Performance of green finance: An evaluation of the OIC countries in the scope of 2030 Sustainable Development Goals

IF 9.2 2区经济学 Q1 ECONOMICS

Energy Policy Pub Date : 2025-08-25 DOI:10.1016/j.enpol.2025.114838

Hasan Kazak , Mohammad Mafizur Rahman , Ahmet Tayfur Akcan , Halit Buluthan Cetintas , Nezahat Kocyigit , Cuneyt Kilic

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Abstract

This study investigates the role of green finance (GF) in mitigating the carbon ecological footprint (CEF) in the member states of the Organization of Islamic Cooperation (OIC) during 2000–2022. Employing annual panel data and drawing on a Fourier function-based panel estimation framework, the study examines whether GF can sufficiently minimize environmental pressures and achieve the objectives of sustainable development. Empirical findings indicate that GF is statistically significant and negatively affects CEF, i.e., greater financial resources directed toward green investment help reduce environmental pressures. Furthermore, it is established that economic growth, merchandise exports, and private domestic credit are positively associated with an increase in CEF, suggesting a likely trade-off between economic development and sustainability. The results are robust across different model specifications and underscore the importance of incorporating GF instruments into national and regional policy plans. The paper provides major policy suggestions for OIC members, emphasizing that strengthening GF mechanisms and promoting innovative financial instruments will facilitate progress toward the 2030 Sustainable Development Goals while minimizing ecological risks.

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绿色金融绩效：对伊斯兰合作组织国家在2030年可持续发展目标范围内的评价

本文研究了2000-2022年期间绿色金融（GF）在伊斯兰合作组织（OIC）成员国减少碳生态足迹（CEF）中的作用。利用年度面板数据和基于傅里叶函数的面板估计框架，该研究考察了GF是否能够充分减少环境压力并实现可持续发展的目标。实证结果表明，绿色资本对可持续发展基金具有显著的负向影响，即更多的资金流向绿色投资有助于减轻环境压力。此外，经济增长、商品出口和国内私人信贷与中央基金的增加呈正相关，这表明经济发展与可持续性之间可能存在权衡关系。研究结果在不同的模型规格中都具有稳健性，并强调了将全球气候变化工具纳入国家和区域政策计划的重要性。本文为伊斯兰会议组织成员国提供了主要政策建议，强调加强全球发展论坛机制和推广创新金融工具将有助于实现2030年可持续发展目标，同时最大限度地降低生态风险。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

Energy Policy 管理科学-环境科学

CiteScore

17.30

自引率

5.60%

发文量

540

审稿时长

7.9 months

期刊介绍： Energy policy is the manner in which a given entity (often governmental) has decided to address issues of energy development including energy conversion, distribution and use as well as reduction of greenhouse gas emissions in order to contribute to climate change mitigation. The attributes of energy policy may include legislation, international treaties, incentives to investment, guidelines for energy conservation, taxation and other public policy techniques. Energy policy is closely related to climate change policy because totalled worldwide the energy sector emits more greenhouse gas than other sectors.