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Study on the Influence Mechanism and Adjustment Path of Climate Risk on China’s High-Quality Economic Development

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  • Jingfeng Zhao

    (School of Management and Economics, North China University of Water Resources and Electric Power, Zhengzhou 450045, China)

  • Fan Sun

    (School of Management and Economics, North China University of Water Resources and Electric Power, Zhengzhou 450045, China)

Abstract
The quantitative analysis of the economic impact of climate risk is an effective means of understanding and taking reasonable preventative steps in relation to the climate-related economic crisis. This paper takes panel data from China’s 31 provinces for 2009 to 2021, combined with a regulating intermediary effect model, to determine the climate risk faced in China and its influence mechanism on high-quality economic development, in an attempt to determine how to adjust the path. The results show that, first, when using a different regression model, we see that climate risks pose a significantly inhibiting effect on high-quality economic development in China. Secondly, when the climate risk increases by 1%, high-quality economic development drops by 0.0115%. When the climate risk increases by 1%, this leads to a 14.9672% increase in the likelihood of natural disasters, causing high-quality economic development to be indirectly reduced by 0.1300%. Thirdly, green innovation has a multidimensional effect; it can both directly and indirectly impact the negative effects of inhibition, and indirect adjustment has a greater effect than direct adjustment. Such regulation has a greater effect on the input than on the output. Therefore, we should seek to more accurately understand the dangers of climate risk, effectively improve the five aspects of development, and strengthen the input of green innovation and thus the output of high-quality economic development in China.

Suggested Citation

  • Jingfeng Zhao & Fan Sun, 2023. "Study on the Influence Mechanism and Adjustment Path of Climate Risk on China’s High-Quality Economic Development," Sustainability, MDPI, vol. 15(12), pages 1-19, June.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:12:p:9773-:d:1174410
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