Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty
Abstract
1. Introduction
2. Theoretical Review
2.1. Mechanisms
- −
- ESG investments, which are investments made during the manifestations of environmental (E) and social (S) responsibility, and also under the condition of the high quality of corporate governance (G) (Bhatia et al., 2025; J. Liu & Liang, 2025);
- −
- Green finance, which is financial resources aimed at environmental protection and the fight against climate change (B. Li et al., 2025; Shi & Yang, 2025);
- −
- Greenwashing, which is the practice of unfair advertising in which companies provide false information about their green initiatives and environmental parameters of their economic activities (Inderst & Opp, 2025; L. Wang et al., 2025).
2.2. Regulatory Framework
2.3. Classification and Conceptual Framework of Green Financial Tools
2.4. Empirical Results
3. Materials and Methods
- −
- Environmental costs of GDP—natural resources rent (EvCs1 according to the statistics by the World Bank, 2025c), energy intensity (EvCs2 according to the statistics by the World Bank, 2025b), and carbon intensity (EvCs3 according to the statistics by the World Bank, 2025c) based on the data from Table 2—on the activity of green investment in the economy (GrFn according to the statistics by the Global Green Growth Institute (2025) based on the data from Table 1);
- −
- Activity of green investment in the economy (GrFn) on the factors of state regulation of green finance—strength and financial affordability of legal regulation of administrative disputes (Gvn1), its timeliness (Gvn2), and protection of investors’ property rights (Gvn3), according to the statistics by the UN (2025) based on the data from Table 3.
EvCs2 = a2 + b2GrFn,
EvCs3 = a3 + b3GrFn,
GrFn = a4 + b4Gvn1 + b 5Gvn2 + b6Gvn3.
4. Results
4.1. General Results
EvCs2 = −19.1298 + 0.5021GrFn,
EvCs3 = 0.0521 + 0.0014GrFn (F-test was not passed),
GrFn = 55.6649 + 14.1786Gvn1 + 1.7871Gvn2 + 0.9720Gvn3 (F-test was not passed).
EvCs2 = 17.3772 − 0.1204GrFn,
EvCs3 = −0.0045 + 0.0045GrFn,
GrFn = 42.1262 + 3.4105Gvn1 + 26.5479Gvn2 + 12.3471Gvn3.
4.2. Multicollinearity Test
4.3. Differences Between Developed and Developing Countries
5. Discussion
6. Conclusions
- In developed countries, the growth of the activity of green investing in the economy leads to the reduction in almost all environmental costs of GDP: it ensures the reduction in natural resources rents and an increase in GDP per unit of energy use, but does not have a statistically significant effect on the carbon intensity of GDP.
- Unlike developed countries, in developing countries, growth of the activity of green investing in the economy leads to an increase in almost all environmental costs of GDP, i.e., systemic growth of environmental risks: an increase in total natural resources rents, a decline in GDP per unit of energy use, and growth of carbon intensity of GDP.
- Unlike developed countries, in which green investments are not determined by the influence of the factors of state regulation, the implementation of the measures of state regulation of green finance—improvement of strength and financial accessibility of legal regulation of administrative disputes, an increase in timeliness of legal regulation of these disputes, and an increase in protection of investors’ property rights—in developing countries ensures an inflow of green investments in the economy.
