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Green Finance: A Mini-Review

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 Green Finance: A Mini-Review
Klaithem Al-Sheryani
Abu Dhabi University, Email: [email protected]

Haitham Nobanee
Abu Dhabi University, Email: [email protected]

Abstract
Green finance is a concept that combines the use of business processes with

sensitivity to environmental issues. This concept is defined by the behavior of all

parties involved in the supply chain of goods and services, including but not limited to

the providers of financial resources, the producers of goods and services, and the

consumers of the goods and services. In this regard, this paper will provide a mini-

review of available literature on green finance from various sources and produce

summarized results and conclusions based on the findings. The mini-review on green

finance was conducted by reading through and analyzing 25 peer-reviewed journal

articles. These articles are summarized in two tables below. The first table contains

information about the journal article regarding the title, authors, publishers, and the

year of publication. The second table represents the contents of the journal articles,

including the objectives of the study, the findings, and the recommendations. Various

findings were then documented. First, different sectors are adopting sustainability to

ensure they are compliant with the various environmental regulations are policies

governing operations. Secondly, financial lenders are willing to offer support to these

organizations on the condition that they incorporate the risk assessment and return on

green investment in their annual financial reports. However, a significant proportion

of organizations and countries have staggering policies and oversight authorities to

oversee the deployment of green finance the implementation of intended projects.

Additionally, research and modeling are not considered as integral in the planning and

implementation of green projects.

Introduction

Green finance is a concept that combines the use of the business processes

with sensitivity to environmental issues. This concept is defined by the behavior of all

parties involved in the supply chain of goods and services, including but not limited to

the providers of financial resources, the producers of goods and services, and the

consumers of the goods and services. Notably, green finance can be viewed

differently based on the party involved. For instance, the financial perspective is

sensitive to the use of the allocated funds towards conservation of the environment

through elaborate plans and propositions for returns on investment. The concept of

green finance also differs from the traditional methods of banking in that it is specific

to the benefits accrued from environmental protection by considering the

environmental risk management plans as well as the sustainability of the plans.

Moreover, green finance aims at promoting the green economy where the industries

funded are expected to reduce carbon emissions by significant margins. As a result,

the green economy has threefold benefits. First, the quality of life of the consumers is

enhanced, leading to more business expansion opportunities compared to the

traditional operations. Secondly, the green economy promotes environmental

awareness and ensures that producers and consumers conserve the environment

through the adaption of green energy as well as using biodegradable and low-carbon

products. Thirdly, there is a social effect whereby the communities living around the

production zones get the benefits of corporate social responsibilities that the
empowered by the green finance kitty. These benefits include the provision of clean

water and air.

Notably, climate change is among the greatest crises facing humanity in the

modern world. The global temperatures are on the rise by significant margins

annually as a result of the incremental release of greenhouse gases. This implies that

the traditional factors of production, particularly energy, should be reviewed and

replaced with sustainable means of production. Nonetheless, the use of green and

renewable energy sources requires a huge financial investment to ensure

sustainability. Many financial organizations are aligned to this need for alternative

means of production and environmental conservation, leading to the development of

the green finance concept. Insurance companies, government aid, and pensions funds

have also lent extensively towards the achievement of clean energy. However, there

are barriers to the implementation of green finance that needs to be addressed. These

barriers include technological, financial, political, transformational, economic, and

institutional perspectives. This implies that a combined effort for green financing is

required to ensure the implementation of all the relevant strategies. Some of the

feasible solutions to the barriers include directed technology policy through

government regulations, institutional adaptions through transformational leadership,

fixing the markets and creating market awareness of the environmental issues,

creation of sustainable finance and investment policies, creating interactive and

reflexive policies, and creating a strategic niche of management.

