Statistical Analysis on the Emergence of

Green Finance
A Research Paper
Submitted for the Internal Project of

International Finance
B.Sc. Finance Semester V

Research Mentor: Submitted by:

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Dr. Charu Bhurat Bbbbbbbbbbb A012

SVKM’s NMIMS Anil Surendra Modi School of Commerce

2022

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Table of Contents
Sr No. Title Pg No.
1 Abstract 3
2 Introduction 4
3 Literature Review 4
4 Research Objectives 9
5 Research Methodology & Data Collection 9
6 Analysis 12
7 Limitations 17
8 Conclusion 17
9 Bibliography 18
10 Annexure 19

Abstract

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Green finance is a general word that can be used to describe financial investments made in
projects and initiatives for sustainable development, environmental goods, and regulations
that support the growth of a more sustainable economy. Climate finance is a component of
green finance, although it is not the only one.
After the pandemic hit the world, people are comparatively avoiding to be in crowded and
densely populated areas. Highly populated area means more risk, due to this, people are now
more interested in investing in green bonds and promote financial literacy, which implies
investing in cleaner technology to promote the goal of environmental sustainability is
advantageous.

Introduction

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Green finance is a general word that can be used to describe financial investments made in
projects and initiatives for sustainable development, environmental goods, and regulations
that support the growth of a more sustainable economy. Climate finance is a component of
green finance, although it is not the only one. It also refers to a broader variety of other
environmental goals, such as biodiversity preservation, water cleanliness, or industrial
pollution control. Green investment and green finance are frequently used interchangeably. In
reality, however, green finance encompasses more than just investments, contrary to how
others define it. The fact that it covers green investment operational costs that are not covered
by the definition of a green investment is crucial. Some officials may still disagree with
climate change, but investors are now more adamant. Any asset with the "green" or
"sustainable" labels will receive funding. Due to all of this, funds that are no longer seen as
being sufficiently green encourage investors and businesses to reexamine what constitutes
"green" finance.
The goal of green financing is to enhance the amount of money flowing to priorities for
sustainable development from the public, private, and not-for-profit sectors (from banking,
microcredit, insurance, and investment). An important aspect of this is to increase
accountability, better manage social and environmental risks, and seize opportunities that will
improve the environment and provide a respectable rate of return. According to a recent study
conducted by TheCityUK, the industry organisation for the UK's financial services sector, in
partnership with BNP Paribas, the previous ten years have seen an extraordinary rise in green
financing on a global scale. According to the report, the global green financing market
increased more than a hundredfold from US$5.2 billion in 2012 to US$540.6 billion in 2021.
In order to connect financial systems with the 2030 Sustainable Development Agenda and to
steer financial flows to promote the achievement of the Sustainable Development Goals, UN
Environment has been working with nations, financial regulators, and the finance sector.
Financial markets, through which banks and investors allocate cash to various sectors, are the
backbone of today's globalized economy. Ecosystems, as well as the production and
consumption patterns of tomorrow, will be shaped by the money allocated today.

Literature Review
Sustainable PE/VC is an investment discipline that injects money into potential privately
owned companies while taking environmental, social, and governance (ESG) considerations
into account to produce long-term competitive financial returns and positive social impact.
The Global Impact Investment Network (GIIN) report shows that over the past five years,
assets under management allocations to impact-focused PE have climbed by 19 percent
annually, using impact investment as a proxy for the larger sustainable finance sector. IFC
was founded in 1956 as the World Bank Group's private sector division, and its goal is to
improve economic development by funding for-profit and commercial initiatives and
organizations that advance development and fight poverty. As a result, IFC has invested
through PE/VC funds for more than 30 years and has made debt and equity investments in
emerging markets for over 60 years. The World Bank additionally plays a parallel role in
analyzing and evaluating the host government's contribution to promoting PE/VC investment
in these developing markets. To help governments and regulators in emerging markets

4
establish stable business environments for sustainable investment, IFC and the World Bank
are working to mobilize private sector investments. (International Finance Corporation, 2018)