Author Contributions
Funding
Institutional Review Board Statement
Informed Consent Statement
Data Availability Statement
Conflicts of Interest
References
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Category of Countries | Country | Green Investment (Score 0–100), GrFn | |||
---|---|---|---|---|---|
2019 | 2022 | 2023 | 2024 | ||
Developed countries | Denmark | 71.00 | 72.77 | 72.77 | 72.77 |
Finland | 55.01 | 56.68 | 56.68 | 56.68 | |
Germany | 68.50 | 69.67 | 69.67 | 69.67 | |
South Korea | 70.41 | 72.59 | 73.28 | 73.97 | |
United States | 63.47 | 65.14 | 65.14 | 65.14 | |
Developing countries | Armenia | 36.07 | 43.00 | 41.86 | 40.72 |
China | 56.19 | 59.06 | 59.65 | 59.19 | |
Malaysia | 53.68 | 58.99 | 63.27 | 65.33 | |
Russia | 68.26 | 72.07 | 71.13 | 71.13 | |
Slovakia | 65.76 | 66.21 | 65.07 | 69.79 |
Category of Countries | Country | Total Natural Resources Rents (% of GDP) | GDP per Unit of Energy Use (Constant 2021 PPP USD per kg of Oil Equivalent) | Carbon Intensity of GDP (kg CO2e per 2021 PPP USD of GDP) | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
EvCs1 | EvCs2 | EvCs3 | |||||||||||
2019 | 2022 | 2023 | 2024 | 2019 | 2022 | 2023 | 2024 | 2019 | 2022 | 2023 | 2024 | ||
Developed countries | Denmark | 0.59 | 0.45 | 0.16 | 0.34 | 24.14 | 24.72 | 25.24 | 26.72 | 0.08 | 0.07 | 0.07 | 0.06 |
Finland | 0.56 | 0.37 | 0.29 | 0.45 | 9.45 | 9.66 | 9.47 | 10.04 | 0.14 | 0.13 | 0.11 | 0.10 | |
Germany | 0.08 | 0.09 | 0.08 | 0.08 | 17.63 | 18.02 | 18.04 | 19.44 | 0.13 | 0.13 | 0.13 | 0.11 | |
South Korea | 0.05 | 0.12 | 0.11 | 0.05 | 8.76 | 8.92 | 8.78 | 9.20 | 0.27 | 0.25 | 0.23 | 0.22 | |
United States | 0.60 | 0.56 | 0.33 | 1.28 | 10.32 | 10.97 | 11.07 | 11.17 | 0.22 | 0.20 | 0.20 | 0.19 | |
Developing countries | Armenia | 1.10 | 2.20 | 2.42 | 7.05 | 13.94 | 12.21 | 12.52 | 13.27 | 0.13 | 0.16 | 0.14 | 0.13 |
China | 1.43 | 1.27 | 0.86 | 1.71 | 7.83 | 7.77 | 7.91 | 7.99 | 0.45 | 0.43 | 0.41 | 0.41 | |
Malaysia | 7.33 | 6.20 | 4.54 | 6.92 | 10.87 | 10.73 | 10.68 | 11.19 | 0.24 | 0.25 | 0.25 | 0.25 | |
Russia | 14.47 | 12.21 | 7.59 | 18.51 | 7.49 | 7.33 | 6.92 | 6.94 | 0.35 | 0.34 | 0.36 | 0.35 | |
Slovakia | 0.29 | 0.25 | 0.22 | 0.23 | 11.89 | 11.94 | 11.60 | 12.51 | 0.17 | 0.18 | 0.17 | 0.16 |
Category of Countries | Country | Access to and Affordability of Justice | Timeliness of Administrative Proceedings | Expropriations Are Lawful and Adequately Compensated | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Gvn1 | Gvn2 | Gvn3 | |||||||||||
2019 | 2022 | 2023 | 2024 | 2019 | 2022 | 2023 | 2024 | 2019 | 2022 | 2023 | 2024 | ||
Developed countries | Denmark | 0.76 | 0.78 | 0.78 | 0.79 | 0.88 | 0.88 | 0.86 | 0.87 | 0.90 | 0.87 | 0.85 | 0.87 |
Finland | 0.70 | 0.70 | 0.71 | 0.71 | 0.81 | 0.79 | 0.81 | 0.80 | 0.78 | 0.81 | 0.80 | 0.79 | |
Germany | 0.79 | 0.77 | 0.76 | 0.75 | 0.83 | 0.85 | 0.80 | 0.77 | 0.91 | 0.90 | 0.91 | 0.91 | |
South Korea | 0.69 | 0.70 | 0.70 | 0.71 | 0.78 | 0.80 | 0.80 | 0.81 | 0.78 | 0.75 | 0.76 | 0.77 | |
United States | 0.44 | 0.45 | 0.45 | 0.48 | 0.56 | 0.60 | 0.58 | 0.55 | 0.70 | 0.71 | 0.71 | 0.71 | |
Developing countries | Armenia | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. | n.a. |
