Submit to Special Issue Submit Abstract to Special Issue Review for Sustainability Propose a Special Issue

Journal Menu

Journal Browser

Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era

Print Special Issue Flyer
Special Issue Editors
Special Issue Information
Keywords
Benefits of Publishing in a Special Issue
Published Papers

A special issue of Sustainability (ISSN 2071-1050). This special issue belongs to the section "Economic and Business Aspects of Sustainability".

Deadline for manuscript submissions: 31 October 2026 | Viewed by 22803

Share This Special Issue

Special Issue Editors

Prof. Dr. Amir Hasnaoui

E-Mail Website
Guest Editor

Finance Department, Excelia Group, La Rochelle 17000, France
Interests: sustainable finance; ESG; corporate social responsibility; digital transformation fintech; information systems management; financial economics; banking

Dr. Majdi Karmani

E-Mail Website
Guest Editor

Finance Department, Excelia Group, 17000 La Rochelle, France
Interests: sustainable finance; fintech; ESG; CSR; corporate governance; financial reporting; financial economics; banking

Special Issue Information

Dear Colleagues,

The growing urgency of climate challenges and the tightening of regulatory frameworks, such as the Corporate Sustainability Reporting Directive (CSRD), require businesses and financial institutions to adopt more sustainable and transparent financial practices. Digital innovations, particularly in financial technologies (FinTech), are playing a transformative role in supporting sustainability efforts by enhancing ESG integration, improving accountability, and enabling more efficient impact measurement.

This special issue explores the intersection of financial technologies and sustainability, examining how digital tools contribute to responsible financial decision-making, regulatory compliance, and long-term environmental and social resilience. We welcome original research articles, theoretical discussions, and empirical studies on topics including, but not limited to:

Innovative FinTech solutions for sustainable finance: the role of digital platforms, AI, and blockchain in promoting responsible investment and green finance.
Blockchain applications in sustainability: strengthening transparency, trust, and accountability in ESG disclosures and sustainable financial transactions.
AI-powered ESG analytics: improving climate risk assessments, carbon footprint tracking, and impact investing strategies.
Regulatory technologies (RegTech) for sustainability: digital tools assisting organizations in complying with evolving sustainability reporting standards, including CSRD and SFDR.
FinTech-driven financing for climate action: leveraging digital finance to support renewable energy, biodiversity conservation, and resilient infrastructure.
Expanding financial inclusion for sustainability: the role of digital finance in supporting inclusive financial services, ethical banking, and sustainable development in underserved communities.
Climate risk and sustainability-linked financial instruments: using technology to develop new approaches for measuring and managing environmental risks.
Sustainability governance in the digital era: the impact of financial innovation on corporate governance, ethical investment, and stakeholder engagement.

This Special Issue seeks to offer a platform for rigorous academic research linking digital transformation to sustainability objectives. It enhances the understanding of the role of financial technologies in advancing sustainable finance, contributing to both academic discourse and industry practices.

We look forward to receiving your contributions.

Prof. Dr. Amir Hasnaoui
Dr. Majdi Karmani
Guest Editors

Manuscript Submission Information

Manuscripts should be submitted online at www.mdpi.com by registering and logging in to this website. Once you are registered, click here to go to the submission form. Manuscripts can be submitted until the deadline. All submissions that pass pre-check are peer-reviewed. Accepted papers will be published continuously in the journal (as soon as accepted) and will be listed together on the special issue website. Research articles, review articles as well as short communications are invited. For planned papers, a title and short abstract (about 250 words) can be sent to the Editorial Office for assessment.

Submitted manuscripts should not have been published previously, nor be under consideration for publication elsewhere (except conference proceedings papers). All manuscripts are thoroughly refereed through a single-blind peer-review process. A guide for authors and other relevant information for submission of manuscripts is available on the Instructions for Authors page. Sustainability is an international peer-reviewed open access semimonthly journal published by MDPI.

Please visit the Instructions for Authors page before submitting a manuscript. The Article Processing Charge (APC) for publication in this open access journal is 2400 CHF (Swiss Francs). Submitted papers should be well formatted and use good English. Authors may use MDPI's English editing service prior to publication or during author revisions.

Keywords

ESG
sustainable finance
green FinTech
blockchain
artificial intelligence
climate risk
financial inclusion
regulatory compliance
impact investing
sustainable innovation

Benefits of Publishing in a Special Issue

Ease of navigation: Grouping papers by topic helps scholars navigate broad scope journals more efficiently.
Greater discoverability: Special Issues support the reach and impact of scientific research. Articles in Special Issues are more discoverable and cited more frequently.
Expansion of research network: Special Issues facilitate connections among authors, fostering scientific collaborations.
External promotion: Articles in Special Issues are often promoted through the journal's social media, increasing their visibility.
Reprint: MDPI Books provides the opportunity to republish successful Special Issues in book format, both online and in print.

