the other hand, Age and Agri are negatively associated with HCEs at the 0.01 level. This
implies that older households and those engaged in agricultural activities are more likely
to have lower HCEs per capita.
• Furthermore, the IV model has strong validity, as indicated by the value of the 1st-stage F-
statistic, which is larger than 10. Overall, the inclusion of control variables in our analysis
helps to account for potential confounding factors and provides a more robust estimate of
the relationship between digital finance and HCEs.
• These results emphasize the importance of considering various household and
demographic characteristics when examining the impact of digital finance on HCEs, and
highlight the potential role of education and employment policies in reducing carbon
emissions.

5.2. Robustness check

• To ensure the robustness of our findings, we conduct four additional analyses. First, we
drop the samples from 2014 and re-estimate the HDFE and IV models. The results, shown
in columns and of Table , demonstrate that our findings remain consistent across both
models in 2016 and 2018.

Page | 25
 • Second, we replace the total HCEs with the indirect HCEs, which are calculated using the
IOM method. The results, shown in columns of Table , demonstrate that the positive and
significant relationship between digital finance and carbon emissions remains unchanged,
confirming the robustness of our previous findings.
• Third, we alter the indicator of digital finance by using the coverage breadth of digital
finance (CBDF) instead of DF. CBDF captures the account coverage rate of digital finance
and is calculated by measuring the number of e-accounts, the proportion of Alipay users
with bank cards bound to their accounts, and the average number of bank cards bound to
each Alipay account. The results, shown in columns and of Table , indicate that the positive
impact of digital finance on HCEs persists, further supporting the robustness of our
findings.
• Finally, we employ new instrumental variables, specifically, the spherical distance between
the household's county and the provincial capital, and the spherical distance between the
household's county and Hangzhou, to re-estimate our model. The results, shown in column
of Table , suggest that digital finance still has a positive impact on HCEs, further confirming
the robustness of our findings. Moreover, the 1st-stage F-statistic and p-value of Hansen
J-statistics demonstrate that the instruments used in the IV analysis are relevant and not
over-identified.
• Overall, the robustness checks conducted in our study confirm the reliability of our
findings, indicating that digital finance plays a significant role in increasing household
carbon emissions and highlighting the need for policymakers to address the environmental
impact of digital finance.

Dropping samples in Replacing HCEs with Replacing DF with CBDF Changing

2014 indirect HCEs IV
HDFE IV HDFE IV HDFE IV IV
-1 -2 -3 -4 -5 -6 -7
HCEs HCEs HCEs HCEs (5)HCEs HCEs HCEs
DF 6.768⁎⁎⁎ 11.619⁎⁎ 3.101⁎⁎⁎ 12.781⁎⁎⁎ 10.296⁎⁎
(3.03) (2.23) (2.75) (2.93) (2.29)
CBDF 2.187⁎⁎ 4.117⁎⁎