The world population is predicted to reach its peak in 2100 at several over 11 billion people.
The majority of this growth will occur in nations with low and lower middle incomes. It
seems doubtful that the increase in world population over the next 30 or 40 years would be
significantly faster or slower than predicted in the United Nations' population predictions due
to the momentum of past development. The difficulty of guaranteeing inclusive and
sustainable development in the future may be made more difficult by rapid population
growth. Slowing down global population increase can be achieved by achieving the
Sustainable Development Goals, especially those that deal with health, education, and gender
equality. Investments in education and health can greatly improve the favorable but transient
economic impact of a favorable age distribution produced by a persistent reduction in fertility
in nations with currently high birth rates. Although population growth amplifies the negative
effects of economic activity on the environment, the increase in per capita income has been a
more significant factor in driving up output and consumption than population growth.
Contrary to popular belief, countries with high GDP per capita tend to have lower rates of
population growth and higher rates of per capita resource use and greenhouse gas emissions.
The urgency of achieving net-zero emissions of greenhouse gases and putting policies in
place to separate human economic activity from environmental degradation fall mostly on
more developed nations. Rich nations and the international community may help lower-
middle-income nations by giving them the technical and financial support they need for their
economies to expand quickly while utilizing technology that will reduce future greenhouse
gas emissions. (Mr. John Wilmoth, 2022)
Economic growth encourages green financing. People begin to place more emphasis on
sustainable economic development as the economy grows to a certain extent. This study takes
into account three indicators for the economic development dimension: GDP per capita,
income per capita, and unemployment rate. Local economic development is greater and green
finance is promoted more vigorously as GDP per capita increases. GDP per capita is a good
measure of the development of the green finance sector. The emphasis on environmental
protection increases as per capita income increases, as does overall income. As a result,
income per capita is a promising sign of green financing. The growth of green finance is
slowed down by higher unemployment rates. Consequently, the unemployment rate is a
negative indicator of green finance. (Lili Jiang, 2020)

The study by (Vijetha Singh, 2022) has explored the impact green financing has on
economic growth on 30 countries during the COVID 19 pandemic. They have concluded a
positive impact using secondary data from 18 high income economies, 7 upper middle-
income economies, 4 lower middle-income economies and 1 lower-income economy. The
researcher has also used regression analysis and taken green financing as the dependent
variable. This research has several theoretical and practical uses.

Green finance is part of a wider phenomenon; from incorporating various non-financial or

ethical interests into the financial world. Green finance is generally regarded as financial
support for green growth, which significantly reduces greenhouse gas emissions and air
pollutant emissions. For the economic development of the country, green finance in

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agriculture, green buildings and other green projects should be increased. An attempt has
been made in this article by (Tasnim Uddin Chowdhury, 2013)to describe green finance in a
frontier sense.

The paper by (Sachs, 2019) explains global investment in renewable energy and energy
efficiency fell by 3% in 2017 and risks slowing further. It is clear that fossil fuels still
dominate energy investments. This could jeopardize the expansion of green energy needed to
meet energy security, climate and clean air goals. Several developed and emerging economies
still adhere to pro-coal energy policies. The additional CO2 produced by new coal plants
could more than wipe out any emissions reductions in other countries. Finance is the driving
force behind the development of infrastructure projects, including energy projects. In general,
financial institutions show more interest in fossil fuel projects than in green projects, mainly
because of the risks associated with these new technologies and their relatively lower rates of
return. If we plan to achieve the Sustainable Development Goals (SDGs), we need to open a
new envelope for green projects and increase financing for investments that deliver
environmental benefits through new financial instruments and new policies such as green
bonds, green banks, carbon market instruments, fiscal politics, green central banking, fintech,
community green funds and more. These instruments are known as "green finance".

