Natural gas has an increasing role in Chinese energy transformation. We present a system dynamics model of the natural gas industry in China. A new system dynamics model for natural gas companies based on reserve exploration and well construction as well as investment dynamics is proposed. The contribution of the paper is to analyze the influence of technology, investment and policy factors on the natural gas industry. We found that the dynamics of the main variables, including gas policy, cost of investment, accounting depreciation and exploitation technology, are sensitive to the sustainable development of resources. The simulations and results presented here will be helpful for government to reform policies, and for upstream companies to make decisions.

Green finance has been widely acknowledged as a pivotal instrument for mitigating carbon emissions. However, few studies have focused on the role of maturity mismatches in promoting carbon emission reduction through green finance. This study aims to develop a composite criterion for green finance and examine the mechanism of how green finance affects carbon emissions via the new perspective of maturity mismatch. It is accomplished by applying a two-way fixed effects model which incorporates provincial data spanning from 2010 to 2020. The empirical evidence suggests green finance plays a significant role in carbon emission reduction, a result that remains robust even after undergoing other tests such as using instrumental variables and alternating econometric models. Furthermore, this effect is particularly pronounced in regions with high degrees of green finance and low energy consumption. Mechanism analysis documents that green finance reduces carbon emissions by addressing maturity mismatch issues faced by green enterprises. Further research finds that green finance can promote the synergy of pollution and carbon reduction; in particular, the effect of maturity mismatch on SO₂ reduction is more obvious. Consequently, this study offers practical recommendations for governments, financial institutions, and other relevant policymakers to further propel the advancement of green finance.