| Title | Green financial development efficiency: a catalyst for driving China's green transformation agenda towards sustainable development |
|---|---|
| ID_Doc | 31949 |
| Authors | Sarpong, FA; Sappor, P; Nyantakyi, G; Agyeiwaa, OE; Ahakwa, I; Cobbinah, BB; Kir, KF |
| Title | Green financial development efficiency: a catalyst for driving China's green transformation agenda towards sustainable development |
| Year | 2023 |
| Published | Environmental Science And Pollution Research, 30, 21 |
| Abstract | The pursuit of a green transformation agenda in China is an important aspect of achieving sustainable development. The role played by green financial development efficiency (GFDE) in this pursuit cannot be overlooked. This paper explored the impact of GFDE on China's green transformation agenda and its contributions toward sustainable development. The study adopts a systematic approach to examine the relationship between GFDE and green transformation, utilizing relevant data and literature. The study aligns with previous research in the field that highlights the importance of green finance in reducing carbon emissions and promoting sustainable development in China. It also adds to the existing literature by specifically focusing on the role of green financial development efficiency in the pursuit of a green transformation agenda in China. The study found a significant improvement in GFDE over the period of 2010 to 2020 in promoting green transformation in China. Both systems generalized method of moments and fixed-effect models revealed that trade openness, foreign investments, technological innovation, and government budget positively influenced GFDE while energy consumption and economic policy uncertainty had a significant adverse effect on GFDE. The results of this study inform policymakers and stakeholders of the importance of green finance in promoting sustainable development. The study intimated that the financial sector should provide support for green technologies and businesses by offering range of green products such as green bonds, funds, and loans. |
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