This study by (Afzal, 2022) offers a thorough examination of the potential long-term effects
of financial development on environmental deterioration. It emphasises how the level of
green development is determined by financial development, institutional structures, and
foreign investment. The sample consists of 40 European nations, and information is gathered
based on a wide range of factors. Bank lending to the private sector, domestic lending to the
private sector, and foreign direct investment are all used to measure foreign direct investment
(FDI). Energy use, CO2 emissions, greenhouse gas emissions, and the depletion of natural
resources are used to measure environmental degradation. The model takes into account
factors including urbanisation, economic levels, institutional quality, technology, population
and education. The data are analysed using regression analysis. The findings indicate that
four separate environmental degradation metrics have a negative connection with financial
development, whereas FDI and institutional quality seem to make the environmental
measures worse. The paper helps us understand the role of population in green finance. With
increase in population CO2 emission, natural resource depletion and energy consumption
increases thus showing a negative relation between environmental degradation and financial
development. To slow down environmental degradation over time, policymakers are advised
to create robust institutions and green financing regulations.
The function of public and private finance is thoroughly explained in this study paper by
(Noh., 2018)The paper begins with how financing and investment mechanisms of green
finance are different from traditional projects since green finance must take into account
environmental values in its financial activities. The paper discusses the value of public
financing for environmental initiatives as well as its drawbacks, which makes private
financing more appealing for environmental projects. The difficulties encountered when
securing private funding for green finance projects are also covered. The study discusses how
green fields' risk and return profiles make it challenging to get the correct financing. The
author lists various green growth strategies, their development, integrating a global
cooperative system and the use of suitable funds and financial products for the green
financing project throughout the entire paper. (Noh., 2018) details how a green market

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develops, what the market anticipates, and at what stage specific financing can be anticipated
and planned. According to him debt financing is not an appropriate private investment due to
its highly risky nature of portfolio. The study further describes two strategies for encouraging
private investment. The first strategy is creating the market with initial public finance and
subsequently getting from private entities after the market has been established and
developed. To seek out public-private collaborations is the second approach. There are
various forms for this cooperation, including the Fund of Funds model. In order to qualify for
green finance and draw in more private investors, the public side must start developing green
projects and offer compelling incentives to private investors.
Research by (Ahmad) shows detailed work on how sustainable PE/VC is an investment
discipline that injects money into potential privately owned companies while taking
environmental, social, and governance (ESG) considerations into account to produce long-
term competitive financial returns and positive social impact. The Global Impact Investment
Network (GIIN) report shows that over the past five years, assets under management
allocations to impact-focused PE have climbed by 19 percent annually, using impact
investment as a proxy for the larger sustainable finance sector. IFC was founded in 1956 as
the World Bank Group's private sector division, and its goal is to improve economic
development by funding for-profit and commercial initiatives and organizations that advance
development and fight poverty. As a result, IFC has invested through PE/VC funds for more
than 30 years and has made debt and equity investments in emerging markets for over 60
years. The World Bank additionally plays a parallel role in analyzing and evaluating the host
government's contribution to promoting PE/VC investment in these developing markets. In
order to help governments and regulators in emerging markets establish stable business
environments for sustainable investment, IFC and the World Bank are working to mobilize
private sector investments.
Over the last decade, academics have paid close attention to the rise of socially responsible
investment on public financial markets. Using a departure from existing literature, the paper
“Think Global, Invest Responsible: Why the Private Equity Industry Goes Green” (Patricia
Crifo, 2012), examines the Private Equity channel, which is demonstrated to have the ability
to encourage sustainable business practises in unlisted enterprises. This paper shows the
hypothesis on the characteristics and drivers of socially responsible investment are proposed
and tested on a unique database covering the French Private Equity industry in 2011. It
includes the sample which gathered observations on 309 Private Equity firms in 2011. Some
of the results confirm hypothesis that responsible private equity firms are not part of an SRI
niche industry, but rather integrate ESG concerns into everyday operations. Private equity
responsible practises are a risk-management technique. 64% of respondents say ESG
problems are important for risk management. Venture capitalists are more likely than other
Private Equity investors to create specialised green funds in order to enter new industries.
This paper also concludes that large and hence conspicuous private equity firms are more
likely to engage in well-formalized green finance and publicly disclosed ethical practises to
defend their reputation and license-to-operate.
Green finance and investment risk are intricately intertwined, particularly in emerging and
developing nations (EMDE). From 2005 to 2019, the difference in differences (DID)
technique was used in this paper to assess the mean causal effects of a treatment on an
outcome of the determinants of scaling up green financing and climate change mitigation in

