Impact of Digital Finance on Energy Efficiency in the Context of Green Sustainable Development

Round 1

Reviewer 1 Report

The present manuscript is good for the special issue.

Author Response

Thanks very much to your comments. It is my pleasure.

Reviewer 2 Report

I premise that I am not an expert in economics and finance so I have difficulty evaluating the contents of the paper on its merits. The comprehension is also made difficult by the quality of the English in which the text is written since in many parts there are errors or repetitions that create difficulties.

The general aim of the paper is clear enough and could be of interest, but the different sections of the paper are separated and it is very difficult to follow the reasoning. In my personal opinion, since my expertise does not cover finance, the main barrier to understand the meaning is the lack of explanation of the principal key words, or the explanation of the difference between similar definitions. For instance, what is intended by “green finance/financing” What is the relationship with the digital finance? And the electric financing? The explanation about digital finance and digital economy in pag 9 should be anticipated in order to give readers the information needed since the first time they find those terms in the paper.

In the section Related Work (o Works?) the first part is about sustainable development and sustainable finance (again, what is meant by sustainable finance, what are its requirement or characteristics?) in China. The second part, about digitization of is not well related to the first one. When you use acronyms, such as SDN, please provide also the full name.

Unfortunately, I’ am not qualified to evaluate the central part of the paper,  in particular the 3.4. Model Construction and Solution of the effects of DF on EE  paragraph.

The conclusions are quite concise. They introduce another unspecified concept, the green banking, that nedds to be explained and related with the rest of the conclusions.

In general, the quality of the writing must be improved, both in itself and in  English translation.

Author Response

I premise that I am not an expert in economics and finance so I have difficulty evaluating the contents of the paper on its merits. The comprehension is also made difficult by the quality of the English in which the text is written since in many parts there are errors or repetitions that create difficulties.

 

1.The general aim of the paper is clear enough and could be of interest, but the different sections of the paper are separated and it is very difficult to follow the reasoning. In my personal opinion, since my expertise does not cover finance, the main barrier to understand the meaning is the lack of explanation of the principal key words, or the explanation of the difference between similar definitions. For instance, what is intended by “green finance/financing” What is the relationship with the digital finance? And the electric financing? The explanation about digital finance and digital economy in pag 9 should be anticipated in order to give readers the information needed since the first time they find those terms in the paper.

 

Answer：Green finance can promote environmental protection and governance, and guide the flow of resources from high-polluting and energy-intensive industries to sectors with advanced concepts and technologies. Power finance is simply a part of the green finance policy. At the same time, digital finance is the most important part of the digital economy, and it is also the development direction of green finance innovation and financial technology. Accelerate the in-depth integration of digital technology and financial development, combine the long-term benefits of investment projects with ecological benefits, focus on the development of green industries, and promote green and sustainable social and economic development. Under the vision of "carbon neutrality", the transition to a low-carbon economy has become a global consensus issue, and "green finance" + "digital finance" just happens to be a bridge to balance industrial development and protect the ecological environment.

 

 

2.In the section Related Work，the first part is about sustainable development and sustainable finance (again, what is meant by sustainable finance, what are its requirement or characteristics?) in China. The second part, about digitization of is not well related to the first one. When you use acronyms, such as SDN, please provide also the full name.

 

Answer：Sustainable financial development refers to the continuous adjustment of the financial system and financial mechanism with the development of the economy, so as to rationally and effectively mobilize and allocate financial resources and improve financial efficiency, so as to realize the effective operation and stable development of the economy and finance in the long run. A sustainable financial centre is a financial market that, as a whole, contributes to sustainable development and value creation in economic, environmental and social terms. In other words, ensuring and enhancing economic efficiency, prosperity and economic competitiveness today and in the long term, while protecting and restoring ecosystems, promoting cultural diversity and social well-being.

SDN(Software Defined Networking)

 

3.The conclusions are quite concise. They introduce another unspecified concept, the green banking, that nedds to be explained and related with the rest of the conclusions.

 

Answer:Green bank mainly refers to a new economic form that is market-oriented, based on traditional industrial economy, and developed for the purpose of harmony between economy and environment. The so-called green bank is also called green digital economy. With the goal of harmony, it transforms environmental protection technologies, cleaner production processes and many other technologies that are beneficial to the environment into productivity, and achieves sustainable economic growth through economic behaviors that are beneficial to the environment or have no confrontation with the environment.

In general, the quality of the writing must be improved, both in itself and in English translation.

Answer:I have checked and revised full article.

