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Impact of Climate-Related Financial Policy on Sustainable Development

Author

Listed:
  • Minh Quang Tran

    (Faculty of Banking and Finance, VNU University of Economics and Business, Vietnam National University, 144 Xuan Thuy, Cau Giay Hanoi, Vietnam)

  • Hiep Ngoc Luu

    (Faculty of Banking and Finance, VNU University of Economics and Business, Vietnam National University, 144 Xuan Thuy, Cau Giay Hanoi, Vietnam)

  • Nguyen Hanh Luu

    (Faculty of Banking and Finance, VNU University of Economics and Business, Vietnam National University, 144 Xuan Thuy, Cau Giay Hanoi, Vietnam)

  • Minh Dinh Nguyen

    (Faculty of Banking and Finance, VNU University of Economics and Business, Vietnam National University, 144 Xuan Thuy, Cau Giay Hanoi, Vietnam)

  • Nguyen Thao Duc Phan

    (��University of St. Andrews, St. Andrews, UK)

Abstract

This paper investigates the effectiveness of climate-related financial policies (CRFPs) in promoting sustainable development goals (SDGs). Using data from a sample of 71 countries between 2016 and 2021, we find robust evidence showing that CRFPs play a crucial role in assisting countries to achieve their sustainable development plans. However, the impact of CRFPs varies across different individual development goals. We find that CRFPs have the potential to foster food security, well-being, education quality, clean energy, innovation, decent work, innovation, equality, sustainable cities, marine life and peace. However, the CRFPs appear to hinder progress in responsible consumption and production as well as climate action. Our research further highlights the idea that institutional quality can act as a supporting mechanism to strengthen the positive impact of CRFPs on sustainable development in a country. Finally, we find that the implementation of CRFPs in advanced economies is more effective in promoting a country’s achievement of the SDGs. This study provides important policy implications of reinforcing institutional frameworks, fostering international partnerships and adopting holistic approaches that contribute to diverse facets of sustainable development.

Suggested Citation

  • Minh Quang Tran & Hiep Ngoc Luu & Nguyen Hanh Luu & Minh Dinh Nguyen & Nguyen Thao Duc Phan, 2024. "Impact of Climate-Related Financial Policy on Sustainable Development," Journal of Environmental Assessment Policy and Management (JEAPM), World Scientific Publishing Co. Pte. Ltd., vol. 26(04), pages 1-22, December.
    • Handle: RePEc:wsi:jeapmx:v:26:y:2024:i:04:n:s1464333224400027
    DOI: 10.1142/S1464333224400027
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