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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: 8 October 2024 | Viewed by 21685

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Special Issue Editors

Dr. Roberto Cervelló-Royo

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Guest Editor

Faculty of Business Administration and Management, Universitat Politécnica de Valencia, 46022 Valencia, Spain
Interests: green finance; sustainable development ; ESG; urban and regional economics; land use and policy
Special Issues, Collections and Topics in MDPI journals

Dr. Inmaculada Marqués Pérez

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Guest Editor

Departamento de Economía y Ciencias Sociales, Universitat Politècnica de València, Valencia, Spain
Interests: supply chain; sustainability

Dr. Inmaculada Guaita

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Guest Editor

Department of Economics and Social Sciences, Polytechnic University of Valencia, 46022 València, Spain
Interests: supply chain; sustainability

Dr. Javier Oliver-Muncharaz

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Guest Editor

Department of Economic and Social Sciences, Universitat Politècnica de València, València, Spain
Interests: forcasting stock prices; ESG portfolio; recurrent neural netwotks

Special Issue Information

Dear Colleagues,

There is currently a two-way link between finance and the Sustainable Development Goals (SDGs). International agreements on green and sustainable finance involve more sustainable practices regarding the use of renewable energy and the removal of greenhouse gas (GHG) emissions. The last couple of decades have witnessed the growing interest of the academic literature in the conciliation of finance and sustainable development. Financial assets and securities face increasing pressure from both shareholders and stakeholders towards adopting sustainable approaches. The existent literature does not provide us with an unambiguous answer regarding the sign and significance of the relationship between variables proxying green finance and the Sustainable Development Goals. Therefore, it continues to be relevant to study the relationship between green finance and the Sustainable Development Goals (SDGs). The aim of this Special Issue is to present an updated set of studies, theoretical ideas and methodological developments dealing with the green finance–sustainable development nexus. This Special Issue will include, but is not limited to, the following topics: i) implications of adopting Sustainable Development Goals in green financial performance; ii) presentation of good practices in sustainable development that enhance green financial performance; iii) implications of different contexts, namely, in terms of corporate governance; market structure; and geographical, cultural and gender aspects or others; and iv) exploration of the moderating effects in the relationship between green finance and the Sustainable Development Goals.

The insights expected to be obtained with this set of papers about the impacts on green finance resulting from the Sustainable Development Goals will be useful to all stakeholders, particularly shareholders, managers, policymakers and regulatory bodies. Finally, in addition to supplementing the existing literature, it is expected that the present Special Issue will present the main avenues for future research on this topic.

Dr. Roberto Cervelló-Royo
Dr. Inmaculada Marqués Pérez
Dr. Inmaculada Guaita
Dr. Javier Oliver-Muncharaz
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

sustainable finance
green bonds
Sustainable Development Goals
ESG
sustainable development
financial performance
green initiative
CSR

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Published Papers (9 papers)

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Research

21 pages, 1929 KiB

Open AccessArticle

The Impact of Green Business Ethics and Green Financing on Sustainable Business Performance of Industries in Türkiye: The Mediating Role of Corporate Social Responsibility

by Hazal Koray Alay, Abdulkadir Keskin, Meri Taksi Deveciyan, Gülaçtı Şen, Didem Kayalıdereden and Şayan Berber

Sustainability 2024, 16(17), 7868; https://doi.org/10.3390/su16177868 - 9 Sep 2024

Viewed by 553

Abstract

The purpose of this research is to understand the relationship between green business ethics, green finance, and sustainable business performance, and to evaluate the role of corporate social responsibility (CSR) in this relationship. The impact of the damage inflicted on nature’s functioning order is being felt much more strongly today. In light of these realities, companies must emphasize sustainability principles not just out of financial concerns but as a result of corporate social responsibility. In this context, focusing on the role of corporate social responsibility in sustainable business performance is the main goal of this research. Quantitative research methods, specifically the cross-sectional survey method, were employed for data collection and analysis. For this purpose, a convenience sampling method was used to select 427 white-collar employees working in industries operating in Türkiye as the sample for this study. The data collected through surveys were analyzed using the AMOS 24 statistical program. The findings underscore that green business ethics and green finance have a significant impact on corporate social responsibility and sustainable business performance. Additionally, it was determined that corporate social responsibility plays an intermediary role in shaping sustainable business performance. These findings are expected to provide an important foundation that can guide both employees and managers in developing awareness about green policies and sustainability, emphasizing the importance of green policies in working life. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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19 pages, 1468 KiB