Reviewer 3 Report

Dear authors, 

I'd like to congratulate you and your team on your excellent research work in your paper submitted for publication in this prestigious journal. The topic is very interesting, and I enjoyed it. I would like to thank you for your efforts in presenting your research work in such a professional manner. However, before your work is recommended, a few comments must be included to improve the quality of your work as well as for future publication in this reputable journal. I have the following observations, questions, and comments that may help to improve your work. The authors must modify the following points in great detail. 

1.     In the abstract, please include 2-3 special quantitative achievements from the findings of this study in the context of the environment by combining the research objectives and problems. Please limit your abstract to 250 words. Check spellings for many words that are misspelt or written in haste. 

2.     The introduction section needs a few more sentences to strengthen the article, and please include the research problem, objective, and novelty in the last paragraph of the Introduction section. 

3.     Include a few more sentences at the beginning of the introduction explaining your paper's contribution to the environment, climate change impact, and sustainability, as well as your attempts to deal with or present solutions to a specific problem/s and your unique contribution with this research paper. 

4.     Please also present the methodology section in a concise graphical format. 

5.     The literature review section is very weak; please revise it. 

6.     Please present your literature review in the form of a SmartArt chart. 

7.     Just after the Methodology, please mention the societal benefits of your research in terms of evaluating its key determinant. 

8.     In 500-750 words, explain research problems, solutions, and the theoretical contribution of your study in the "Results" section. 

9.     Please include graphical presentations of your findings. 

10.  Describe why you placed this study in a separate section of "Policy Suggestions" just before the section of "Conclusions." 

11.  Please include serial numbers in the subsection headings. 

12.  In the section of conclusions, add three more paragraphs (at least 250 words excluding the existing one) mentioning the limitations of the study and remedies to limitations with achieved objectives after conducting this study. 

13.  Add about 150 words to the conclusion section to explain the future scope of your research study, any limitations encountered while conducting your research, and the procedure for removing research limitations. 

14.  Also, explain all of the tables more briefly, as well as the explanations for each table in the "Results" sections. 

15.  Poor command of the English language. Almost all sentences in the manuscript should be revised with proper grammar, punctuation, and speech (active or passive voices). 

16.  Please avoid using multiple nouns and verbs in a single sentence to increase the pressure on the real and simple meaning of your sentences. 

 

17.  The "Discussion" section is missing. Add a section before the section of "Conclusion" explaining the qualitative results of your research. 

 

I found that the literature section is a little weak, shift your study a little more towards environment friendly and sustainability, therefore it requires more studies to be reviewed therefore I suggest you to include the following work:

https://doi.org/10.1007/s10668-021-01418-9

https://doi.org/10.1016/j.techfore.2022.121524

 

I think above all studies will make this study more relevant in bridging the gap with literature.

 

Looking forward for your revised submission. 

Author Response

Dear authors, I'd like to congratulate you and your team on your excellent research work in your paper submitted for publication in this prestigious journal. The topic is very interesting, and I enjoyed it. I would like to thank you for your efforts in presenting your research work in such a professional manner. However, before your work is recommended, a few comments must be included to improve the quality of your work as well as for future publication in this reputable journal. I have the following observations, questions, and comments that may help to improve your work. The authors must modify the following points in great detail.

 

1. In the abstract, please include 2-3 special quantitative achievements from the findings of this study in the context of the environment by combining the research objectives and problems. Please limit your abstract to 250 words. Check spellings for many words that are misspelt or written in haste.
2. The introduction section needs a few more sentences to strengthen the article, and please include the research problem, objective, and novelty in the last paragraph of the Introduction section.

Answer:All in all, in the context of green and sustainable development, digital finance has greatly improved energy utilization, laying the foundation for future social development without destroying the ecology.

3. Include a few more sentences at the beginning of the introduction explaining your paper's contribution to the environment, climate change impact, and sustainability, as well as your attempts to deal with or present solutions to a specific problem/s and your unique contribution with this research paper.

Answer：In recent years, China's economy has grown at an alarming rate. Under this circumstance, the problem of environmental pollution has become increasingly serious and the global climate has increased abnormally. To change this situation, we must accelerate the transformation of the current social and economic structure. In the entire market economy system, green finance is the most important part. It promotes social and economic transformation to a large extent, and accelerates the deepening of the concept of green sustainability. Therefore, it is necessary to strengthen the revision of green finance and establish a long-term guarantee system for green finance to reduce environmental pollution based on the national perspective. This has far-reaching significance for improving the traditional development model, energy efficiency in industrial development, and ultimately promoting the improvement of the ecological environment. It provides a guarantee for China to achieve sustainable economic development.

