Abstract: The green fiscal policy is an important policy tool for government to carry out environmental governance. Exploring the impact of green fiscal policy on energy utilization efficiency is of great significance to actively and steadily promote the dual carbon goals. Starting from the comprehensive demonstration cities of energy conservation and emission reduction fiscal policies, this paper empirically analyzes the impact of green fiscal policies on energy utilization efficiency and their mechanisms. The research results indicate that the green fiscal policies have significantly improved energy utilization efficiency, and this positive impact is more significant in the eastern regions, the central regions, the renewable resource cities, and the cities with great potential. The mechanism test has found that green fiscal policies can significantly improve energy utilization efficiency by forming a “central and local joint force”, a“government and enterprise joint force”, and local government’s “self-driving force”. Further test indicates that the green fiscal policies can enhance the long-term effects of energy efficiency and economic performance. Therefore, it is recommended that local governments should explore new models of green finance according to local conditions, focusing on building a low-carbon structure effect of central-local cooperation, promoting the green scale effect of government-enterprise cooperation, and exerting the regulatory constraint effect of government self driving force. They should continue to promote innovation in the green finance system and continuously improve energy utilization efficiency.

Key words: green fiscal policy, fiscal policy for energy conservation and emission reduction, energy utilization efficiency