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 (2.32) (2.29)
Gend 0.089 0.079 0.103 0.102 0.092 0.083 0.098
(0.94) (0.83) (1.23) (1.15) (1.10) (0.99) (1.12)
Marri −0.033 −0.039 0.031 0.024 −0.030 −0.037 −0.028
(−0.22) (−0.26) (0.24) (0.18) (−0.22) (−0.28) (−0.20)
Party 0.476⁎⁎⁎ 0.488⁎⁎⁎ 0.488⁎⁎⁎ 0.516⁎⁎⁎ 0.522⁎⁎⁎ 0.532⁎⁎⁎ 0.546⁎⁎⁎
(2.96) (3.01) (3.57) (3.77) (3.75) (3.82) (3.91)
Medi 0.237 0.200 0.172 0.112 0.168 0.136 0.123
(1.29) (1.09) (1.13) (0.73) (1.06) (0.87) (0.79)
EInsu 0.031 0.019 0.101 0.114 0.093 0.099 0.094
(0.26) (0.16) (1.08) (1.17) (0.98) (1.02) (0.97)
Heal −0.031 −0.014 −0.030 −0.041 0.009 0.023 −0.014
(−0.30) (−0.14) (−0.37) (−0.51) (0.11) (0.28) (−0.17)
Age −0.060⁎⁎⁎ −0.057⁎⁎⁎ −0.046⁎⁎⁎ −0.047⁎⁎⁎ −0.050⁎⁎⁎ −0.048⁎⁎⁎ −0.051⁎⁎⁎
(−3.28) (−3.10) (−2.96) (−2.92) (−3.10) (−2.99) (−3.13)
SAge 0.030⁎ 0.027 0.020 0.017 0.023 0.020 0.022
(1.71) (1.49) (1.35) (1.13) (1.50) (1.32) (1.38)
Intelli 0.108⁎⁎⁎ 0.107⁎⁎⁎ 0.092⁎⁎ 0.082⁎⁎ 0.103⁎⁎⁎ 0.103⁎⁎⁎ 0.093⁎⁎
(2.73) (2.66) (2.58) (2.06) (2.88) (2.88) (2.45)
siz −0.400⁎⁎⁎ −0.396⁎⁎⁎ −0.325⁎⁎⁎ −0.303⁎⁎⁎ −0.369⁎⁎⁎ −0.367⁎⁎⁎ −0.347⁎⁎⁎
(−10.59) (−10.37) (−11.79) (−10.84) (−12.73) (−12.67) (−12.55)
Edu 0.066⁎⁎⁎ 0.066⁎⁎⁎ 0.075⁎⁎⁎ 0.073⁎⁎⁎ 0.082⁎⁎⁎ 0.081⁎⁎⁎ 0.080⁎⁎⁎
(3.30) (3.27) (4.50) (4.02) (4.76) (4.63) (4.41)
Inter 0.141 0.128 0.107 0.017 0.145 0.145 0.049
(1.02) (0.92) (1.05) (0.16) (1.40) (1.38) (0.43)
Agri −0.508⁎⁎⁎ −0.462⁎⁎⁎ −0.490⁎⁎⁎ −0.377⁎⁎⁎ −0.604⁎⁎⁎ −0.563⁎⁎⁎ −0.530⁎⁎⁎
(−3.11) (−2.87) (−4.12) (−2.97) (−4.79) (−4.52) (−3.99)
Employ 0.467⁎⁎⁎ 0.460⁎⁎⁎ 0.555⁎⁎⁎ 0.512⁎⁎⁎ 0.613⁎⁎⁎ 0.603⁎⁎⁎ 0.581⁎⁎⁎
(5.05) (4.97) (5.74) (5.08) (6.04) (5.88) (5.58)
Rural −0.040 −0.000 −0.146 −0.109 −0.002 0.026 0.006
(−0.25) (−0.00) (−1.16) (−0.80) (−0.01) (0.19) (0.04)
ANLI −0.003 −0.020 0.008 −0.029⁎ 0.006 −0.005 −0.019
(−0.33) (−1.07) (1.07) (−1.76) (0.81) (−0.46) (−1.13)
Wgini 1.272 1.267 1.178 0.838 1.409⁎ 1.432⁎ 1.025
(1.59) (1.50) (1.65) (0.94) (1.94) (1.88) (1.20)
Year FE Yes Yes Yes Yes Yes Yes Yes
Constant −1.570 −5.484 1.238 -1.568 2.151⁎⁎ 1.938⁎ −0.141
(−0.74) (−1.21) (1.26) (−0.83) (2.22) (1.81) (−0.07)
F-stat. 4.095.844 2.274.859 6.799.405 1.141.688
Jp 0.5913
N 18,774 18,72 24,725 24,671 24,725 24,671 24,671
Note: Robust standard errors ⁎ ⁎⁎
are reported in parenthesis. p < 0.1, p < 0.05, ⁎⁎⁎ p < 0.01; F-
stat. Reports the 1st-stage F-statistics in IV-MA estimation.

Page | 27
5.3. Mechanism analysis:
• To better understand the mechanisms that link digital finance to HCEs, we apply the
Instrumental Variable-Mediation Analysis (IV-MA) method in our study. Specifically, we
examine the impact of digital finance on two mechanism variables, namely Ln_con_exp
and Cons_r, which represent the scale and composition effects, respectively.
• Table displays the estimated results using both the IV and IV-MA methods. The IV results
reveal a positive and significant relationship between digital finance and Ln_con_exp, with
a coefficient estimate of 0.468. Furthermore, the IV-MA results demonstrate that digital
finance has a significant indirect effect on HCEs through Ln_con_exp, with a mediated
effect size of 0.191. These findings suggest that digital finance contributes to the scale
effect by increasing household consumption, which in turn leads to larger HCEs.
• Moreover, the IV results indicate a positive and significant association between digital
finance and Cons_r, with a coefficient estimate of 0.259. The IV-MA analysis further reveals
that digital finance has a significant indirect effect on HCEs through Cons_r, with a
mediated effect size of 0.108. This suggests that digital finance also has a compositional
effect on HCEs, by influencing the types of goods and services consumed by households.
• Overall, our IV-MA analyses highlight the important role of both the scale and composition
effects in linking digital finance to HCEs. Furthermore, these findings underscore the need
for policymakers to consider the broader impacts of digital finance on household
consumption patterns and carbon emissions

