In light of global initiatives aimed at promoting sustainability and low-carbon growth, this research investigates how green finance affects regional technological innovation in China, specifically highlighting the mediating effect of R&D investment. Utilizing panel data from 30 provinces in China from 2008 to 2021, we apply fixed-effects and mediation models to explore these relationships. The results indicate a strong positive link between green finance and regional technological innovation, with R&D investment acting as a partial mediator. Furthermore, the capabilities for regional innovation and entrepreneurship enhance the influence of green finance on R&D investment. However, in areas with greater innovation and entrepreneurship capabilities, the additional effect of R&D investment tends to decrease. Based on these results, the study proposes targeted policy recommendations, including enhancing green finance policies, improving financial institution services, promoting enterprise-led R&D activities, and fostering regional collaboration to achieve balanced innovation development. These insights provide both theoretical and practical significance for leveraging green finance to advance sustainable innovation.

Against the backdrop of global efforts to achieve sustainability and low-carbon development, this study examines the impact of green finance on regional technological innovation in China, with a particular focus on the mediating role of R&D investment. Using panel data from 30 Chinese provinces spanning 2008 to 2021, we employ fixed-effects and mediation models to analyze the relationships. The findings reveal a significant positive correlation between green finance and regional technological innovation, with R&D investment serving as a partial mediator in this relationship. Additionally, regional innovation and entrepreneurship capabilities strengthen the influence of green finance on R&D investment. However, in regions with higher innovation and entrepreneurship capacities, the marginal effect of R&D investment diminishes. Based on these results, the study proposes targeted policy recommendations, including enhancing green finance policies, improving financial institution services, promoting enterprise-led R&D activities, and fostering regional collaboration to achieve balanced innovation development. These insights provide both theoretical and practical implications for leveraging green finance to advance sustainable innovation.

As the global economy pays increasing attention to sustainable development and environmental protection, the role of green finance in promoting regional technological innovation is becoming more and more prominent. This study aims to analyse the impact of green finance on regional technological innovation and its mechanism of action, with special attention to the mediating effect of R&D inputs and the moderating role of regional characteristics. By analysing the panel data of 30 provinces in China from 2008 to 2021 with fixed and mediated effect models, the results show that green finance significantly promotes regional technological innovation. R&D investment intensity partially mediates this effect, while regional innovation and entrepreneurship capacity plays a significant moderating role in this relationship. Specifically, regional innovation and entrepreneurship capacity reinforces the positive impact of green finance on R&D investment, but the marginal effect of R&D investment is reduced in regions with stronger innovation and entrepreneurship capacity. The findings provide a theoretical basis for formulating relevant policies to promote green finance development and sustainable innovation in regional economies.