Management and Economics Department, University of Beira Interior, Portugal; NECE-UBI, University of Beira Interior, Portugal.
Department of International Trade and Finance, School of Management and Economics, Beijing Institute of Technology, Beijing, China; Center for Sustainable Energy and Economic Development, Gulf University for Science and Technology, Hawally, Kuwait.
J Environ Manage. 2023 Dec 1;347:119100. doi: 10.1016/j.jenvman.2023.119100. Epub 2023 Sep 28.
Sustainable development requires high investment, and developing economies need external aid to afford it. Developed economies are committed to providing financial support to fight climate change to those with fewer resources suffering the severest consequences. Climate finance consists of financial activities focusing on mitigating and adapting to climate change effects. In this paper, two critical perspectives were addressed: the role of climate finance on environmental degradation and human development and climate finance determinants. This research compiled a panel covering 36 developing economies from 2001 to 2019. Panel-corrected Standard Errors and Feasible Generalized Least Squares estimators were applied. The Seemingly Unrelated Regressions method was carried out to provide robustness of the empirical findings. The empirical results show that climate finance contributes to environmental degradation mitigation, and this effect is more notable in lower-middle-income countries. In these countries, regulatory quality contributes to environmental quality. Moreover, climate finance and human development have a positive bilateral relationship. However, the results suggest that foreign capital inflow slows down human development. These findings provide useful information for policymakers to design and implement environmental policies and strategies to maximize the allocation of climate finance funds and thus help to improve environmental quality.
可持续发展需要高投入，发展中经济体需要外部援助来承担。发达经济体致力于向资源较少、受气候变化影响最严重的国家提供财政支持，以应对气候变化。气候融资包括专注于减轻和适应气候变化影响的金融活动。本文从两个关键视角探讨了气候融资问题：气候融资对环境恶化和人类发展的作用，以及气候融资的决定因素。本研究编制了一个涵盖 2001 年至 2019 年 36 个发展中经济体的面板数据。采用了面板校正标准误差和可行广义最小二乘法估计量。采用似不相关回归方法来保证实证结果的稳健性。实证结果表明，气候融资有助于减轻环境恶化，而在中低收入国家，这种效应更为显著。在这些国家，监管质量有助于提高环境质量。此外，气候融资与人类发展之间存在积极的双边关系。然而，结果表明，外国资本流入会减缓人类发展。这些发现为政策制定者提供了有用的信息，以制定和实施环境政策和战略，从而最大程度地分配气候融资资金，进而有助于改善环境质量。