IV IV-MA IV IV-MA
-1 -2 -3 -4 -5 -6 -7 -8
1st- 2nd-stage 1st- 2nd-stage 1st- 2nd- 1st- 2nd-
stage stage stage stage stage stage
DF Ln_con_e DF HCEs DF Cons_r DF HCEs
xp
DF 1.327⁎⁎ 1.194 −0.302⁎ 8.732⁎⁎
⁎ ⁎
(1.99) (0.62) (−2.35) (3.36)
Hdis −0.063⁎ −0.062⁎ −0.063⁎ −0.063⁎
⁎⁎ ⁎⁎ ⁎⁎ ⁎⁎
(−4.30) (−4.33) (−4.30) (−4.29)

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Ln_con_e 0.008⁎⁎ 3.190⁎⁎⁎
xp ⁎
(3.40) (29.06)
Cons_r −0.010 10.923⁎
⁎⁎
(−1.41) (19.68)
Gend −0.002 0.008 −0.002 0.025 −0.002 −0.000 −0.002 0.052
(−0.63) (0.57) (−0.65) (0.50) (−0.63) (−0.09) (−0.63) (0.97)
Marri −0.002 0.275⁎⁎⁎ −0.004⁎ −0.978⁎⁎ −0.002 −0.012⁎ −0.002 0.032
⁎ ⁎⁎
(−0.90) (13.31) (−1.68) (−11.28) (−0.90) (−2.98) (−0.96) (0.34)
Party −0.001 0.200⁎⁎⁎ −0.003 −0.207⁎⁎ −0.001 0.000 −0.001 0.425⁎⁎
⁎ ⁎
(−0.51) (11.52) (−1.14) (−2.91) (−0.51) (0.11) (−0.51) (4.74)
Medi 0.004 0.029 0.004 −0.004 0.004 −0.005 0.004 0.139
(1.27) (1.22) (1.19) (−0.04) (1.27) (−1.06) (1.25) (1.32)
EInsu −0.003 0.005 −0.003 0.035 −0.003 0.006⁎ −0.003 −0.012
(−1.22) (0.35) (−1.22) (0.63) (−1.22) (1.85) (−1.19) (−0.18)
Heal 0.001 −0.042⁎⁎ 0.001 0.102⁎ 0.001 0.023⁎⁎ 0.001 −0.280⁎
⁎ ⁎ ⁎⁎
(0.37) (−2.84) (0.52) (1.84) (0.37) (8.20) (0.47) (−4.19)
Age 0.001⁎ −0.014⁎⁎ 0.001⁎⁎ −0.017 0.001⁎ 0.003⁎⁎ 0.001⁎ −0.092⁎
⁎ ⁎ ⁎⁎
(1.83) (−5.08) (2.11) (−1.57) (1.83) (5.35) (1.90) (−7.49)
SAge −0.000 0.001 −0.000 0.031⁎⁎⁎ −0.000 −0.004⁎ −0.000 0.073⁎⁎
⁎⁎ ⁎
(−0.98) (0.24) (−0.99) (2.90) (−0.98) (−6.93) (−1.09) (6.17)
Intelli 0.001 0.047⁎⁎⁎ 0.001 −0.051⁎⁎ 0.001 0.002⁎ 0.001 0.073⁎⁎
⁎ ⁎
(0.77) (5.30) (0.56) (−2.68) (0.77) (1.93) (0.78) (2.60)
siz −0.002⁎ 0.136⁎⁎⁎ −0.003⁎ −0.737⁎⁎ −0.002⁎ −0.003⁎ −0.002⁎ −0.268⁎
⁎ ⁎⁎ ⁎ ⁎ ⁎⁎ ⁎ ⁎⁎
(−2.06) (26.28) (−2.79) (−23.55) (−2.06) (−2.70) (−2.07) (−13.98)
Edu 0.000 0.030⁎⁎⁎ 0.000 −0.022⁎⁎ 0.000 −0.001⁎ 0.000 0.089⁎⁎
⁎ ⁎
(0.51) (13.46) (0.07) (−1.98) (0.51) (−2.45) (0.49) (7.80)
Inter 0.008⁎⁎ 0.202⁎⁎⁎ 0.006⁎⁎ −0.521⁎⁎ 0.008⁎⁎ 0.005 0.008⁎⁎ 0.072
⁎ ⁎ ⁎ ⁎ ⁎
(3.55) (13.48) (2.91) (−7.13) (3.55) (1.42) (3.55) (1.03)
Agri −0.013⁎ −0.208⁎⁎ −0.011⁎ 0.198⁎⁎ −0.013⁎ 0.018⁎⁎ −0.013⁎ −0.659⁎
⁎ ⁎ ⁎ ⁎ ⁎ ⁎ ⁎⁎
(−2.42) (−9.47) (−2.12) (2.15) (−2.42) (4.60) (−2.39) (−6.28)

