TY - JOUR
T1 - Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling
AU - Sinha, Avik
AU - Mishra, Shekhar
AU - Sharif, Arshian
AU - Yarovaya, Larisa
N1 - Publisher Copyright:
© 2021 Elsevier Ltd
PY - 2021/8/15
Y1 - 2021/8/15
N2 - Striving to achieve the Sustainable Development Goals (SDGs), countries are increasingly embracing a sustainable financing mechanism via green bond financing. Green bonds have attracted the attention of the industrial sector and policymakers, however, the impact of green bond financing on environmental and social sustainability has not been confirmed. There is no empirical evidence on how this financial product can contribute to achieving the goals set out in Agenda 2030. In this study, we empirically analyze the impact of green bond financing on environmental and social sustainability by considering the S&P 500 Global Green Bond Index and S&P 500 Environmental and Social Responsibility Index, from October 1, 2010 to 31st July 2020 using a combination of Quantile-on-Quantile Regression and Wavelet Multiscale Decomposition approaches. Our results reveal that green financing mechanisms might have gradual negative transformational impacts on environmental and social responsibility. Furthermore, we attempt to design a policy framework to address the relevant SDG objectives.
AB - Striving to achieve the Sustainable Development Goals (SDGs), countries are increasingly embracing a sustainable financing mechanism via green bond financing. Green bonds have attracted the attention of the industrial sector and policymakers, however, the impact of green bond financing on environmental and social sustainability has not been confirmed. There is no empirical evidence on how this financial product can contribute to achieving the goals set out in Agenda 2030. In this study, we empirically analyze the impact of green bond financing on environmental and social sustainability by considering the S&P 500 Global Green Bond Index and S&P 500 Environmental and Social Responsibility Index, from October 1, 2010 to 31st July 2020 using a combination of Quantile-on-Quantile Regression and Wavelet Multiscale Decomposition approaches. Our results reveal that green financing mechanisms might have gradual negative transformational impacts on environmental and social responsibility. Furthermore, we attempt to design a policy framework to address the relevant SDG objectives.
KW - Agenda 2030
KW - Environmental and social responsibility
KW - Green bonds
KW - Green financing
KW - Quantile
KW - Wavelet
UR - http://www.scopus.com/inward/record.url?scp=85105581943&partnerID=8YFLogxK
U2 - 10.1016/j.jenvman.2021.112751
DO - 10.1016/j.jenvman.2021.112751
M3 - Article
C2 - 33991831
AN - SCOPUS:85105581943
SN - 0301-4797
VL - 292
JO - Journal of Environmental Management
JF - Journal of Environmental Management
M1 - 112751
ER -