Catalyzing Sustainability: The Influence of Financial Development on Green Finance Initiatives in the World Economies
Abstract
This study investigates the influence of financial development on green finance and environmental sustainability over thirty years, from 1993 to 2023. It uses data from all countries and applies the Feasible Generalized Least Squares (FGLS) approach. The study analysed the relationship between financial development indicators such as financial access, financial depth, financial efficiency, financial stability and measures of green finance. The researchers found that increased levels of financial development positively affect the adoption and implementation of green finance practices. Green finance initiatives around the world are successful in meeting environmental sustainability objectives. Governments and policymakers need to prioritise investments and policies that promote green finance to meet environmental sustainability globally.
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