4. Please also present the methodology section in a concise graphical format.

Answer：Impression modified

5. The literature review section is very weak; please revise it.

Answer：have made changes

6. Please present your literature review in the form of a SmartArt chart.

Answer：displayed.

7. Just after the Methodology, please mention the societal benefits of your research in terms of evaluating its key determinant.

Answer：Therefore, it can be concluded that in terms of improving efficiency, the digital economy is conducive to reducing market transaction costs and promoting efficiency changes to improve capital and labor productivity, thereby promoting high-quality economic development. In terms of smooth economy, it can quickly and accurately match each demand side of the industrial chain, effectively providing digital support for the development of industrial integration. In terms of green development, by improving transaction efficiency, material and energy consumption and waste in some economic activities have been reduced, and the proportion of effective production has been increased. In terms of promoting openness, domestic and foreign innovation entities and participants in innovation activities can communicate in a timely manner, and improve the efficiency of technology research and development and the pace of innovation.

8. In 500-750 words, explain research problems, solutions, and the theoretical contribution of your study in the "Results" section.

Answer：have made changes

9. Please include graphical presentations of your findings.

Answer：displayed

10. Describe why you placed this study in a separate section of "Policy Suggestions" just before the section of "Conclusions."

Answer：Putting this research in a separate part of "Policy Recommendations" is also because we want to attract more attention, because my country is currently in a critical stage of rapid industrialization and urbanization, and the demand for energy and fuels has increased sharply. However, due to my country's current low energy utilization efficiency, extensive development still occupies the main mode of my country's economic development. one of the important strategic goals. Digital finance is an important part of promoting the development of my country's low-carbon economy. It can not only provide financing products and services for low-carbon enterprises, but also effectively promote the improvement of independent innovation capabilities of Chinese enterprises.

11. Please include serial numbers in the subsection headings.

Answer：Serial number is indicated in the text.

12. In the section of conclusions, add three more paragraphs (at least 250 words excluding the existing one) mentioning the limitations of the study and remedies to limitations with achieved objectives after conducting this study.

Answer：In the process of developing digital finance, the original development model has been unable to adapt to the trend of society. The government should first strengthen the construction of my country's digital financial system and provide corresponding policy support for the development of China's financial market. Secondly, financial enterprises should continuously promote the innovation of green digital financial products, promote technological innovation of enterprises through financial support functions, and thus promote the improvement of energy utilization efficiency. To sum up, the development of a low-carbon economy is inseparable from government guidance and financial support.

In addition, in the process of implementing the low-carbon economy strategy, the government should play a leading role. Clarify the classification standards and assessment system of digital finance, build a complete information management platform, and establish an information sharing mechanism. Promote the innovation of digital financial products and services of financial institutions.

The primary problem that China faces in its green and low-carbon development strategy is the lack of financing. The establishment of a carbon financial system can not only solve the financing difficulties of enterprises, but also effectively promote the technological innovation of enterprises. Improve the financial organization system and actively cooperate with foreign low-green financial institutions to carry out carbon finance. Banks are required to continuously improve their own organizational system, coordinate and unify the planning, implementation, supervision and management of financial services, and provide comprehensive services for the development of digital financial services. support.

13. Add about 150 words to the conclusion section to explain the future scope of your research study, any limitations encountered while conducting your research, and the procedure for removing research limitations.

Answer：In order to make the region improve the efficiency of resource utilization, enhance the efficiency of innovation, and achieve sustainable development under environmental constraints, the following suggestions are put forward: First, promote economic transformation. Under the constraints of the environment, the transformation of the economic structure has a significant relationship with technological innovation, and it is especially required that the growth rate of industrial development must be coordinated with the environment. The second is to further purify the financial market environment and comprehensively promote the process of market-oriented reform. Vigorously develop the capital market, rectify the financial market order, and promote the construction of a market-led financial system.

Therefore, the government should actively encourage and guide enterprises to carry out independent innovation, and use legal, economic and administrative means to jointly promote SMEs to strengthen independent innovation, so as to provide long-term development momentum for my country's low-carbon economy. The government should also provide policy subsidies to enterprises that actively carry out low-carbon technology applications, as well as tax reduction, tax exemption and other policies to support enterprises in low-carbon technology innovation.

14. Also, explain all of the tables more briefly, as well as the explanations for each table in the "Results" sections.
15. Poor command of the English language. Almost all sentences in the manuscript should be revised with proper grammar, punctuation, and speech (active or passive voices).
16. Please avoid using multiple nouns and verbs in a single sentence to increase the pressure on the real and simple meaning of your sentences.
17. The "Discussion" section is missing. Add a section before the section of "Conclusion" explaining the qualitative results of your research.