Open AccessArticle

How Does Green Bond Issuance Facilitate the Spillover Effect of Green Technology Innovation in Industry? Evidence from China

by Qiyue Zhang, Yanli Wang and Qian Chen

Sustainability 2024, 16(17), 7633; https://doi.org/10.3390/su16177633 - 3 Sep 2024

Viewed by 704

Abstract

As the concept of balancing environmental protection and maintaining sustainable economic development has been widely recognized, the green bond is assuming an increasingly significant role within China’s financial market. We utilize the data from China’s A-share listed enterprises that issued bonds in the period 2010 to 2021 and try to examine whether and how green bond issuance facilitates the spillover effect of green technology innovation in industry. The results show that: (1) Green bond issuance can generate a spillover effect, greatly enhancing green technology innovation within the industry. (2) The spillover effect of green technology innovation from green bond issuance within an industry is more pronounced for state-owned enterprises, and relatively weaker for enterprises in Northeast China in the same industry. Relative to non-high-pollution industries, high-pollution industries reinforce the spillover effect. (3) Financing cost and agency cost are important influencing mechanisms for green bond issuance to improve peer enterprises’ level of green technology innovation. Overall, the results provide theoretical support for encouraging the market for green bonds to maintain their development over the long term and for effectively promoting the transformation of the economy and society to a green and low carbon one. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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20 pages, 297 KiB

Open AccessArticle

Do Green Bonds Help to Improve Enterprises’ Financing Efficiency? Empirical Evidence Based on Chinese A-Share Listed Enterprises

by Ruxing Lin, Guangcheng Ma and Jianhua Cao

Sustainability 2024, 16(17), 7472; https://doi.org/10.3390/su16177472 - 29 Aug 2024

Viewed by 449

Abstract

This study investigates the relationship between green bonds and enterprises’ financing efficiency. A three-stage data envelopment analysis (DEA) model and a fixed effects model are used to achieve the research objectives. This paper analyzes the dual dimensions of theoretical analysis and empirical investigation. By fully considering the sub-stages of the financing process, it introduces green bonds into the analytical framework of financing efficiency issues. This paper uses data from China’s A-share listed enterprises from 2000 to 2022, uses a three-stage DEA model to measure the efficiency of each sub-stage of enterprises’ financing, and uses a fixed effects model for empirical testing. The study found that issuing green bonds can significantly improve the financing efficiency of enterprises, especially in the total and repayment stages. Furthermore, this paper uses the intermediary effect model to discuss the inherent mechanism of green bonds affecting financing efficiency. Green bonds promote the financing efficiency of enterprises and promote green transformation by affecting investor recognition and financing costs. However, the impact of green bonds is not obvious during the fund use stage and may be related to transparency and accountability mechanisms. This result indicates that expanding investor recognition, financing costs, and green transformation through green bonds is crucial to successfully promoting financing efficiency. The moderation effect model shows that the effect of green bonds issued by state-owned enterprises and highly polluting enterprises is more significant. This study highlights that green bonds positively impact financing efficiency and help promote sustainable economic development. This study also has policy implications for stakeholders. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

20 pages, 977 KiB

Open AccessArticle

Green Bonds Drive Environmental Performance: Evidences from China

by Xiaona Luo and Chan Lyu

Sustainability 2024, 16(10), 4223; https://doi.org/10.3390/su16104223 - 17 May 2024

Viewed by 1466

Abstract

Faced with the urgent challenge of global warming, green bonds play an important role in promoting economic transformation and improving environmental quality by financing environmentally friendly projects. However, the actual effects of green bonds, especially their impact on corporate environmental performance, and the mechanisms behind it, still need to be studied and validated. Based on the time-varying difference-in-differences (DID) model, this study uses 85 Chinese A-share listed companies that have issued green bonds from 2013 to 2022, to study the impact of green bond issuance on corporate environmental performance and the potential mechanisms. The results show that green bonds issuance effectively promotes the improvement of corporate environmental performance; this promotion is more significant for labor-intensive enterprises, larger enterprises, and enterprises with more government subsidies. In terms of the influencing mechanism, R&D investment and green innovation play partial mediating roles, media attention and analyst attention play positive moderating roles. This study further validates and complements the signal theory of green bonds and makes relevant suggestions for the development of green bonds in China. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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18 pages, 252 KiB