7
the N-11 countries. After analysing with a dummy for the treated countries, it was confirmed
that the outcome covariates: rescon (consumption of renewable energy sources), population,
FDI, CO2, inflation, technical corporation grants, domestic credit to the private sector, and
R&D are very important in promoting green financing and climate change mitigation in the
study countries. The prohibit regression results showed a distinct consequence, as rescon,
FID, CO2, Human Development Index (HDI), and private sector investment in the energy
sector, which will most likely have an impact on the study countries' green funding and
climate change mitigation. Furthermore, after matching the analysis using nearest neighbour
matching, kernel matching, and radius matching, it produced mixed results for both the
treated and untreated countries. Either group experienced an increase or a drop in green
financing and climate change mitigation. Overall, the DID revealed no statistically significant
differences across countries. (Nawaz, 2020)
After the pandemic hit the world, people are comparatively avoiding to be in crowded and
densely populated areas. Highly populated area means more risk, due to this, people are now
more interested in investing in green bonds and promote financial literacy, which implies
investing in cleaner technology to promote the goal of environmental sustainability is
advantageous. This paper by (Khan, 2022)evaluates the effect of climate funding, financial
literacy, and carbon pricing in lowering exposure to coronavirus cases with respect to the
population in a country. The study utilized Newton–Raphson and Marquardt steps to estimate
the current parameter estimates while evaluating the COVID-19 prediction model with level
regressors using the robust least squares regression model. The study assumed that high dense
population has a greater susceptibility rate of coronavirus cases than the less dense population
area. Hence, the study used population density. This paper shows that population density and
the country’s per capita income will likely increase coronavirus cases’ susceptibility due to
increased commercialization and socialization activities across economies. (Rashi, 2022)
The publication highlights the rising trend in green finance funds being channelled in India
via domestic institutional investors, albeit it is significantly falling short of the growing needs
of a rapidly emerging economy with high population. From the fiscal year 2018 to fiscal year
2020, green finance flows rose by a staggering 150%, with public sector flows outweighing
the private capital. The onset of Covid-19 pandemic though was a spanner in the works, as it
has significantly impeded government’s commitment of funding in times of a healthcare
crisis. In order to meet India’s ambitious Panchamrit targets to meet the commitments under
the 2030 Paris Agreement, it is essential to have a more robust role of the private firms in
critical sectors such as cleaner energy and electric-based transit systems. A more proactive
environment policy must also be framed that would incentivize firms to be more
environmentally conscious, and even attract global funds in the form of green bonds.
(Climate Policy Initiative, 2020)
The paper uses machine learning and provides apprehensions of sustainable finance by
conducting a large-scale analysis on its performance and structure. (Kumar, 2022) The paper
divulges into seven different parts of sustainable finance – climate financing, carbon
financing, green financing, socially responsible investing, impact financing, governance of
sustainable financing and investing and energy financing. The usage of big data analysis
through machine learning set up and bring up the most predominant journals, authors,
intellectual pieces, etc. The review comes up with five different points like qualitative data is
more prominent in sustainable finance rather than quantitative data, or where the papers

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research done focuses more on application-based policy development, or the above mention 7
factors. The paper suggests a plethora of areas to move forward the research like making
sustainable finance more sustainable, tackling greenwashing, blockchain, etc.

Research Objectives
1. To Study the impact of GDP Per Capita and Population of a Country on their Green
Finance Initiatives.

2. To Find whether the high-income status of a country effects their Green Financing
Initiatives.

3. To assess the impact of investments, by various avenues, on green finance initiatives.

Research Methodology and Data Collection

The first objective of the researchers here is to find the correlation between the GDP Per
Capita; population of a nation and the green financing initiatives the country has. This has
been solved by finding the correlation coefficient using the Spearman’s Rank Correlation
method. For this method the data was collected in the form of ranks of countries with green
financing initiatives for the year 2021 from the International institute of green finance, further
GDP per capita and population of the top 55 ranked countries according to the green finance
index were reported and were further ranked in relation to the data available for the year 2021
from trading economics. The Spearman’s Rank Correlation has been used to measure the
strength and direction of association between the ranked variable, i.e., the population rank,
GDP per capital rank and the green finance rank of the respective countries. Here further we
have used a hypothesis to test the significance of the correlation. For the same a null and
alternative hypotheses have been formed. The level of significance for these tests was 5%.

- Analysis 1

H0: There is no significant relationship between GDPs Per Capita of a country does and the Green
Finance initiatives of a country.
Ha: There is significant relationship between GDPs Per Capita of a country does and the Green
Finance initiatives of a country.

