北大宏观与绿色金融实验室：2025年绿色普惠金融支持小微企业：基于中国浙江省试点城市的案例研究报告（英文版）

Green finance flows have grown significantly in recent years, yet large firms dominate this market. Micro, small, and medium-sized enterprises (MSMEs), which contribute significantly to greenhouse gas (GHG) emissions, are crucial for the transition to a sustainable economy. However, they face major challenges in accessing financing for sustainable investments. This paper examines two key obstacles to scaling up green finance for MSMEs. First, it distinguishes between entity-based and activity