Production systems require transformation to ensure that the produced goods

are not waster through the end-of-life concept. This transformation is attainable

through the superior design of the business models, materials, and production

systems. These changes, coupled with the adoption of renewable energy sources, will
 be essential in achieving the goals of a clean circular economy. However, the success

of green finance in this regard is determined through the efficiency of the green

projects, the transparency and accountability involved in the process, and the

sustainability and trickle-down effect of the funded investment. Unlike other

financing options, green finance is unique in that the funded projects must show long

term cash flow and return on investment. The projects should also the risk and return

profiles in the wake of immature green industries that create a risk perception to

investors, technological and market changes notwithstanding. In this regard, this

paper will provide a mini-review of available literature on green finance from various

sources and produce summarized results and conclusions based on the findings.

Method

The mini-review on green finance was conducted by reading through and

analyzing 25 peer-reviewed journal articles. These articles are summarized in the

tables below. The first table presents the information about the journal article

regarding the title, authors, publishers, and the year of publication. The second table

represents the contents of the journal articles, including the objectives of the study,

the findings, and the recommendations.

Table 1. Journal and Publisher Distribution

Article Name Author(s) Journal Publisher Year

1 Assessing the Opportunities and Falcone, P., & Sustainability EBSCO 2019
Challenges of Green Finance in Sica, E.
Italy: An Analysis of the Biomass
Production Sector

2 Mobilizing private finance for low- Polzin, F. Renewable and science 2017
carbon innovation – A systematic Sustainable Energy direct
review of barriers and solutions Reviews

3 Carbon Emission Reduction with Qin, J., Zhao, International Journal of EBSCO 2018
Capital Constraint under Greening Y., & Xia, L. Environmental Research
Financing and Cost Sharing and Public Health
Contract
4 Green Finance: A Step towards Mohd, S., & MUDRA : Journal of EBSCO 2018
Sustainable Development Kaushal, V. K. Finance and Accounting

5 International Experiences in the Peng, H., American Journal of SCOPUS 2018

Development of Green Finance Feng, T., & Industrial and Business
Zhou, C Management

6 Green Finance for Sustainable Tsai, S.-B., Green Finance for EBSCO 2019
Global Growth: Costs and Benefits Shen, C.-H., Sustainable Global
of Green Buildings Compared with Song, H., & Growth
Conventional Buildings Niu, B

7 Green Loan as a Tool for Green Miroshniche Finance: Theory and Emerald 2019
Financing nko, O. S., & Practice
Mostovaya,
N. A.

8 Internet Finance, Green Finance, Wang, K., Sustainability EBSCO 2019

and Sustainability Tsai, S.-B.,
Du, X., & Bi,
D.

9 Green Banking: Going Green Mozib Lalon, International Journal of Emerald 2015
R. Economics, Finance and
Management Sciences

10 Environmental finance: A research Linnenluecke Economic Modelling Science 2016

agenda for interdisciplinary finance , M. K., Smith, Direct
research T., &
McKnight, B.

11 Sustainability transition needs Ryszawska, Copernican Journal of EBSCO 2016

sustainable finance B. Finance & Accounting

12 The green bond market: A potential Banga, J. Journal of Sustainable Science 2019
source of climate finance for Finance & Investment Direct
developing countries

13 The Role of Green Finance in Wang, Y., & Energy Procedia Science 2016
Environmental Protection: Two Zhi, Q. Direct
Aspects of Market Mechanism and
Policies

14 The Anti-Politics of Climate Bracking, S Antipode EBSCO 2015

Finance: The Creation and
Performativity of the Green Climate
Fund: The Anti-Politics of Climate
Finance

15 Assessing the Opportunities and Falcone, P., & Sustainability EBSCO 2019
Challenges of Green Finance in Sica, E.
Italy: An Analysis of the Biomass
Production Sector

16 A Proposal for Green Financing as a Ruiz, J. D. G., Procedia Engineering Science 2016
Mechanism to Increase Private Arboleda, C. Direct
Participation in Sustainable Water A., & Botero,
Infrastructure Systems: The S.
Colombian Case

17 Green Cities PPP as a Method of Kościelniak, Transportation Science 2016

Financing Sustainable Urban H., & Górka, Research Procedia Direct
Development A.
18 Bridging funding gaps for climate Clark, R., Land Use Policy Science 2018
and sustainable development: Reed, J., & Direct
Pitfalls, progress and potential of Sunderland,
private finance. T.

