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The purpose of this study is to investigate the influence of green finance on human well-being in China in the context of urbanization and aging population. It aims to explore the contributions of green finance in such demographic scenarios.

This study innovates and optimizes the calculation of the carbon intensity of human well-being (CIWB) index and strengthens the integrity of the assessment model for green finance development. It uses the serial multiple mediator model and moderation effect analysis to address the impact of green finance on human well-being in China on the provincial level from 2009 to 2020.

Green finance has a significant, positive and direct impact on human well-being. Simultaneously, it influences human well-being indirectly through three transmission channels. Urbanization and an ageing population are significant individual mediators through which green finance contributes to human well-being improvement. Notably, these two mediators also work together to transfer the promotional impact of green finance to human well-being.

The government can perfect the regulations to strengthen the market ecosystem to accelerate the development of green finance. Reforms on the administrative division to expand the size of cities with the implementation of ageing friendly development strategy is also necessary. Attracting incoming foreign direct investment in sustainable projects and adjusting public projects and trade activities to fulfil the sustainable principles are also regarded as essential.

The findings challenge traditional views on the impact of aging populations, highlighting the beneficial role of green finance in improving well-being amidst demographic changes. This offers a new perspective on economic and environmental sustainability in aging societies.

A multi-dimensional well-being indicator, CIWB and the serial multiple mediator model are used and direct and indirect impacts of green finance on human well-being is exhibited. It offers novel insights on the transmission channels behind, identifies the mediating role of urbanization and ageing population and offers empirical evidences with strong academic and policy implications.