Green Finance and the Decarbonization of Digital Resources: A Comparative Analysis of Embedding Mechanisms and Functional Evolution

Abstract

This paper aims to dissect the deep-seated mechanisms of green finance in the critical area of digital resource development. Facing the immense energy consumption brought by the high-speed development of the digital economy and the urgent constraints of “dual carbon” goals, green finance has surpassed its traditional role as a financing tool. By integrating institutional embeddedness and evolutionary economics theories, this paper constructs a multi-level embedded analysis framework of “macro-institution–meso-industry–micro-technology” and proposes a three-stage model for the functional evolution of green finance: “compliance-driven financing,” “strategic integration,” and “ecological co-evolution.” The study finds that green finance is deeply embedded in the entire lifecycle of digital resources (especially data centers) through mechanisms such as policy guidance, market standards, industrial chain penetration, and technological integration. Its function evolves from passive financing to meet external compliance requirements to an endogenous strategy for enhancing core corporate competitiveness, and is ultimately expected to foster a data-driven green innovation ecosystem against the backdrop of the marketization of data elements. The research in this paper provides a new theoretical perspective for understanding the dynamic role of green finance in the digital age and offers beneficial insights for relevant policy-making and market practices.