19 Funding climate adaptation Little, L. R., Climate Risk Science 2015

strategies with climate derivatives Hobday, A. J., Management Direct
Parslow, J.,
Davies, C. R.,
& Grafton, R.
Q.

20 Climate financing needs in the land Kissinger, G., Land Use Policy Science 2019
sector under the Paris Agreement: Gupta, A., Direct
An assessment of developing Mulder, I., &
country perspectives Unterstell, N.

21 Corporate Sustainability Reporting Al Nuaimi, A., SSRN Electronic Journal SSRN 2019
and Corporate Financial Growth & Nobanee,
H.

22 Sustainability and Corporate Al Hammadi, SSRN Electronic Journal SSRN 2019

Governance: A Mini-Review F., &
Nobanee, H

23 The Impact of Sustainability Alshehhi, A., Sustainability SSRN 2018

Practices on Corporate Financial Nobanee, H.,
Performance: Literature Trends & Khare, N.
and Future Research Potential

24 The Role of Financial Management Al Breiki, M., SSRN Electronic Journal SSRN 2019
in Promoting Sustainable Business & Nobanee,
Practices and Development H.

25 Conceptual Building of Sustainable AlFalahi, L., & SSRN Electronic Journal SSRN 2019
Economic Growth and Corporate Nobanee, H
Bankruptcy

Table 2. Articles’ Category Based on the Subject

Article Name Objectives Findings Recommendations

1 Assessing the Opportunities and To understand the Most of the producers and Producers should
Challenges of Green Finance in language used in green consumers of green finance do not develop effective
Italy: An Analysis of the Biomass finance and seek expert have sound policies that offer policy interventions
Production Sector opinions through reassurance to the green lending towards green risk
surveys on financial institutions reduction for the
criticalities relating to investors.
green investment
decisions.

2 Mobilizing private finance for low- To systematically Barriers to green finance are from Green Financiers
carbon innovation – A systematic review the innovation different sources, such as politics, should develop and
review of barriers and solutions studies based on economic conditions, institutional evaluate risk models
barriers to green leadership, technological before lending. The
financing. advancement, and financial recipients of green
capability finance should invest
in research and
development to attain
their goals.
3 Carbon Emission Reduction with To explore the reduction Interest rates of green finance are All participants in the
Capital Constraint under Greening of carbon emissions in not necessarily a barrier to supply chain should
Financing and Cost Sharing the wake of capital attaining green production. negotiate on feasible
Contract constraints and cost-sharing rates to
regulations enhance optimal
returns.

4 Green Finance: A Step towards To study the build-up of There is little awareness of green Industries should
Sustainable Development green finance at financing options at the adopt green finance
grassroots levels in grassroots level and facilitate
economies replication of the
production systems at
a smaller scale to
enhance uptake of
green products while
conserving the
environment

5 International Experiences in the To evaluate the Government support is needed as Stakeholders in the
Development of Green Finance determinants that lead it forms the guarantee of manufacturing sector
to the provision of green developing green financing. should work together
finance in the Market orientation should also be towards making green
manufacturing sector practiced by manufacturers to financing sustainable
offer assurance to green finance empowerment to
lenders. production.

6 Green Finance for Sustainable To compare the cost Green buildings are more The construction
Global Growth: Costs and Benefits differences between expensive than traditional industry should warm
of Green Buildings Compared with traditional and buildings but have an overall up to green financing
Conventional Buildings greenhouse better return in the long run than to cater to the high
construction that the traditional buildings construction costs
considering the
benefits that accrue in
the long run.

7 Green Loan as a Tool for Green To study the regulations, The main factors that affect green There is a need for
Financing types, advantages, and lending include credit profiles, flexibility in
disadvantages of green capita, requirements, the regulation to make
lending reputation of the organizations, green lending more
and the regulatory pressure. affordable than it is
currently. The loanees
should also disclose
non-financial and
sustainability issues in
their annual reporting
for credibility.