Further information on MDPI's Special Issue policies can be found here.

Published Papers (9 papers)

Download All Papers

Order results

Result details

Show export options Show export options

Select all

Export citation of selected articles as:

Research

Jump to: Other

26 pages, 1473 KB

Open AccessArticle

Exploring and Examining an Investor-Oriented ESG Intelligence Transformation Model: Insights from Chinese Analyst Reports

by Hua Guo and Jiayao Hong

Sustainability 2026, 18(6), 3076; https://doi.org/10.3390/su18063076 - 20 Mar 2026

Viewed by 440

Abstract

Environmental, social, and governance (ESG) information is increasingly vital in driving capital markets to promote sustainable development. However, significant barriers remain in effectively transforming ESG information into intelligence that supports investor decision-making. Drawing upon information chain theory and intelligence transformation theory, this study constructs an ESG intelligence transformation model tailored for investor decision-making, aiming to address relevant challenges within China’s unique capital market environment. Through a mixed deductive-inductive content analysis of analyst reports issued by Chinese securities firms, this study identifies underlying issues in current ESG information utilization: excessive focus on social dimensions at the expense of integrated consideration of environmental and governance issues; inadequate conversion of environmental and governance data into decision-relevant information; and incomplete pathways for transforming ESG knowledge into intelligence supporting investment decisions. These constraints significantly undermine the potential of ESG information to guide sustainable investment strategies and support green economic transformation. To bridge these gaps, this study proposes an integrated multi-stakeholder optimization strategy encompassing: enhanced disclosure standards by regulators; greater corporate emphasis on environmental and governance disclosures; more sophisticated assessment techniques by rating agencies; and optimized information channels between corporations and investors by financial institutions. This study provides a theoretical foundation and practical pathways for enhancing the quality and utility of ESG information, contributing to sustainable finance research. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

31 pages, 750 KB

Open AccessArticle

Sustainable Financial Markets in the Digital Era: FinTech, Crowdfunding and ESG-Driven Market Efficiency in the UK

by Loredana Maria Clim (Moga), Diana Andreea Mândricel and Ionica Oncioiu

Sustainability 2026, 18(2), 973; https://doi.org/10.3390/su18020973 - 17 Jan 2026

Viewed by 775

Abstract

In the context of tightening sustainability regulations and rising demands for transparent and responsible capital allocation, understanding how digital financial innovations influence market efficiency has become increasingly important. This study examines the impact of Financial Technology (FinTech) solutions and crowdfunding platforms on sustainable market efficiency, volatility dynamics, and risk structures in the United Kingdom. Using weekly data for the Financial Times Stock Exchange 100 (FTSE 100) index from January 2010 to June 2025, the analysis applies the Lo–MacKinlay variance ratio test to assess compliance with the Random Walk Hypothesis as a proxy for informational efficiency. Firm-level proxies for FinTech and crowdfunding activity are constructed using the Nomenclature of Economic Activities (NACE) and Standard Industrial Classification (SIC) systems. The empirical results indicate substantial deviations from random-walk behavior in crowdfunding-related market segments, where persistent positive autocorrelation and elevated volatility reflect liquidity constraints and informational frictions. By contrast, FinTech-dominated segments display milder inefficiencies and faster information absorption, pointing to more stable price-adjustment mechanisms. After controlling for structural distortions through heteroskedasticity-consistent corrections and volatility adjustments, variance ratios converge toward unity, suggesting a restoration of informational efficiency. The results provide relevant insights for investors, regulators, and policymakers seeking to align financial innovation with the objectives of sustainable financial systems. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

21 pages, 1307 KB

Open AccessArticle

Fintech Adoption and Credit Risk Mitigation: Evidence from Chinese Commercial Banks

by Zihua Qin and Zhaoyu Jing

Sustainability 2025, 17(22), 10294; https://doi.org/10.3390/su172210294 - 18 Nov 2025

Viewed by 3440

Abstract

The rapid proliferation of fintech has created unprecedented opportunities for enhancing bank credit-risk management and promoting financial sustainability. Using an unbalanced panel dataset of Chinese commercial banks spanning 2013–2023, we construct a bank-specific fintech index through text mining of annual reports combined with an entropy-weighted methodology, and systematically examine the relationship between fintech adoption and credit risk. Our empirical findings reveal that fintech adoption significantly mitigates credit risk, reducing the non-performing loan ratio by an average of 0.9 percentage points. This effect is more pronounced among non-state-owned banks and in regions with less developed service sectors. Mechanism analysis further demonstrates that financial sustainability is a critical transmission mechanism: fintech mitigates credit risk by improving both cost efficiency and asset efficiency, thereby enhancing banks’ economic resilience. Additionally, we find that regional green development is a powerful moderator that significantly amplifies the risk-reducing impact of fintech. These findings offer robust empirical evidence for guiding commercial banks’ digital transformation strategies and informing regulators’ green finance policy formulation. Our results underscore the strategic importance of fintech investment in building more resilient and sustainable banking systems. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

