Financial technology, also known as Fintech, is transforming our daily life and revolutionizing the financial industry. Yet at present, consensus regarding the effect of Fintech on green bonds market is lacking. With novel data from China, this study documents robust evidence showing that Fintech development can significantly boost green bonds issuance. Further analysis suggests that this promotion effect occurs by empowering intermediary institutions and increasing social environmental awareness. Additionally, we investigate the heterogeneous effect and find that the positive relation is more pronounced for bonds without high ratings and in cities connected with High-Speed Railways network. The results call for the attention from policymakers and security managers to take further notice of Fintech utilization in green finance products.

It has been confirmed that sustainable investments contributing to environmental protection can benefit from the deterioration of air pollution, but this influence mechanism has not been fully discussed. This paper proposes a mediation model to study air pollution's influence on green bonds. Theoretically, air pollution raises public environmental awareness and perceptions of physical health risks, leading to increased public concern. Enhanced public concern drives investors' green preference and environmental responsibility, thus expanding green bond demand. Our studies show air pollution is significantly positive related to public concern. Public concern positively links with green bond investment willingness, resulting in increased volatility. The total positive effect of air pollution on green bond is partly absorbed by the effect of public concern. These findings confirm the mediation role of public concern. In addition, major crisis events (e.g., COVID-19) may hinder the mediation process by generating a negative trend and distracting the public.