8 Internet Finance, Green Finance, To study the Societal development comes with Governments should
and Sustainability relationship between strained access and use of strive to develop low-
sustainability and resources as well as negative carbon economies by
finance through environmental implications, creating an enabling
gathering papers and leading to constraints and environment for green
manuscripts on green conflicts. finance lenders and
finance and operating manufacturers to
mechanisms ensure sustainable
economic
development and
transformation.

9 Green Banking: Going Green To understand the green Green financing options are First, the government
banking activities in adopted faster by private banks should increase of
Bangladesh, why the than the state-owned finance green banking
 green financing policy corporations and development practices in the
was adopted by the banks. Banks are increasingly banking sector.
banks and compare becoming sensitive to lending Secondly, borrowers
green financing towards projects that can lead to should be compelled
practices among the environmental degradation to incorporate
commercial banks in environmental
Bangladesh. aspects of their
projects in the lending
plans. Finally, green
financing policies
should be dispensed
efficiently and
equitably.

10 Environmental finance: A research To explore the reduction Environmental finance is effective Given the numerous
agenda for interdisciplinary mitigations of in reducing environmental opportunities in clean
finance research environmental impacts through proper technology
degradation practices as regulation. Firms are also revolutions, it is
well as the adaption developing environmental finance imperative to
propositions to ensure models for asset valuation and scientifically assess
the firms and societies probabilities that dictate asset impairment,
are conforming to the financing options. regulatory impacts,
changes needed to climate volatility, and
rectify planetary adaption in light of
challenges posed by green finance.
climate change

11 Sustainability transition needs To explain the There is instability in the Commercial banks
sustainable finance importance of green traditional banking regime, and and other lenders
finance options in the the financing organizations are should undergo
sustainability transition slowly responding to the need for transformation geared
process among alignment with sustainability towards adapting to
organizations issues as well as associated the new sustainability
financing options and green economy
demands.

12 The green bond market: A To examine the There is a significant increase in Utilization of national
potential source of climate finance potential of green bonds green bonds as investors are and international
for developing countries in mobilizing green becoming more sensitive to development banks as
finance among climate-related matters in both intermediaries of
developing countries developed and developing usage of the green
nations. However, institutional bond advances. The
misalignment in developing governments should
nations leads to the also ensure
underappreciation of green guarantees to green
bonds. bond issuers by
covering transactional
costs.

13 The Role of Green Finance in To explore the status There are inadequacies in policies Environmental
Environmental Protection: Two quo of green finance relating to green finances caused protection should be
Aspects of Market Mechanism and regarding renewable by the liquidity of funds raised via aligned to the green
Policies energy green financing for environmental finance systems
protection. There is also increased through proper
offers for green bonds in the coordination between
international markets through ecology and finance.
major multilateral development This would help attain
banks. environmental
protection by utilizing
financial approaches.

14 The Anti-Politics of Climate To explore the politics There are various political issues Climate change
 Finance: The Creation and affecting the availability affecting climate funding in financing should be
Performativity of the Green and utilization of green developing nations. These include limited in jurisdictions
Climate Fund: The Anti-Politics of finance in the institutional frustrations, with wavering
Climate Finance developing nations overflows, and the firewall regulations and
around capital owners and board inefficient financial
members of key institutions. logic. Intensive
research should be
conducted to
determine the
viability,
sustainability, and
effects of green
projects before
funding.

15 Assessing the Opportunities and To provide empirical Green finance is vital for Governments need to
Challenges of Green Finance in evidence of challenges environmentally sustainable consider policy
Italy: An Analysis of the Biomass relating to green finance innovations. However, the interventions for the
Production Sector and the factors that may manufacturers also face financial empowerment of both
hinder investment in criticalities through uncertain the green project
green projects. regulations and short-lived owners and the
financial instruments from financiers.
financiers.

