Journal
ENVIRONMENTAL SCIENCE AND POLLUTION RESEARCH
Volume 30, Issue 20, Pages 58480-58492Publisher
SPRINGER HEIDELBERG
DOI: 10.1007/s11356-023-26653-7
Keywords
Green finance; Sustainable development goals; Climate change; Renewable energy; Pakistan
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This study aims to examine the influence of green finance on the achievement of five major sustainable development goals in the economy of Pakistan. The findings reveal that green finance supports SDG 3, 12, and 13 while having little effect on SDG 1 and SDG 2. Green finance is a suitable reform for the sustainable development of the economy and the environment, with robust policy implications for Pakistan.
Achieving the sustainable development goals (SDG) agenda, proposed by the United Nations by 2030, has become the main concern around the globe. The continuing ecological crises and energy sustainability issues can only be dealt with using sustainable solutions such as green finance. Green finance has become a pioneer in economic green transformation resulting in the collective development of both the economy and the environment. Therefore, this study aims to examine the influence of green finance on the achievement of the five major sustainable development goals in the context of the economy of Pakistan. The renewable energy scheme proposed by the State Bank of Pakistan in 2016 serves as a basis for this study. We innovate our research by studying the impact of green finance on five SDGs simultaneously. The association between the variables is checked using random effect modeling. The findings reveal that green finance supports SDG 3, 12, and 13 while having little effect on SDG 1 and SDG 2. Moreover, green finance is a suitable reform for the sustainable development of the economy and the environment. The study has robust policy implications for Pakistan.
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