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Green Finance and Climate Challenges: Paving the Way for Economic, Social, and Governance Readiness and Sustainable Development Goals

In: The Palgrave Handbook of Green Finance for Sustainable Development

Author

Listed:
  • Mirza Muhammad Naseer

    (Teesside University)

  • Tanveer Bagh

    (Central University of Finance and Economics)

Abstract

In the era of unprecedented global challenges, this research delves deep into the complex nexus of sustainable development, employing a comprehensive analytical framework spanning 68 nations from 2013 to 2022. By integrating advanced statistical techniques, including fully modified ordinary least squares (FMOLS) and a two-step system generalised method of moments (GMM), this study investigates the relationships between green financing, climate risks, and economic, social and governance (ESG) readiness within the sustainable development goals (SDGs) framework. The findings unveil significant insights: green financing emerges as a catalyst, exhibiting positive associations with the SDGs index and ESG readiness. These results underscore the critical role of sustainable financial mechanisms in fostering economic growth, societal well-being, and effective governance. Conversely, climate risks pose formidable challenges, displaying negative correlations with the SDGs index and ESG readiness. These findings highlight the important role of sustainable financial mechanisms and the urgency of climate resilience strategies in shaping nations' preparedness for sustainable development. This research contributes methodologically by employing advanced econometric techniques and offers substantial policy implications. Policymakers are urged to prioritise green financing initiatives, incentivise environmentally conscious investments, and implement robust climate adaptation policies. The study serves as a clarion call for businesses, investors, and policymakers to collaboratively chart a course towards a sustainable future, embracing evidence-based strategies, and inclusive policies. This study offers actionable insights for policymakers, underlining sustainable development's economic, social, and governance dimensions in the context of green financing and climate resilience.

Suggested Citation

  • Mirza Muhammad Naseer & Tanveer Bagh, 2024. "Green Finance and Climate Challenges: Paving the Way for Economic, Social, and Governance Readiness and Sustainable Development Goals," Palgrave Studies in Impact Finance, in: Ahmed Imran Hunjra & John W. Goodell (ed.), The Palgrave Handbook of Green Finance for Sustainable Development, chapter 0, pages 123-153, Palgrave Macmillan.
    • Handle: RePEc:pal:psifcp:978-3-031-65756-6_5
    DOI: 10.1007/978-3-031-65756-6_5
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