16 A Proposal for Green Financing as To examine the The current financing structure in There is a need to
a Mechanism to Increase Private efficiency of the green Colombia is inadequate and needs develop a new
Participation in Sustainable Water financing in increasing review by experts. The current tax financing model that
Infrastructure Systems: The accessibility to potable regime is a hindrance to the incorporates the
Colombian Case water through new achievement of green water public and the private
hydro system infrastructure in the country. sector through green
infrastructure in financing as well as
Colombia capital markets. There
is also a need to
consider tax stability
on land and property,
exemptions for green
constructions, and
reactivating laws
relating to productive
fixed assets.

17 Green Cities PPP as a Method of To demonstrate the There is compliance with the There should be
Financing Sustainable Urban nature and the scale of national law and with the external funding for
Development private-public requirements by the European the PPP projects and
partnerships in defining Union in environmental matters. in the development of
sustainable Green financing is available in the green cities.
development in Silesia Silesia through grants, relevant
bonds, and carbon finance kitty.
However, the implementation of
PPP projects from these funds
remains unequal across the
municipalities in Silesia.

18 Bridging funding gaps for climate To critically analyze Current efforts for securing Government agencies
and sustainable development: literature to identify financial support and should develop plans
Pitfalls, progress and potential of underlying barriers and implementation of sustainable and policies to
private finance. disconnection between development projects are rejuvenate financial
purported and actual fragmented. inclusion and
finance given for discipline among the
sustainable implementation of
development projects. organs. There should
also be a centralized
 controlling body that
should also serve as
the single reporting
center.

19 Funding climate adaptation To develop a model that Different models gave varying Investors of green
strategies with climate derivatives can be used to predict climate forecasts. Most of the projects should adopt
the transactional costs models developed indicated quantified climate
incurred through decreasing temperatures except risks and associated
climate derivatives the ARMA model that indicated climate derivatives
reliably the likelihood of increasing prices.
temperatures.

20 Climate financing needs in the land To examine the While most of the countries decry The incentives of
sector under the Paris Agreement: potential of green insufficient green financing by the green finance are
An assessment of developing finance in supporting international community, they realized through
country perspectives the sustainable use of underutilize their land resource proper regulation and
land in the developing through regressive land policies oversight. Therefore,
nations considering the and stringent regulations on the the developing
Paris 2015 Climate financial institutions. nations should
agreement. institute reforms to
form a basis of
funding by the
international
community as well as
local sources.

21 Corporate Sustainability Reporting To explore the Most organizations do not Finance leaders in
and Corporate Financial Growth association between the consider environmental issues as organizations need to
financial growth of crucial to their business while it incorporate
businesses and financial plays a key role in sustainability sustainability issues in
management practices. and revenue levels. their usual financial
management
reporting structure.
This addition would
address sustainability
risks as well as
corporate social
responsibility.

22 Sustainability and Corporate To assess the state of a Corporate leaders influence the Stakeholders in the
Governance: A Mini-Review firm’s financial rate of adoption of green finance organizations should
sustainability, strategies. The financing work together with
considering the value organizations are slowly the shareholders
invested by the responding to the need for towards making green
stakeholders and the alignment with sustainability financing sustainable.
shareholders. issues as well as associated
financing options

23 The Impact of Sustainability To analyze literature Corporate sustainability is being Advanced research is
Practices on Corporate Financial and find the underlying narrowed down to only social required to provide
Performance: Literature Trends relationship between responsibility while ignoring the sufficient evidence to
and Future Research Potential corporate sustainability environmental and economic support the strong
and corporate financial aspects of the community. relationship required
performance between corporate
sustainability and
financial performance
of the organization

24 The Role of Financial Management To explore the role of The business operated on Management of
in Promoting Sustainable Business financial management of dynamic financial management organizations should
Practices and Development a business in the models are better placed towards incorporate
 promotion and sustainability than the sustainable
achievement of organizations that use development in their
sustainable practices conventional approaches to models and reporting
and development. financial management. procedures to assess
risks and mitigate
then promptly.