China | 0.61 | 0.65 | 0.66 | 0.68 | 0.61 | 0.58 | 0.60 | 0.64 | 0.39 | 0.35 | 0.36 | 0.38 | |
Malaysia | 0.58 | 0.58 | 0.59 | 0.58 | 0.57 | 0.56 | 0.55 | 0.55 | 0.49 | 0.49 | 0.50 | 0.50 | |
Russia | 0.60 | 0.61 | 0.62 | 0.63 | 0.61 | 0.58 | 0.57 | 0.59 | 0.38 | 0.36 | 0.36 | 0.35 | |
Slovakia | 0.60 | 0.56 | 0.57 | 0.62 | 0.56 | 0.52 | 0.50 | 0.54 | 0.68 | 0.66 | 0.67 | 0.65 |
Regression Statistics | Developed Countries | Developing Countries | |||||
---|---|---|---|---|---|---|---|
Model for EvCs1 | Model for EvCs2 | Model for EvCs3 | Model for EvCs1 | Model for EvCs2 | Model for EvCs3 | ||
Multiple R | 0.3611 | 0.4826 | 0.1414 | 0.3078 | 0.5488 | 0.4397 | |
R-square | 0.1304 | 0.2329 | 0.0200 | 0.0947 | 0.3012 | 0.1934 | |
Standard error | 0.3024 | 6.0158 | 0.0647 | 5.1085 | 2.0235 | 0.1009 | |
Significance F | 0.1861 | 0.0685 | 0.6151 | 0.2644 | 0.0341 | 0.10097 | |
Coefficients | Y-intercept | 1.5149 | −19.1298 | 0.0521 | −4.2401 | 17.3772 | −0.0045 |
GrFn | −0.0177 | 0.5021 | 0.0014 | 0.1498 | −0.1204 | 0.0045 | |
Regression statistics | Model for GrFn | ||||||
Multiple R | 0.3053 | 0.8943 | |||||
R-square | 0.0932 | 0.7998 | |||||
Standard error | 6.8341 | 5.3663 | |||||
Significance F | 0.7716 | 0.0004 | |||||
Coefficients | Y-intercept | 55.6649 | 42.1262 | ||||
Gvn1 | 14.1786 | 3.4105 | |||||
Gvn2 | 1.7871 | 26.5479 | |||||
Gvn3 | 0.9720 | 12.3471 |
Cross-Correlation | Green Investment (Score 0–100) | Total Natural Resources Rents (% of GDP) | GDP per Unit of Energy Use (Constant 2021 PPP USD per kg of Oil Equivalent) | Carbon Intensity of GDP (kg CO2e per 2021 PPP USD of GDP) | Access to and Affordability of Justice (Worst 0–1 Best) | Timeliness of Administrative Proceedings (Worst 0–1 Best) | Expropriations Are Lawful and Adequately Compensated (Worst 0–1 Best) |
---|---|---|---|---|---|---|---|
Green investment (score 0–100) | 1.00 | - | - | - | - | - | - |
Total natural resources rents (% of GDP) | −0.36 | 1.00 | - | - | - | - | - |
GDP per unit of energy use (constant 2021 PPP USD per kg of oil equivalent) | 0.48 | −0.14 | 1.00 | - | - | - | - |
Carbon intensity of GDP (kg CO2e per 2021 PPP USD of GDP) | 0.14 | 0.03 | −0.76 | 1.00 | - | - | - |
Access to and affordability of justice (worst 0–1 best) | 0.31 | −0.61 | 0.53 | −0.57 | 1.00 | - | - |
Timeliness of administrative proceedings (worst 0–1 best) | 0.30 | −0.64 | 0.48 | −0.53 | 0.97 | 1.00 | - |
Expropriations are lawful and adequately compensated (worst 0–1 best) | 0.25 | −0.49 | 0.73 | −0.72 | 0.83 | 0.72 | 1.00 |
Cross-Correlation | Green Investment (Score 0–100) | Total Natural Resources Rents (% of GDP) | GDP per Unit of Energy Use (Constant 2021 PPP USD per kg of Oil Equivalent) | Carbon Intensity of GDP (kg CO2e per 2021 PPP USD of GDP) | Access to and Affordability of Justice (Worst 0–1 Best) | Timeliness of Administrative Proceedings (Worst 0–1 Best) | Expropriations Are Lawful and Adequately Compensated (Worst 0–1 Best) |
---|---|---|---|---|---|---|---|
Green investment (score 0–100) | 1.00 | - | - | - | - | - | - |
Total natural resources rents (% of GDP) | 0.31 | 1.00 | - | - | - | - | - |
GDP per unit of energy use (constant 2021 PPP USD per kg of oil equivalent) | −0.55 | −0.45 | 1.00 | - | - | - | - |