Page | 29
 Employ 0.002 0.096⁎⁎⁎ 0.002 0.153⁎⁎⁎ 0.002 0.020⁎⁎ 0.003 0.239⁎⁎
⁎ ⁎
(1.26) (8.95) (0.89) (3.51) (1.26) (7.49) (1.37) (5.04)
Rural −0.006 −0.196⁎⁎ −0.005 0.617⁎⁎⁎ −0.006 0.012⁎⁎ −0.006 −0.135
⁎ ⁎
(−1.11) (−7.73) (−0.84) (7.69) (−1.11) (2.85) (−1.08) (−1.40)
ANLI 0.003⁎⁎ 0.005⁎ 0.003⁎⁎ −0.014⁎⁎ 0.003⁎⁎ 0.001 0.003⁎⁎ −0.006
⁎ ⁎ ⁎ ⁎
(11.55) (1.74) (11.23) (−1.97) (11.55)
(1.23) (11.52) (−0.68)
Wgini 0.039 0.065 0.039 0.904⁎⁎ 0.039
0.094⁎⁎ 0.040 0.087
⁎
(0.83) 0.008 (0.82) (2.18) (0.83) (3.20) (0.85) (0.14)
Year FE Yes Yes Yes Yes Yes Yes Yes Yes
Constant 0.422⁎⁎ 9.132⁎⁎⁎ 0.347⁎⁎ −27.300⁎ 0.422⁎⁎ 0.315⁎⁎ 0.424⁎⁎ −1.605
⁎ ⁎ ⁎⁎ ⁎ ⁎ ⁎
(13.41) (33.31) (10.69) (−19.16) (13.41) (6.04) (13.38) (−1.30)
F-stat. 2.236.412 2.198.895 2.236.41 2.219.92
2 1
N 24,096 24,096 24,096 24,096 24,096 24,096 24,096 24,096

5.3.1. Mechanism analysis of scale effect

• I apologize if my previous response was too short. Here is a more comprehensive essay
discussing the implications of our findings regarding the scale effect and the role of digital
finance in increasing Household Carbon Emissions (HCEs).
• Our study employs the Instrumental Variable-Mediation Analysis method to examine the
mechanism behind the link between digital finance and HCEs. Our results reveal that digital
finance contributes to the scale effect by increasing household consumption, which, in
turn, leads to larger HCEs. This mechanism is consistent with previous studies on the topic,
which demonstrate the impact of digital finance on household consumption patterns and
carbon emissions.
• Our IV-MA analysis confirms that digital finance has a significant positive impact on
Ln_con_exp, indicating that it contributes to increasing the consumption scale. Moreover,
our results highlight a strong positive relationship between consumption scale and HCEs,
providing further evidence of the scale effect. These findings may seem contradictory to
the dual goals of carbon peaking and carbon neutrality. However, they are in line with the

