The Nature of Global Green Finance Standards—Evolution, Differences, and Three Models

Nedopil, Christoph; Dordi, Truzaar; Weber, Olaf

doi:10.3390/su13073723

Cited by 29 publications

(15 citation statements)

References 52 publications

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“…Numerous studies have been recently conducted in the field of GF worldwide [1,3,12,16,[21][22][23][24][25][26][27][28][29][30][31][32], and these studies are mostly centered on GF for sustainable economic development [23][24][25]31,32]; the impact of GF on Fintech [26]; GF trends and opportunities [3,16,22,28]; the environmental effect of GF reform and innovations [17,29]; GF development and sustainability [1,27,33,34]; GF standards and green bonds [21,30]; and GF and sustainable development [12,[35][36][37]. Besides this, a few studies have tried to identify the relationship between GF and the green economy [7,38]; GF, carbon intensity, and non-fossil energy consumption, as well as climate change mitigation in the context of N11, BRICS countries, and China [39,40]; and sustainability performance [19,41].…”

Section: Introductionmentioning

confidence: 99%

Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

et al. 2021

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Despite the increasing popularity of green finance and sustainable investment in the field of Sustainable Development Goals (SDGs), very few studies have investigated the effect of green finance dimensions on the sustainable performance of banks. Therefore, this study attempts to examine the dimensions of green finance and their effects on the sustainability performance of financial institutions in developing economies such as Bangladesh. The study also depicts the level of green financing adoption among the banks and non-bank financial institutions in the country between 2015 and 2020. Considering the nature of the dataset, the structural equation modeling technique was employed in this study to fulfil the research objectives. Amongst banks and non-bank financial institutions, the study highlighted private commercial banks as being the highest contributor to green financing, accounting for 78.12% of the total green financing in Bangladesh. In addition, the empirical findings revealed that the dimensions of green finance are related to the economic, social, and environmental aspects of the SDGs. Furthermore, empirical findings indicated that the dimensions of green finance—social, economic, and environmental—have a strong positive effect on the sustainability performance of banks. The study also discovered that approximately 95% of bankers identify green financing as an essential element in the short- and long-term development of banking strategies in Bangladesh. Consequently, this study adds to the body of knowledge on green finance development and the sustainability performance of banks and financial institutions in emerging economies such as Bangladesh. Therefore, major managerial policy implications are discussed.

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Section: Introductionmentioning

confidence: 99%

Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

et al. 2021

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“…Referring to Fan et al [53], the following methods are selected for robustness test in Table 3: (1) e possible influence of control policies, that is, the influence that endogenous factors of the policy selection sample. For example, policies in low-carbon pilot areas may lead to a high level of green finance development in one region, so the impact of green finance development on carbon emissions is more likely to come from low-carbon pilot areas.…”

Section: Robustness Testmentioning

confidence: 99%

“…Since the 20th century, the rapid economic development of Western countries has brought serious environmental problems; especially after the outbreak of the "London Smog" and the "Love Canal Incident" in the United States, industrial pollution, climate change, and other issues have attracted widespread attention around the world [1]. Environmental quality may be affected by financial development, on the one hand, because financial development increases goods, intermediation, and financial services, which can promote higher energy demand and lead to increased pollution, therefore, its impact on economic growth and energy consumption exacerbates environmental pressures [2].…”

Section: Introductionmentioning

confidence: 99%

The Moderating Effect and Threshold Effect of Green Finance on Carbon Intensity: From the Perspective of Capital Accumulation

Zhang

2022

Complexity

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Climate change has caused serious threats to global economic development and human well-being, and green finance is a new way to achieve ecological, economic, and social sustainable development, and it also has important theoretical significance and policy value. This study firstly aims to study the impact of green finance on regional carbon intensity. Then, it aims to determine the moderating effect of capital stock per capita on the relationship between green finance and carbon intensity based on moderating effect model as well as to investigate the threshold effect of capital stock per capita on the relationship between green finance and carbon intensity based on threshold effect model. The main conclusions are as follows: (1) Every 1% increase in green finance will lead to a 2% decrease in carbon intensity, and the inhibition of green finance on carbon intensity is most obvious in northeast and east China. (2) The capital stock per capita has a significant moderating effect, which could enhance the restraining effect of green financial development on carbon intensity, and this moderating effect is most obvious in northeast China. (3) The capital stock per capita has a threshold effect in the process of green finance development to suppress carbon intensity. The higher the capital stock per capita, the stronger the inhibition effect of green finance development on carbon intensity. Therefore, in the process of capital accumulation, attention should be paid to improve the relevant legal system and policy guarantee, optimization of financial structure, and stimulation of the capital allocation effect of green finance. Simultaneously, in order to strengthen the inhibitory effect of green finance on carbon intensity, differentiated green finance development policies should be formulated based on factor endowment structure and comparative advantages of different regions.

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“…Such policies do not just include regulations regarding property rights but also standards such as "green" taxonomies. Standardization measures are expected to increase transparency and facilitate the creation and functioning of markets and financial instruments [44]. This is expected to make markets work more effectively for environmental goals [45].…”

Section: Market-making Neoliberal Green Finance and Green Monetary Policymentioning

confidence: 99%

A Classification of Different Approaches to Green Finance and Green Monetary Policy

Dziwok

Jäger

2021

Sustainability

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In recent years, green finance has emerged as a commonly used strategy for dealing with environmental problems. However, it still remains to be seen whether green finance deals effectively with current global environmental problems. More recently, proposals regarding greening monetary policy have emerged. The goal of this paper is to provide a conceptual framework that helps to distinguish between different forms of green finance and monetary policy. We systematically analyse forms, tools and measures of green finance and monetary policy against different theoretical backgrounds. In so doing, we fill a research gap by providing an appropriate classification that is intended to facilitate future academic research. We provide different categories and distinguish, on an abstract level, between neoliberal, reformist and progressive forms of green finance. Furthermore, we provide sub-categories on a more concrete level of abstraction. With this, we focus on both financial market regulation and monetary policy strategies. Against the background of our categorisation, the different focuses on green finance and green monetary policy and the (often implicitly) underlying theoretical assumptions become transparent. The classification has significant implications for the evaluation of different perspectives and is, therefore, important for academic debate. The classification also potentially represents a basis for policy related discussions. We conclude that neoliberal forms of green finance and monetary policy that rely on the assumption of the effectiveness of markets for contributing to sustainability tend to neglect or abstract from potentially adverse distributional effects. Reformist forms of green finance and monetary policy are more skeptical of the effectiveness of market processes and, therefore, consider a greater role for government policies. In addition, reformist approaches are more concerned about the potentially adverse distributional effects of environmental policies. Finally, progressive green finance and monetary policy adopts a more global perspective on environmental issues and links the discussion intrinsically with questions of global inequality and socio-ecological transformation. Moreover, progressive approaches are skeptical of global capitalism at a systemic level and therefore demand global rules and financial and monetary regimes that allow for solutions of environmental problems based on global solidarity and a democratic economic governance.

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The Nature of Global Green Finance Standards—Evolution, Differences, and Three Models

Cited by 29 publications

References 52 publications

Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

Factors Affecting the Sustainability Performance of Financial Institutions in Bangladesh: The Role of Green Finance

The Moderating Effect and Threshold Effect of Green Finance on Carbon Intensity: From the Perspective of Capital Accumulation

A Classification of Different Approaches to Green Finance and Green Monetary Policy

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