A Systematic Review On Green Finance A Measure For All Environmental Problems

Abstract

Green finance is an emerging topic in today’s pollution-filled world. It is about integrating finance and the
environment. Green finance has a wide variety of scope ranging from environmental protection to
achieving sustainable development goals to increasing the firm performance. Green finance is related to
climate finance but it has a wider scope for environmental finance like pollution control, waste
management, renewable energy, and many more. However, due to very complexities ranging from
definition to practical implication of the concept, it is an equally controversial subject as it is important.
Green finance has garnered momentum after Paris Agreement on Climate Change 2015. The systematic
review has been carried out by searching available literature in the Web of Science and Scopus database
in January 2022 revealed that there are a total of 1619 articles that discussed the relationship between
green finance and environmental effect. A total of 14 articles out of 1619 were selected for the study. The
articles based on the empirical evidence are only taken into consideration for finding out how green
finance has been contributing to solving the problem of the environment. The study concluded there was
very little empirical research being carried out on green finance in solving the world's environmental
problems. Among the available empirical evidence, most of the study has been carried out in China. Green
finance has delivered what it has been expected to deliver. Green finance has enhanced the ecological
environment and helped to reduce carbon dioxide (CO2) emissions.