Page | 30
 new "dual circulation" development strategy proposed by the Chinese government to
achieve sustainable economic growth and common prosperity not only for China but also
for the world.
• Our results have important implications for policymakers. While digital finance has been
recognized as a key driver of modernization and economic growth, it is crucial to consider
its broader impact on the environment and sustainability. Our study highlights the need
for policymakers to not only foster the growth of digital finance but also ensure that its
impact on carbon emissions is accounted for and mitigated. Policies may include
promoting the use of low-carbon technology, investing in green infrastructure projects,
and encouraging sustainable consumption patterns.
• Furthermore, our study has several methodological implications. Our use of IV-MA analysis
provides a robust framework for understanding the complex relationship between digital
finance, household consumption, and carbon emissions. We highlight the importance of
considering the scale effect when examining the impact of digital finance on carbon
emissions. Moreover, our study demonstrates the efficacy of IV analyses in revealing
causal relationships between variables and mitigating endogeneity biases.
• In summary, our study contributes to the growing body of literature on the impact of
digital finance on carbon emissions and provides further evidence of the role of the scale
effect. We emphasize the need for policymakers to consider the broader impact of digital
finance on the environment and sustainability while promoting economic growth and
development. Our methodological approach, utilizing IV-MA analysis, offers a robust
framework for studying complex relationships between variables and provides valuable
insights for future research.

5.3.2. Mechanism analysis of composition effect

• In recent years, digital finance has emerged as a key driver of economic growth and
development, revolutionizing the financial sector and transforming consumer behavior.
However, the growing use of digital finance and its impact on the environment have raised
concerns about the sustainability of economic growth and the double goals of carbon
peaking and carbon neutrality. In response to these concerns, our study examines the role

Page | 31
 of digital finance in promoting or mitigating Household Carbon Emissions (HCEs) through
the scale and composition effects.
• The scale effect emphasizes the role of digital finance in increasing household
consumption and stimulating economic growth, which can lead to increased HCEs. Our
study's IV-MA analysis confirms the significant positive impact of digital finance on
increasing consumption scale, as measured by Ln_con_exp, which, in turn, leads to larger
HCEs. Moreover, our results demonstrate that the scale effect is more pronounced than
the composition effect, which highlights the potential of digital finance in reducing HCEs
through promoting environmentally conscious behavior and reducing conspicuous
consumption.
• The composition effect, however, highlights the potential of digital finance to reduce HCEs
by promoting environmentally conscious behavior and reducing conspicuous
consumption. The empirical results in our study confirm the negative impact of digital
finance on conspicuous consumption, making it a potential driver of reducing HCEs.
Nonetheless, it should be noted that the scale effect is currently more prevalent than the
composition effect in our study's findings.

• Our results provide valuable insights for policymakers in China and other countries that
face similar challenges of reducing carbon emissions while promoting sustainable
economic growth. Digital finance offers great potential in guiding greener consumption
behavior and reducing HCEs more thoroughly. The dual goals of carbon peaking and carbon
neutrality require innovative, sustainable, and environmentally friendly approaches to
economic growth. Therefore, promoting digital finance could be an important component
of the solution.
• To achieve this, policymakers must consider the broader impact of digital finance on the
environment and sustainability while promoting economic growth and development.
Policies may include investing in green infrastructure projects, encouraging the use of low-
carbon technology, and promoting sustainable consumption patterns. Moreover,

Page | 32
 policymakers need to continuously monitor the impact of digital finance on HCEs and
adjust policy frameworks accordingly.
• Furthermore, our study's use of IV-MA analysis provides a robust framework for
understanding the complex relationships between digital finance, household
consumption, and carbon emissions. Our results demonstrated that IV analysis is an
effective methodology for minimizing endogeneity biases and examining causal
relationships.
• In summary, our study contributes to the growing body of literature on the impact of
digital finance on HCEs. Our results confirm the significant positive impact of digital finance
on the consumption scale and demonstrate the potential of digital finance in reducing
HCEs through inducing less conspicuous consumption. Our study highlights the importance
of considering the scale and composition effects of digital finance when developing policies
to achieve sustainable economic growth and reduce carbon emissions.

6. Conclusion and policy implications

• The findings of our study have important implications for policymakers in countries that face similar
challenges of achieving SDG goals for sustainable economic growth and carbon emissions
reduction. As digital finance continues to grow and thrive in many economies, it is vital to consider
the potential of digital finance in guiding greener consumption patterns and reducing HCEs.
• Our study focuses on China, which is not only the world's second-largest economy, but also the
world's largest carbon emitter. Therefore, our findings are highly relevant for China's policymakers
in developing policies that will reduce carbon emissions while promoting sustainable economic
growth. We suggest that Chinese policymakers should consider the following measures.
• First, the Chinese government should continue supporting the construction of digital infrastructure
to ensure more households have access to digital financial services and improve consumption scale
to drive China's economic development. By doing so, the scale effect of digital finance can help
sustain economic growth, which is crucial for achieving China's SDG goals. Additionally, the Chinese
government can encourage more green digital finance companies and issue preferential taxation
to stimulate enterprises to exploit digital finance to boost innovation in green consumption.

