Leveraging of Climate Fintech Model in India: Scoping through a Qualitative Approach using a Sentiments Analysis

Abstract

Climate crisis has become a crucial concern for humankind as extremes in climate have grown manifold, mainly originating from anthropogenic activities. Growth and development are indispensable but worthless if our survival is under threat. Therefore, it demands prompt action from all stakeholders. However, colossal requirements of funds for climate sustainability remain a principal concern. India is one of the most active fintech markets in the world using domestic technologies like Unified Payment Interface (UPI), showing a fantastic growth trajectory in terms of international adoptions. With the boom of fintech solutions in India, the possibility of a novel fintech model with a climate action motive, known as climate fintech or green fintech, garnered entrepreneurial attention. Therefore, we intend to explore the concept of climate fintech and understand the state of the art using an inductive qualitative approach. With the help of the insights drawn from a systematic review of existing studies, a case study was conducted, followed by sentiment analysis, to reaffirm the results. Our findings suggest considerable scope for the climate fintech model to be beneficial for attaining the country’s climate targets. Our research anticipates that the area and climate fintech applications will advance in future.