- Analysis 2

H0: There is no significant relationship between Population of a country does and the Green Finance
initiatives of a country.
Ha: There is significant relationship between Population of a country does and the Green Finance
initiatives of a country.

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To test these hypotheses the researcher has used Jamovi for the Spearman Rank Correlation test to
find the significance and the correlation coefficient of both the GDP Per Capita Rank and the
Population Rank.

The second objective of the researchers was to analyse whether green finance initiatives are
more active in High Income countries, i.e., countries with a GDP Per Capita of greater than
USD 12696. The data of the top 55 countries with Green finance initiatives were collected
from the global green finance index and the GDP Per capita of the countries were collected
from Trading Economics. The process used here to solve the objective was to first form the
H0 and HA.

- Analysis 3

H0: The GDP Per Capita doesn’t significantly affect the green finance initiatives of a country.

Ha: The GDP Per Capita significantly effects the green finance initiatives of a country.

To test these hypotheses first the normality of the data was checked through the Shapiro Wilk
Test in the Jamovi Software. This showed that the data wasn’t normal and a non-parametric
test was required to verify the hypothesis. To perform this non-parametric test the Wilcoxon
Rank Test was used with a level of significance of 5%. The Wilcoxon Rank Test shows
Further a descriptive statistic study was performed on the GDP Per Capita of the sample data,
i.e., the top 55 ranked countries for green finance initiatives. The Wilcoxon Rank Test shows
the verification of the hypothesis and location of a population based on the sample of the
data.

Further a Descriptive Study of the GDP Per Capita of the top 55 ranked countries was used to
what is the average GDP Per Capita in the top countries with Green Finance Initiatives and
how much does the income vary from country to country when it comes to Green Finance
Initiatives.

- Analysis 4

H0: The Level of Investments and Domestic Credit Availability to Private Sector does not
significantly affect the Green Finance Index of a country.

Ha: The Level of Investments and Domestic Credit Availability to Private Sector significantly affects
the Green Finance Index of a country.

In order to gauge the impact of gross capital formation and ease of credit to the private sector
by the monetary systems, on green finance parameters in a particular country, the researchers
constructed a green finance index using various parameters listed below.

Table 1: Parameters used for the Green Finance Index Construction

Sr. No. Parameter
1 Production-based CO2 Productivity
(GDP/CO2 emissions in kilograms)
2 Production-based CO2 Emissions

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 (Index)
3 Energy Productivity
(GDP/unit of Total Energy Supply)
4 Renewable Energy Supply
(% of Total Energy Supply)
5 Excess Annual Surface Temperature
(oC)
6 Mean Population Exposure to PM2.5
(Micrograms per cubic metre)
7 Population with Access to Drinking Water and Improved
Sanitation
(% of Total Population)
8 Environment-related Technology Development
(% of All Developments)
9 Environmentally-related Taxes
(% of Tax Revenue)
10 Terrestrial Protected Area
(% of Land Area)

The construction of the index provides a score on a rating scale-based on 1 to 5. The value for
index is created by assigning a score on each of the above listed parameter on a scale of 1 to 5
to 50 countries, a mix of Organisation for Economic Development (OECD) members and
select emerging economies with immense potential for investors. After obtaining a score for
each parameter for every country in a particular year, the overall score of the index is
measured using geometric mean of all the individual scores. Additional data for gross capital
formation and credit availability was sourced from the World Bank Database.
In order to test the third hypothesis, a two-way Analysis of Variance (ANOVA) is used to
estimate how the mean of green finance index (a quantitative variable) changes according to
the levels of gross capital formation and credit availability to the private sector (two
categorical variables). It would also reveal how the two independent variables, in
combination or interaction, affect the dependent variable.
Kruskal-Wallis H test is the non-parametric alternative for a one-way ANOVA. It uses ranks
to determine if there is a significant difference in two distinct samples.

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 Analysis and Results
Analysis - 1

For the first objective of analyzing the effect of GDP Per Capita Rank of a country and the
rank of a country according to their Green Financing Initiatives is significant. This
significance is shown through the correlation matrix output from Jamovi in figure 1 for the
same where the p-value of the Spearman Rank Correlation Test is less than 0.05.