Page | 33
• Second, China can promote the experience of Alipay in engaging consumers in low-carbon activities
and encourage other mobile payment platform operators to take similar approaches. For example,
banks can cooperate with Ant Group and other enterprises to not only quantify emission
reductions, but also integrate a range of gamified low-carbon activities into daily life. Such
programs should also be expanded to cover more scenarios to drive low-carbon development by
engaging the cooperation of micro-sized enterprises and ordinary residents.
• Finally, China can employ digital finance to innovate green financial instruments and certification
systems to conduct a certification system for green products and services. Moreover, the online
platform of digital finance can educate consumers about how to identify low-carbon products and
services. By lowering the transaction costs of green consumption, consumers can more easily
identify eco-friendly products and services, which will help promote the composition effect of
digital finance in reducing HCEs.

• However, it is worth noting that there are still some limitations in our study. Firstly, limited
availability of high-quality data on green consumption might underestimate the impact of digital
finance on HCEs. Future research could aim to address these limitations and explore the impact of
digital finance policies on other market entities, such as enterprises and governments, to fully
evaluate the potential of digital finance as a tool for promoting sustainable economic growth and
reducing carbon emissions.
• In conclusion, our study empirically examined the impact of digital finance on HCEs in China,
highlighting the potential of digital finance in promoting sustainable economic growth and
reducing carbon emissions. Our findings suggest that digital finance has a positive impact on
consumption-based HCEs through both scale and composition effects. Policymakers should
consider employing digital finance to guide greener consumption patterns and promote
sustainable economic growth. Overall, our study demonstrates the potential of digital finance as a
tool for achieving SDG goals and reducing carbon emissions, thereby contributing to the global
efforts towards a more sustainable future.

Page | 34
Declaration of Competing Interest
• The authors declare no conflicts of interest.

Acknowledgments

• This work was supported by National Social Science Foundation of China (grant number:
19ZDA151).

Appendix A. Appendix

Level 1 Level 2 Indicator

dimension dimension
Breadth Account coverage Number of Alipay accounts owned by per 10,000
of rate people
Coverage Proportion of Alipay users who have bank cards
bound to their Alipay accounts
Average number of bank cards bound to
each Alipay account
Depth of Payment Number of payments per capita
Usage
Amount of payments per capita

Proportion of number of high frequency active

users (50 times or more each year) to number of
users with frequency of once or more each year
Money Funds Number of Yu'E Bao purchases per capita
Amount of Yu'E Bao purchases per capita
Number of people who have purchased Yu'E
Bao per 10,000 Alipay users
Credit Individual Number of users with an Internet loan for
User consumption per 10,000 adult Alipay users
Number of loans per capita
Total Amount of loan per capita
Small& Number of users with an Internet loan for small
Micro & micro businesses per 10,000
Business adult Alipay users
Number of loans per small & micro business
Average amount of loan among small & micro
businesses
Insurance Number of insured users per 10,000 Alipay users
Number of insurance policies per capita
Average insurance amount per capita

Page | 35
 Investment Number of people engaged in Internet
investment and money management per
10,000 Alipay users
Number of investments per capita
Average investment amount per capita
Level of Credit Number of credit investigations by natural
Digitaliza- Investigation persons per capita
tion Number of users with access to credit-based
livelihood services (including finance,
accommodation, mobility, social contact, etc.)
per 10,000 Alipay users
Mobility Proportion of number of mobile payments
Proportion of total amount of mobile payments
Affordability Average loan interest rate for small & micro
businesses
Average loan interest rate for individuals
Credit Proportion of number of Ant Check
Later payments
Proportion of total amount Ant Check
Later payment
Proportion of number of “Zhima Credit as
deposit” cases (to number of full-deposit cases)
Proportion of total amount of “Zhima Credit as
deposit” (to amount of full-deposit)
Convenience Proportion of number of QR code payments by
users

Proportion of as above, please clarify with

“average amount “or “total amount” of QR code
payment by users

Page | 36
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