Published Online:July 2024
Product Name:The IUP Journal of Accounting Research & Audit Practices
Product Type:Article
Product Code:
Author Name:Komal Dhiman and Ashok Kumar
Availability:YES
Subject/Domain:Finance
Download Format:PDF
Pages:30
Green financing is able to reduce carbon dioxide emissions and support long-term economic growth. The paper presents a systematic literature review, evaluating the research on green finance and sustainability from 2005 to 2023. To perform this review, PRISMA technique was followed. A total of 51 papers selected from Web of Science (WOS) and Scopus were reviewed, and the results show that China is a global pioneer in this area, and research on this concept has been gaining momentum. The findings indicate that publications on the direct effect of green finance on sustainability are available in large number, as compared to those on indirect effect.
The Brundtland Report first described sustainability in 1987 as a political aspect: “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs” (World Commission on Environment and Development, 1987). The idea of sustainable development, as outlined in the Brundtland Report, was formally ratified in the 1992 Rio de Janeiro United Nations (UN) summit on environment and development. The Paris Agreement, which was officially ratified by 196 countries in 2015, based on the United Nations Framework Convention on Climate Change (UNFCCC) , aims to address climate risk by lowering greenhouse gas emissions on a global scale. The threat to the sustainability of the global ecosystem is posed by rapid globalization that is dependent on the traditional economic development paradigm and is fueled by constantly rising consumer-based market demand. With the introduction of the new Sustainable Development Goals (SDGs) in March 2016, numerous nations started implementing fresh developmental plans, focusing on inclusive green growth (Dmuchowski et al., 2021), a term that was created in an effort to bring together the global interest in both green and inclusive growth.