A systemic analysis of green finance, renewable energy investment, and regional economic growth in China: The role of social technical interactions and behavioral factors

Abstract

Systemic interaction mechanisms exist in the impact of renewable energy investment on regional economic growth, yet most existing research adopts fragmented analytical perspectives. This study integrates behavioral variables—environmental cognition and risk perception, typically treated as exogenous moderators—as endogenous components within a socio-technical systems framework, examining investment effects and transmission mechanisms across economic, behavioral, and spatial dimensions based on data from 31 Chinese provinces from 2010 to 2022. Findings reveal that investment significantly promotes regional economic growth, with environmental cognition exerting moderating effects and spatial spillover effects being notably significant. Transmission pathways encompass industrial upgrading, technological innovation, green finance, and cognition enhancement, with effects exhibiting pronounced regional heterogeneity. The findings are consistent with the presence of non-additive interaction effects across subsystems, providing empirical foundations for formulating differentiated energy transition policies.