Table 1.

Green finance evaluation index system

Primary indicator	Secondary indicator	Tertiary indicator	Indicator definition	Indicator attributes
Green finance	Green loans	Level of development of green loans	Energy-saving and environmental protection loans/GRP	Positive
		The proportion of interest expenses in high-energy-consuming industries	Interest on high-energy-consuming industrial industries/industrial interest	Negative
	Green securities	The proportion of market value for environmental protection enterprises	Market value of environmental protection companies/the market value of A-shares	Positive
	Green insurance	Scale ratio of agricultural insurance	Agricultural insurance expenditure/agricultural insurance revenue	Positive
	Green investment	Investment-to-pollution-reduction ratio	investment in industrial pollution control/GRP	Positive
		Investment-to-energy-saving and environmental protection ratio	Investment in energy-saving and environmental protection/fiscal expenditure	Positive
	Carbon finance	Carbon emission intensity	Carbon emissions/GRP	Negative