Open AccessArticle

Integrating Climate Change Risks and Sustainability Goals into Saudi Arabia’s Financial Regulation: Pathways to Green Finance

by Mohammad Omar Alhejaili

Sustainability 2024, 16(10), 4159; https://doi.org/10.3390/su16104159 - 16 May 2024

Viewed by 1242

Abstract

This study examines the integration of climate change risks and sustainability goals within Saudi Arabia’s financial regulatory framework to enhance green finance initiatives aligned with Vision 2030. A qualitative research design synthesises insights from a comprehensive literature review, semi-structured interviews with domain experts, and a detailed analysis of critical Saudi green finance frameworks and legislation. This research identifies mechanisms for embedding sustainability in the financial sector and addresses the challenges, opportunities, and strategic directions essential for Saudi Arabia within the global context of sustainable finance. The findings reveal a robust foundation laid by Vision 2030 initiatives yet underscore the need for enhanced regulatory frameworks, increased market readiness, and greater societal engagement. This study highlights a significant literature gap in understanding Saudi Arabia’s unique approach to green finance amid its economic diversification and sustainability goals. Contributing to original insights, this research underscores the critical role of Saudi Arabia in the global energy market and its substantial economic and environmental transformations. It offers detailed analyses and recommendations that enrich the discourse on sustainable finance, impacting policymakers, financial practitioners, and scholars. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

21 pages, 619 KiB

Open AccessArticle

Economic Inclusion: Green Finance and the SDGs

by Arno J. van Niekerk

Sustainability 2024, 16(3), 1128; https://doi.org/10.3390/su16031128 - 29 Jan 2024

Cited by 4 | Viewed by 5532

Abstract

Persistent economic exclusion and the high levels of natural resource depletion are alarming. The Sustainable Development Goals (SDGs) are among a few global initiatives aimed at bringing a turnaround in both of these areas of concern. Giving action to productive economic inclusion and transitioning towards a circular, regenerative economy is challenging for countries, particularly because of a lack of economic incentives. Green finance has emerged in the last few decades as a valuable mechanism that has the potential to meet this challenge. In answering the question of how to facilitate the necessary transition to a green, inclusive economy, the paper attempts to bring green finance and economic inclusion together as a possible means (like a bridge) to address economic exclusion and resource degeneration. That is the primary aim of the study, and it is investigated through an analysis of theoretical literature. The key findings include: a strong synergy exists between green finance and economic inclusion; different forms of green finance are able to facilitate economic inclusion; and green finance can be instrumental in attracting investors to fast-track SDG attainment. A key conclusion is that green finance can play a vital role in activating and prolonging broad-based benefit sharing in an eco-conscious way. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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19 pages, 325 KiB

Open AccessArticle

The Impact of Green Finance and Resource Tax Policy on Regional Energy Efficiency Based on the Non-Desired Output Super-Efficiency SBM-Tobit Model

by Yun Yang

Sustainability 2023, 15(14), 11438; https://doi.org/10.3390/su151411438 - 24 Jul 2023

