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

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: 30 April 2026 | Viewed by 2500

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 100 words) can be sent to the Editorial Office for announcement on this website.

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

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

Published Papers (3 papers)

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Research

30 pages, 731 KB  
Article
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
Viewed by 682
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, [...] Read more.
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)
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25 pages, 709 KB  
Article
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
Viewed by 598
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 [...] Read more.
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)
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26 pages, 4558 KB  
Article
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 1 | Viewed by 823
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 [...] Read more.
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)
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