25 Conceptual Building of Sustainable To explore the causes The company under study Further research
Economic Growth and Corporate and consequences of practices sustainability from should be conducted
Bankruptcy corporate bankruptcy social, environmental, and in the field of green
and sustainability issues economic perspectives. It also finance to determine
facing companies. uses global reporting to whether this practice
determine the valuation of its is replicated among
non-financial performance. the companies and
across industries.

Results and Discussion

The journal articles were summarized through a systematic review to

determine the context and the implication of the article on the mini-review. Various

results were obtained. First, green finance is increasingly popular in the corporate

world. The organizations across different sectors are adopting sustainability to ensure

they are compliant with the various environmental regulations are policies governing

operations. For instance, the manufacturing companies are adopting renewable energy

sources as most regional and global regulations demand reduced usage of fossil fuels.

Similarly, the service industry is investing heavily in incorporating sustainability

strategies to assist the communities around them with economic, social, and

environmental empowerment. Secondly, financial lenders are willing to offer support

to these organizations on the condition that they incorporate the risk assessment and

return on green investment in their annual financial reports. This requirement is

important to cushion the investors from losses despite the lucrative nature of the

financing option.

However, a significant proportion of organizations and countries have

staggering policies and oversight authorities to oversee the deployment of green

finance, the implementation of intended projects. Notably, this impropriety is rampant

among the developing nations as they lack infrastructure and strong policies to curb

intentional non-performance of the green finance instruments. Additionally, research

and modeling are not considered as integral in the planning and implementation of

green projects. As a result, traditional and incompatible models are still deployed in

the financial management of green projects leading to unintended consequences.

Some of these consequences include misplaced priorities, inadequate risk assessment,

and inappropriate allocation and utilization of land as the primary resource.

Conclusion

Green finance is a contemporary finance concept that involves traditional

financiers but incorporating environmentally positive results. This concept can be

applied across different industries depending on the type of project that needs to be

implemented. Some of the main industries that use green finance include biomass

manufacturing, water and sanitation plants, energy, logistics, and telecommunications.

The advantage of green finance over conventional instruments is that pricing systems

incorporate externalities such as pollution. However, most banks are unwilling to fund

sustainable projects because of unquantified risks, lack of adequate information on the

expected outcome of the green projects, and stringent government regulation.

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Wang, K., Tsai, S.-B., Du, X., & Bi, D. (2019). Internet Finance, Green Finance, and

Sustainability. Sustainability, 11(14), 3856.

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Additional Reading

Al Ahbabi, Al Reem and Nobanee, Haitham, Conceptual Building of Sustainable

Financial Management & Sustainable Financial Growth (October 19, 2019).

Available at SSRN: https://ssrn.com/abstract=3472313

Al Hammadi, Tahani and Nobanee, Haitham, FinTech and Sustainability: A Mini-

Review (December 9, 2019). Available at

SSRN: https://ssrn.com/abstract=3500873 or http://dx.doi.org/10.2139/ssrn.35

00873

Al Muhairi, Mariam and Nobanee, Haitham, Sustainable Financial Management

(October 19, 2019). Available at SSRN: https://ssrn.com/abstract=3472417

Alhadhrami, Ahmed and Nobanee, Haitham, Sustainability Practices and Sustainable

Financial Growth (October 19, 2019). Available at

SSRN: https://ssrn.com/abstract=3472413

Alkaabi, Hamda and Nobanee, Haitham, A Study on Financial Management in

Promoting Sustainable Business Practices & Development (October 19,

2019). Available at SSRN: https://ssrn.com/abstract=3472415

Almansoori, Alia and Nobanee, Haitham, How Sustainability Contributes to Shared

Value Creation and Firms’ Value (October 19, 2019). Available at

SSRN: https://ssrn.com/abstract=3472411

Nobanee, H., Ellili, N. O. (2016). Corporate Sustainability Disclosure in Annual

Reports: Evidence from UAE Banks: Islamic versus Conventional. Renewable

& Sustainable Energy Reviews, 55, March, pp 1336-1341.

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