Green credit policy (GCP) is an important practical exploration to guide green economic development by financial means. Empirically, however, little is known about the relationship between GCP and industrial carbon emissions intensity (CEI). This study aims to investigate the impact of GCP on the CEI of heavily polluting industries (HPIs) by treating Green Credit Guidelines as a quasi-natural experiment. Using Chinese industry-level panel data and a difference-in-difference model, we find that after the implementation of GCP, the CEI of HPIs de...