Answer：Based on the above data analysis, it can be seen that the development of digital finance has promoted a qualitative leap in the stagnant regional economy. In addition, the original financing means are severely restricted, and the energy utilization efficiency is insufficient. The development of the digital economy aims to continuously improve the innovation ability to control At the same time, under the extensive economic development model, environmental pollution is serious, and the development of the digital economy promotes the participation of the whole society in environmental protection, reduces energy consumption, and improves the ecological environment.

Reviewer 4 Report

please refer to the attachment

Comments for author File: Comments.pdf

Author Response

The research is important and valuable. Also, the empirical studies are fairly conducted with

interesting results. However, the whole article seems to be filled with the interlacing of different

concepts and nouns, and many of the discourses tend to be fragmented and discontinuous, and the reading of the text is very twisted. (May that be the problem caused by the translation?)

Secondly, the textual narrative shown in the chart and the collocation also seems to be inconsistent, and what a pity, the conclusion cannot be well connected with the proposition of the paper, either.

Answer：The relevant conclusions of the charts are based around the themes of the article and do not appear to be inconsistent or unconnected.

 

For instance, in the last part of the abstract, it’s highlighted by the authors that: “ Therefore, green

finance has a tremendous catalytic effect on multiplying energy utilization efficiency.” What’ all thisabout the “digital finance” of the research topic? Further, it seems that the authors replace the “digital finance” with “electronic banking” in the conclusion.

Answer：Digital finance is a new generation of financial services that combines the Internet and information technology with traditional financial service formats. Including Internet payment, mobile payment, online banking, financial service outsourcing and online loans, online insurance, online funds and other financial services. Therefore, the sustainable development of all aspects of finance has a huge catalytic effect on the doubling of energy utilization efficiency.

In addition, electronic banking is also an integral part of digital finance, but it has been modified in order to unify the proper noun.

 

The same problem arises in the author's emphasis on the results of the three empirical studies.

Starting from line 440, the authors claim that: ”Through three studies, it is noted that the evolution of digital banking in the last few years has promoted the participation of the whole society in

environmental protection, reduced energy consumption, and improved the ecological environment…” & etc.. While what’s been addressed in this para looks irrelevant to the research topic (again, may that be the problem caused by translation) , it’s also quite confusing concerning what these empirical findings for?

Answer：These empirical results are meant to show that the development of digital finance has driven stagnant regional economies to achieve qualitative leaps. In addition, the original financing means are severely limited and the energy utilization efficiency is insufficient. The development of the digital economy aims to continuously improve the ability of innovation and control. Under the extensive economic development model, environmental pollution is serious. The development of the digital economy promotes the participation of the whole society in environmental protection, reduces energy consumption, and improves the ecological environment. explained at the end.

 

For instance, In the first two paragraph of the conclusion, the authors only refer to “green finance.”

Further, the authors mention merely the importance of electronic banking and the importance of

finance to promote innovation. Also, it’s emphasized that the better innovation is beneficial to the

performance of electronic baking in context of energy efficiency. However, can these conclusions be proved by those three studies?

Answer：The chart is to introduce the beneficial effects brought by the implementation of digital finance, which can prove the relevant conclusions. Electronic baking is also a small part of digital finance.

There have been several other problems like this. It’ highly suggested that the whole article need be significantly improved so as to truly demonstrate all the valuable research results.

Round 2

Reviewer 2 Report

Thank you for the improvements you already made. In order to be more specific in my further suggestions, I inserted them in the pdf of the paper.

Therefore, please find in attachment a version of the paper with comments. I hope in this way I have been of some help.

Comments may be related to:

-          English translation to be improved

-          Concepts to be clarified or better specify

-          Text repetitions

-          References to be introduced

In general, the paper should better highlight its objectives and methodology and strictly relate the introduction, the literature review and the conclusions to the thesis you are supporting or the result of your investigation.

I suggest a careful reading of the entire text to avoid repetitions, fix the syntax and verify the comprehension of the concept you want to illustrate. A further revision of the English is also needed.

Comments for author File: Comments.pdf

Author Response

Thanks for your comments, I have revised.

Reviewer 4 Report

Comments for author File: Comments.docx

Author Response

I have modified.

Round 3

Reviewer 2 Report

Dear authors, 

I sent a previous review with a file in attachment including a set of suggestions and remarks (please find it in attachment again). Only a few of them have been accepted and few changes have been made, without providing any explanation for alle the others that you  missed. 

Therefore, the paper is to be improved following the recommendations I already made and checking the English translation. 