25 pages, 709 KB

Open AccessArticle

Digital Finance and Green Technology Innovation: A Dual-Layer Analysis of Financing and Governance Mechanisms in China

by Yongpeng Ma, Rosli Mahmood, Annuar Md Nassir and Leyi Zhang

Sustainability 2025, 17(20), 8982; https://doi.org/10.3390/su17208982 - 10 Oct 2025

Cited by 2 | Viewed by 2252

Abstract

As China advances its green transition, digital finance broadens firms’ access to external financing; however, whether improved access enhances financial allocation efficiency or drives green technology innovation remains unclear. This study addresses this through a dual-layer framework examining financing mechanisms and governance conditions. Using panel data from 2165 Chinese A-share firms (2011–2022) with two-way fixed-effects models, the analysis yields three key findings: First, digital finance significantly enhances green technology innovation. Second, financial mismatch partially mediates this relationship. Third, governance moderates these effects. Equity incentives exhibit threshold effects, where positive impacts emerge only above certain levels. Cash incentives, however, vary by period: they are positive in 2011–2018 and negative in 2019–2022. These results underscore that financial reform must accompany governance improvements, especially equity incentives. The Chinese experience also provides insights for emerging economies navigating digital finance expansion and green transition. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

21 pages, 687 KB

Open AccessArticle

Financial Inclusion and Sustainability of Economic Development: Empirical Results from Selected EU Member States

by Eugene Muvunyi and Jacek Batóg

Sustainability 2025, 17(18), 8237; https://doi.org/10.3390/su17188237 - 13 Sep 2025

Cited by 2 | Viewed by 2966

Abstract

The primary objective of the present study is to verify the anticipated positive impact of financial inclusion on the economic development of selected European economies between 2014 and 2023. This will be achieved by means of econometric models and the authors’ aggregate indices. The primary sources of data were statistical databases provided by the International Monetary Fund, World Development Indicators, and Eurostat. The findings of the study suggest that there is no clear link between the degree of financial inclusion and economic development among European Union member states. They also indicate that the impact of financial inclusion varies across European countries, both before and after the Coronavirus pandemic. However, it is imperative to exercise caution when interpreting these findings, primarily due to the structural break caused by the economic downturn in 2020 and the relatively small sample size. It is evident that in countries exhibiting a high level of development, certain standard variables employed to measure financial inclusion are found to be inadequate. The results of the study could be used to determine the favourable conditions for maximising the positive and sustainable influence of financial inclusion on the economy, and for reducing disparities in the levels of development exhibited by various countries. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

30 pages, 731 KB

Open AccessArticle

Can ESG Strategies Drive Firm Value Growth in the MENA Region?

by Mohamed Rashwan, Nardin Farouk and Rania Pasha

Sustainability 2025, 17(17), 7894; https://doi.org/10.3390/su17177894 - 2 Sep 2025

Cited by 4 | Viewed by 4435

Abstract

Cross-industry and cross-country evidence from the ESG–firm value literature indicates no consensus on the ESG performance impact on corporate financial performance. Stemming from the ongoing debate over whether ESG principles enhance or hinder value creation, this study investigates the effect of Environmental, Social, and Governance (ESG) performance on firm value through three proxies: Tobin’s Q (TQ), Price to Book ratio (PB), and Price to Earnings ratio (PE). Using a cross-country and cross-sectoral comparative approach, the study employs static and dynamic panel regression analyses, along with principal component analysis, to test the hypothesized relationships across nine MENA region countries and ten sectors between 2017 and 2022. To the best of the authors’ knowledge, this is the first study to examine ESG’s impact on TQ, PB, and PE while offering a comparative analysis in the MENA region. Empirical results reveal a significantly positive relationship between ESG scores and firm value using TQ and PB ratios, but this relationship is insignificant with the PE ratio. This study contributes to the ESG and financial decision-making literature, providing insights for investors on portfolio optimization and sustainable investing. The findings offer recommendations that further benefit businesses, policymakers, and decision-makers in enhancing their understanding of ESG implications. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

25 pages, 709 KB

Open AccessArticle

ESG Disclosure Frequency and Its Association with Market Performance: Evidence from Taiwan

by Chih-Feng Liao

Sustainability 2025, 17(17), 7812; https://doi.org/10.3390/su17177812 - 29 Aug 2025