Carbon intensity of GDP (kg CO2e per 2021 PPP USD of GDP) | 0.44 | 0.24 | −0.94 | 1.00 | - | - | - |
Access to and affordability of justice (worst 0–1 best) | 0.88 | 0.09 | −0.64 | 0.67 | 1.00 | - | - |
Timeliness of administrative proceedings (worst 0–1 best) | 0.88 | 0.13 | −0.65 | 0.68 | 1.00 | 1.00 | - |
Expropriations are lawful and adequately compensated (worst 0–1 best) | 0.80 | −0.17 | −0.10 | 0.12 | 0.81 | 0.79 | 1.00 |
Research Object | Description in the Past Literature | In Developed Countries | In Developing Countries | |||
---|---|---|---|---|---|---|
Connection with Green Investment (Regression) | Change in the Connection Due to Instability (Correlation) | Connection with Green Investment (Regression) | Change in the Connection Due to Instability (Correlation) | |||
Consequences for the environmental costs of GDP (environmental risks of the economy) | Natural resources rent | Al-Rawashdeh et al. (2025) | Positive (−0.0177) | Almost unchangeable (−0.49 in 2019; −0.42 in 2024) | Negative (0.1498) | Almost unchangeable (0.36 in 2019; −0.51 in 2024) |
Energy intensity | Azimi et al. (2025) | Positive (0.5021) | Deterioration (0.54 in 2019; 0.45 in 2024) | Negative (−0.1204) | Almost unchangeable (0.09 in 2019; −0.67 in 2024) | |
Carbon emissions | Lu et al. (2025) | The F-test was not passed | Almost unchangeable (0.04 in 2019; 0.19 in 2024) | Negative (0.0045) | Almost unchangeable (0.20 in 2019; 0.30 in 2024) | |
Dependence on the factors of state regulation of green finance | Strength and financial accessibility of legal regulation of administrative disputes | H. Li et al. (2025) | The F-test was not passed | Almost unchangeable (0.30 in 2019; 0.31 in 2024) | Positive (3.4105) | Deterioration (0.46 in 2019; 0.18 in 2024) |
Its timeliness | Susan and Pan (2024) | The F-test was not passed | Improvement (0.25 in 2019; 0.29 in 2024) | Positive (26.5479) | Deterioration (−0.67 in 2019; −0.48 in 2024) | |
Protection of investors’ property rights | Z. Wang et al. (2025) | The F-test was not passed | Deterioration (0.50 in 2019; 0.32 in 2024) | Positive (12.3471) | Deterioration (0.43 in 2019; 0.40 in 2024) |
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Share and Cite
Popkova, E.G.; Litvinova, T.N.; Petrenko, E.; Bogoviz, A.V. Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty. J. Risk Financial Manag. 2025, 18, 552. https://doi.org/10.3390/jrfm18100552
Popkova EG, Litvinova TN, Petrenko E, Bogoviz AV. Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty. Journal of Risk and Financial Management. 2025; 18(10):552. https://doi.org/10.3390/jrfm18100552
Chicago/Turabian StylePopkova, Elena G., Tatiana N. Litvinova, Elena Petrenko, and Aleksei V. Bogoviz. 2025. "Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty" Journal of Risk and Financial Management 18, no. 10: 552. https://doi.org/10.3390/jrfm18100552
APA StylePopkova, E. G., Litvinova, T. N., Petrenko, E., & Bogoviz, A. V. (2025). Regulating Green Finance and Managing Environmental Risks in the Conditions of Global Uncertainty. Journal of Risk and Financial Management, 18(10), 552. https://doi.org/10.3390/jrfm18100552