Comments for author File: Comments.pdf

Author Response

Dear authors,

I sent a previous review with a file in attachment including a set of suggestions and remarks (please find it in attachment again). Only a few of them have been accepted and few changes have been made, without providing any explanation for alle the others that you  missed. 

Therefore, the paper is to be improved following the recommendations I already made and checking the English translation.

sustainability-1836411-review.pdf

 

When using an acronym for the first time, put the extended version first and then the acronym between parentise.

Answer："Green GDP(Gross Domestic Product)"

possibly add a Reference to sustain this statement.

Answer：We are constantly paying attention to the financial industry in my country, and are trying to combine the concept of environmental protection with financial development to promote the continuous development of my country's environmental protection economy.

please give info about the reference period (from...to....) and geographic limits (all China?) to cinrcunscribe the given percentages.

Answer：The results show that the expansion of the financial scale and the adjustment of the financial structure have increased the energy utilization efficiency by more than 15% from the past to the present, and reduced the pollution to the ecological environment by more than 10% nationwide, realizing the effective allocation of resources.

please provide definition of green finance and a reference to sustain the assertion.

Answer：There are three main definitions of green finance. One is that the purpose of green finance is to support projects with environmental benefits, and environmental benefits include support for environmental improvement, addressing climate change and efficient use of resources; the other is to give the main categories of green projects, which It has important guiding significance for the definition and classification of various green financial products in the future; the third is to clarify that green finance includes financial services that support green project investment and financing, project operation and risk management, and the reference materials are all in the relevant financial policies. Reflect.

please verify the syntax of the sentence.

Answer：Accelerate the deep integration of digital technology and financial development, combine the long-term benefits of investment projects with ecological benefits, focus on developing green industries, and promote green and sustainable social and economic development.

please introduce the survey before telling about its conclusions.

Answer：Therefore, a survey was conducted on the degree of integration of digital technology and financial development

I do not understand the second of what

Answer：The second is to speed up the pace of independent innovation of enterprises, innovate and promote energy efficiency through innovation and reduce environmental pollution.

the listed works are intersting but it does not emerge why you selected such works in relation to the thesis you are going to sustian (or the objective of the paper) and which is the rationale behind their sequence

Answer:Because these works are all related to energy efficiency, the rationale for their order is in no particular order.

Answer：It's Zhou J's.

not clear to me: what do you mean with modeling and which problem is not solved by optimized technology?

Answer：In the era of big data, many daily problems can be solved by making assumptions and then experimenting with existing experience, the main purpose is to obtain the optimal solution. At present, energy efficiency is also planned, but there is no relatively optimized technology that can solve the problem of energy waste in a short time,

it woud be very useful if you add a final comment that could help the reaeder to better understand the relation betewwen the several issues you illustrate in this section because they result not linked one to the following one.

Answer：All in all, from the relevant research of the above scholars, the development of digital finance under the background of green and sustainable development can promote the improvement of energy efficiency to the greatest extent, and lay the foundation for further social and economic development.

Establish and improve the green financial system

Answer：Establish and improve the green financial system

digital finance . You can use an acronym only after having intorduced it:i.e. digital finance (DG)

Answer：Model construction and solution of the impact of digital finance(DF) on energy efficiency(EE)

this is a very important goal of your paper and it should be more valoorsed in the introduction and in the abstract. please explain (here or elsewhere) in brief the hole methodology you used expliciting the steps.

Answer：From vigorously improving the financial system to the impact on energy efficiency, combined with the development trend of energy consumption, after conducting relevant research and research,this paper first establishes a benchmark-based regression model to study the effects of digital finance on energy efficiency

thank you for the explanation of the term Green Bank. However, the conclusions should refer to concepts that have been previously introduced, so please move this explanation in another part of the paper, where you speak about the same topic. Or, if it is important that the sentence stays here, you might reformulate it.

Answer：Edited in the text.

Reviewer 4 Report

The revised version has been acceptable while it's highly encouraged that the authors may go through the whole article and try to read it from a reader's perspective. Maybe, the manuscript can be presented in a even more convincing way.

Author Response

The revised version has been acceptable while it's highly encouraged that the authors may go through the whole article and try to read it from a reader's perspective. Maybe, the manuscript can be presented in a even more convincing way.

Answer: Thanks.

Round 4

Reviewer 2 Report

Dear authors

The paper is now better reasoned and  understandable. Please modify where you find comments and highlights in the attached .pdf file.  Avoid colloquial forms and carefully read all the paper since there are repetitions and typos.  An English review from a native is highly recommended.

Comments for author File: Comments.pdf

Author Response

In my last revised draft, I have modified all the places you marked. Please check. Thank you for your help.