Cited by 2 | Viewed by 1154

Abstract

With the continuous growth of the global population and rapid economic development, the demand for energy is increasing, and the increasing scarcity of energy resources and severity environmental problems have become important factors limiting sustainable economic and social development. Therefore, achieving sustainable energy development has received global attention. The main purpose of this work was to measure the energy efficiency (EE) of different regions based on China’s 2008–2021 panel data using the super-efficient SBM model and to examine the roles of green finance and resource tax policies in promoting energy efficiency using the Tobit model, so as to further improve China’s EE, optimize the energy structure, and improve environmental pollution. We concluded the following: First, the average EE value is about 0.549, and there is high regional heterogeneity, which is high in the east and low in the west. Second, the development of green finance at the national level and in the eastern regions promotes EE and achieves the mutual benefits of economic development and ecological protection, while in the western region, the development of green finance significantly suppresses the EE level and is too low to have a significant effect on EE improvement in the central region. The resource tax policy can significantly improve the EE at the national level and in the eastern region, but on the contrary, it does not have a significant effect on improving the EE in other big regions. Third, the degree of openness to the outside world significantly improves the EE at the national level and in the eastern region. However, in the other two big regions, this effect will not be significant. The effect of the industrialization level on the EE at the national level and in the central and western regions is significantly negative, while in the eastern region, it is negative but not significant. The effect of the energy price level on the EE at the national level and in the central and eastern regions is positive, while it is not significant in the western region. Human capital can improve the regional EE in all regions, and the central region has the highest elasticity coefficient. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

23 pages, 1788 KiB

Open AccessArticle

The Impact of Green Finance on Carbon Emissions in China: An Energy Consumption Optimization Perspective

by Weicheng Xu, Xiaoyi Feng and Yiying Zhu

Sustainability 2023, 15(13), 10610; https://doi.org/10.3390/su151310610 - 5 Jul 2023

Cited by 6 | Viewed by 2181

Abstract

From the perspective of energy consumption optimization, this paper studies the impact of green finance on carbon emissions in China. Firstly, based on the theoretical perspective, this paper explores the mechanism and path by which green finance influences carbon emissions, and analyzes the role of energy consumption in this process. Then, this paper utilizes the STIRPAT model, chain multiple mediation effect model and panel threshold model to empirically analyze the influence of green finance on carbon emissions, using provincial data from China from 2005 to 2019. The results are as follows: (1) Green finance significantly reduces carbon emissions. After accounting for potential endogeneity, this conclusion is still valid. The heterogeneity test reveals that the inhibitory effect is more remarkable in northern regions, high-carbon emission regions and energy-rich regions. (2) The results of the bootstrap test reveal that at the national level, green finance decreases carbon emissions through three paths: green technological innovation, ecological evolution of the industrial structure and green technological innovation facilitating ecological evolution of the industrial structure. Furthermore, in energy-rich regions, green finance significantly inhibits carbon emissions through all three paths, while in energy-poor regions, green finance reduces carbon emissions only through green technological innovation. (3) There is a nonlinear relationship between green finance and carbon emissions. Specifically, regardless of energy intensity or energy consumption structure, only when it is below the threshold can green finance significantly inhibit carbon emissions. Thus, realizing energy consumption optimization is an effective way to ensure the carbon emission reduction effect of green finance. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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19 pages, 1928 KiB

Open AccessArticle

Evaluating Environmental, Social, and Governance Criteria and Green Finance Investment Strategies Using Fuzzy AHP and Fuzzy WASPAS

by Xiaokai Meng and Ghulam Muhammad Shaikh

Sustainability 2023, 15(8), 6786; https://doi.org/10.3390/su15086786 - 17 Apr 2023

Cited by 16 | Viewed by 6819

Abstract

The evaluation and prioritization of environmental, social, and governance (ESG) factors are critical for green finance investment strategies. However, ESG criteria are complex and varied concepts that call for a systematic and reliable ranking system to handle ambiguity and uncertainty in decision-makers’ preferences and assessments. The objective of this study was to examine and prioritize environmental, social, and governance (ESG) factors and investment strategies for the development of green finance. Although ESG criteria have gained importance recently, some research gaps still need to be filled. For this purpose, evaluating ESG criteria and integrating them with green finance investment strategies is imperative. This study employed the fuzzy analytical hierarchy process (AHP) method to assess and rank ESG criteria and sub-criteria and the fuzzy weighted aggregated sum product assessment (WASPAS) method to assess and prioritize the key investment strategies for the development of green finance. According to the fuzzy AHP findings, governance and social factors are secondary to environmental considerations in the creation of green finance. Green bonds, ESG integration, and renewable energy funds are essential to green finance methods, according to the fuzzy WASPAS data. This research provides information on creating sustainable and ethical investment strategies for green finance and successfully including ESG factors in investment decision-making processes. Full article

(This article belongs to the Special Issue Green Finance, Economics and SDGs)

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