Chen Jian Ming, Umair Muhammad, Hu Jie
School of Management, Hebei GEO University, Shijiazhuang, 050031, Hebei, China.
Departement of Economics, Ghazi University, Dera Ghazi Khan, Pakistan.
Heliyon. 2024 Jun 28;10(13):e33879. doi: 10.1016/j.heliyon.2024.e33879. eCollection 2024 Jul 15.
This research aims to examine the interrelationship between green finance and its influence on the renewable energy industry in a sample of 30 developing nations from 1990 to 2018. The main aim of this study is to investigate the interconnected effects between green bonds, investments in renewable energy, and carbon markets, with a specific emphasis on the influence of the banking system in shaping these interrelationships. To accomplish this objective, the Generalized Method of Moments (GMM) is utilized to examine the data and comprehend the intricate interrelationships among the variables. The emergence of green finance offers a favourable prospect for tackling environmental issues while concurrently fostering sustainable economic development. Nevertheless, the degree to which it impacts the adoption of renewable energy and carbon markets has yet to be thoroughly investigated, especially in developing nations. This study seeks to provide insights into the factors that influence the development of green finance and its implications for investments in renewable energy by examining a diverse group of 30 emerging countries. The findings of this research provide compelling revelations regarding the interdependence between green finance and its influence on the renewable energy industry. The results underscore the notable contribution of the banking sector in enabling the transfer of capital into sustainable energy initiatives via the utilization of green bonds. Furthermore, we have discovered dynamic spillover effects between green bonds, renewable energy investments, and carbon markets. These financial mechanisms have the potential to influence each other within the framework of sustainable development. A comprehensive comprehension of the complex interconnections among green finance, renewable energy, and carbon markets is imperative for policymakers, investors, and financial institutions seeking to promote sustainable practices and efficiently allocate resources. This research adds to the expanding corpus of literature on green finance and offers significant implications for advancing a more environmentally friendly and sustainable future in developing nations.
本研究旨在考察1990年至2018年期间30个发展中国家样本中绿色金融及其对可再生能源产业影响之间的相互关系。本研究的主要目的是调查绿色债券、可再生能源投资和碳市场之间的相互影响，特别强调银行体系在塑造这些相互关系中的作用。为实现这一目标，运用广义矩量法（GMM）来检验数据并理解变量之间的复杂相互关系。绿色金融的出现为解决环境问题同时促进可持续经济发展提供了有利前景。然而，其对可再生能源采用和碳市场的影响程度尚未得到充分研究，尤其是在发展中国家。本研究旨在通过考察30个新兴国家的多样化群体，深入了解影响绿色金融发展的因素及其对可再生能源投资的影响。本研究的结果揭示了绿色金融与其对可再生能源产业影响之间的相互依存关系。结果强调了银行业通过利用绿色债券将资本转移到可持续能源项目中的显著贡献。此外，我们发现了绿色债券、可再生能源投资和碳市场之间的动态溢出效应。这些金融机制在可持续发展框架内有可能相互影响。对于寻求推广可持续实践并有效分配资源的政策制定者、投资者和金融机构来说，全面理解绿色金融、可再生能源和碳市场之间的复杂联系至关重要。本研究丰富了关于绿色金融的文献，并为在发展中国家推进更环保和可持续的未来提供了重要启示。
