Green finance for achieving environmental sustainability in G7 countries: Effects and transmission channels

IF 6.3 2区经济学 Q1 BUSINESS, FINANCE

Research in International Business and Finance Pub Date : 2025-02-01 DOI:10.1016/j.ribaf.2024.102691

Henda Omri , Bilel Jarraya , Montassar Kahia

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Abstract

This study examines the effectiveness of FinTech (Financial Technology), green finance, and environmental policy in achieving environmental sustainability across G7 countries from 2012 to 2022. By implementing the Hayes Process Macro, our findings show that (i) green finance is positively related to environmental sustainability by reducing CO₂ (carbon dioxide) emissions; (ii) environmental innovation mediates the relationship between green finance and environmental sustainability. Green innovation further acts as a crucial transmission mechanism, translating the inputs from green finance into tangible reductions in ecological footprints and CO₂ emissions; (iii) FinTech, as a moderator, enhances the effectiveness of green finance, particularly in fostering environmental innovation and sustainability efforts; (iv) environmental policy moderates the mediating effect of green finance on environmental sustainability via environmental innovation; (v) the synergy between FinTech and environmental policy optimizes the environmental benefits of green finance. The findings of this study have several significant implications for policymakers, financial institutions, and environmental advocates both within the G7 countries and globally.

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来源期刊

Research in International Business and Finance BUSINESS, FINANCE-

CiteScore

11.20

自引率

9.20%

发文量

240

期刊介绍： Research in International Business and Finance (RIBAF) seeks to consolidate its position as a premier scholarly vehicle of academic finance. The Journal publishes high quality, insightful, well-written papers that explore current and new issues in international finance. Papers that foster dialogue, innovation, and intellectual risk-taking in financial studies; as well as shed light on the interaction between finance and broader societal concerns are particularly appreciated. The Journal welcomes submissions that seek to expand the boundaries of academic finance and otherwise challenge the discipline. Papers studying finance using a variety of methodologies; as well as interdisciplinary studies will be considered for publication. Papers that examine topical issues using extensive international data sets are welcome. Single-country studies can also be considered for publication provided that they develop novel methodological and theoretical approaches or fall within the Journal''s priority themes. It is especially important that single-country studies communicate to the reader why the particular chosen country is especially relevant to the issue being investigated. [...] The scope of topics that are most interesting to RIBAF readers include the following: -Financial markets and institutions -Financial practices and sustainability -The impact of national culture on finance -The impact of formal and informal institutions on finance -Privatizations, public financing, and nonprofit issues in finance -Interdisciplinary financial studies -Finance and international development -International financial crises and regulation -Financialization studies -International financial integration and architecture -Behavioral aspects in finance -Consumer finance -Methodologies and conceptualization issues related to finance