Cited by 2 | Viewed by 4786

Abstract

This study challenges the conventional wisdom that investor reactions to Environmental, Social, and Governance (ESG) information are primarily driven by disclosure sentiment. We propose and test an alternative hypothesis: that for investors navigating information-rich environments, the frequency of ESG disclosures can serve as a more potent signal of a firm’s underlying commitment and risk profile than the sentiment of the announcements themselves. Focusing on Taiwan’s capital market—a globally pivotal technology hub—we analyze 2576 firm-initiated ESG events from 2014 to 2023 using an event study methodology. We innovate by employing a BERT-based NLP model, specifically fine-tuned for Traditional Chinese, to disentangle the effects of disclosure frequency from sentiment. Our results reveal that announcement frequency is a more robust predictor of abnormal returns than sentiment, but its effect is highly contingent on the ESG pillar. A higher frequency of negative Social (S) and Governance (G) disclosures incurs a significant market penalty, whereas frequent proactive Environmental (E) disclosures are rewarded. These findings establish a “disclosure frequency premium/penalty” and offer critical, nuanced insights for corporate strategy and sustainable investment. By demonstrating how communication patterns shape market perceptions, this research directly informs UN SDG 12 (Responsible Production) and SDG 16 (Strong Institutions). Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Graphical abstract

26 pages, 4558 KB

Open AccessArticle

Digital Inclusive Finance and Urban Carbon Intensity Reduction: Unraveling Green Credit Mechanisms and Spatial Heterogeneity Across Chinese Cities

by Jinan Jia, Renhua Zhang, Guangpu Zhao, Feiya Chen and Peng Wang

Sustainability 2025, 17(11), 4813; https://doi.org/10.3390/su17114813 - 23 May 2025

Cited by 6 | Viewed by 2001

Abstract

In alignment with China’s carbon peak and carbon neutrality commitments, digital inclusive finance (DIF) has emerged as a strategic instrument for carbon emission mitigation, facilitated by coordinated policy interventions and market-driven innovations. This study conducted an original multi-dimensional investigation into DIF’s carbon intensity reduction effects through an integrated analytical framework. Employing two-way fixed effects and mediation analysis models, we systematically evaluated both direct impacts and green-credit-mediated pathways using panel data across 247 Chinese cities from 2011 to 2020. A dynamic Spatial Durbin model further elucidated the spatiotemporal evolution of DIF’s spatial spillover effects. It was found that DIF development can reduce the carbon intensity of cities, and in particular, this phenomenon shows different effects in different types of cities. Green credit mechanisms effectively mediate their effects in the decarbonization process of DIF, confirming their key role in financial intermediation. In addition, DIF has a strong cross-regional spatial spillover effect, and its carbon emission reduction impact transcends local administrative jurisdictions. The results of this study will provide valuable insights and practical recommendations for policymakers and stakeholders to develop effective carbon reduction strategies that contribute to sustainable development in China and globally. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Figure 1

Other

Jump to: Research

25 pages, 696 KB

Open AccessEssay

Synergistic Development Mode of Digital Finance and Green Finance: Driving Factors and Transition Pathways

by Fanghui Pan, Yutong Liu, Zhiyuan Tan and Xiangrong Wan

Sustainability 2026, 18(7), 3388; https://doi.org/10.3390/su18073388 - 31 Mar 2026

Viewed by 426

Abstract

Unlike traditional research that assumes uniform development patterns or uses subjective quantile or geographic divisions, this study employs a finite mixture model to endogenously cluster different regions of China into distinct development patterns based on the similarity of their conditional distributions. Using a coupling coordination degree model to measure the synergistic development level of digital finance and green finance across 30 Chinese provinces (autonomous regions, municipalities) from 2012 to 2022, it investigates the driving factors. The results show: (1) Synergistic development between digital finance and green finance exhibits an overall upward trend with significant heterogeneity. Development patterns can be categorized as low-level, medium-level, and high-level. Economic development helps explain the formation of these growth patterns. (2) Marketization level promotes synergistic development across all patterns. However, the driving roles of traditional financial development level, data factorization level, human capital, traditional technological level, digital technological level, industrial structure, government intervention, and internet development level vary across different stages and patterns. (3) In total, 28 regions experienced pattern transitions in their synergistic development paths, which can be classified into leading, normal, and lagging development paths. The key finding of this study lies in uncovering the imbalanced development of digital finance and green finance synergy in parts of China. It provides targeted policy recommendations for synergistic development across regions and offers references for achieving high-quality economic development. Full article

(This article belongs to the Special Issue Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era)

► Show Figures

Journal Menu

Journal Browser

Sustainable Finance, Technologies, and Regulatory Frameworks: Advancing Sustainability in a Digital Era

Share This Special Issue

Special Issue Editors

Special Issue Information

Keywords

Benefits of Publishing in a Special Issue

Published Papers (9 papers)

Research

Other

Further Information

Guidelines

MDPI Initiatives

Follow MDPI