Figure 1: Results of the Spearman Rank Correlation for GDP Per Capita and Green Financing Initiatives

Source: Author Calculations

This result further shows that the GDP Per Capita Rank of a country has a positive correlation
with the Green Financing initiatives in that respective Country. It was further observed that the
correlation coefficient of GDP Per Capita Rank is 0.6481, which signifies that the GDP Per
Capita Rank effects the Green Financing Initiatives rank by 64.81% of a country in this sample
data, i.e., top 55 ranked countries according to the Global Green Financing Index. The
researcher has also observed that this relationship is due to the abundance of traditional sources
of finance available in countries with a higher GDP Per Capita Income.

Analysis - 2

The researcher further observes that the population rank does not have a significant effect on the
Green Financing Initiative ranks of the same respective countries. This is shown through the p-
value of the Spearman’s Rank Correlation test. Which is greater than 0.05 hence showing the
lack of significance between the two variables.
Figure 2: Results of the Spearman Rank Correlation for GDP Per Capita and Green Financing
Initiatives

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Source: Author Calculations

This result further shows that Population Rank of a country has a negative correlation with the
Green Financing initiatives in that respective Country. It was also observed that the correlation
coefficient of Population Rank is -0.1130, which signifies that the population rank effects the
Green Financing Initiatives rank by -11.30% of a country in this sample data, i.e., top 55 ranked
countries according to the Global Green Financing Index. The researcher has attributed the lack
of a relationship due to there being little relation between the financing options available in a
country and the population of that nation.

Objective 2

For the next objective the researchers observe that green financing is more prevalent in High-
Income countries, i.e., countries with a GDP Per Capita greater than USD 12,696. This is shown
through the Wilcoxon rank test for non-parametric data. Which shows the p-value lesser than
0.05 proving a significant relationship between the two factors. The output table for the same is
shown in figure 3.

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Figure 3: Output Table for high income countries and green finance analysis

Source: Author Calculations

A significant relation between high-income countries which are also the top ranked countries for
green finance initiatives is observed due to the International Product Life-Cycle stage 1 where
the new product is first developed in a developed country in this case a high-income country and
then generalized over the years.

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Figure 4: Two-way ANOVA output table for Objective 3

Source: Author Calculations

The two-way ANOVA results revealed that the model fit was significant however the
assumption of normality of data distribution was violated as per the Shapiro-Wilkinson test,
hence a non-parametric test alternative must be used to verify the hypothesis. The ANOVA
analysis also reveals that the interaction effect between the independent variables, investments
and credit to private sector was not significant as the p-value exceeded 0.05 significantly,
indicating that the effect of both variables in tandem need not be analyzed and separate distinct,
non-parametric tests should be carried out.

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Figure 5: Output Table for Green Finance Index and Capital Formation

Source: Author Calculations

The Kruskal-Wallis test outcome reveals that Green Finance observations are significantly
affected by the level of gross capital formation in the economy (investments). The p-value is
below the accepted standard level of significance at 5%, suggesting there is merit in the alternate
hypothesis. Interestingly, all 3 pairs have a significantly different central value and with a
negative test statistic indicating that as level of gross capital formation increased, relative to the
GDP, the green finance index tended to take a significant toll. The reason could be as gross
capital formation is very high in developing countries and emerging economies, while there is a
significant industrialization and profit motive among the firms in the country, leading to
disregard for the environment. These countries are more likely to prioritise economic growth at
the cost of the environment, which would make such growth not sustainable in the foreseeable
future.

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 Figure 6: Output Table for Green Finance Index and Availability of Private Credit

Source: Author Calculations

The second test also reveals a significant result, albeit with a different perspective. Green
Finance Index Observations are significantly dependent on whether there is low or high amount
of domestic credit accorded to private firms. Here, there is a significant, positive relation
suggesting that to enable green financing and boost environment sustainability of the economy,
it is essential that private sector is given a free-hand in the economy and that the private sector is
incentivized to participate in green finance schemes and instruments.

Limitations:

1. Spearman Rank Correlation Test doesn’t account for absolute values but only for the ranks of
the values.
2. The data collected is secondary and the authenticity of the data might be in question.
3. There are several factors which effect Green Financing in a nation but only income has been
analyzed in this research paper.
4. The test for income correlation and significance of high income has been performed for the year
2021 which may be outdated currently.
5. Data for green financing measures may be obscured by the COVID-19 pandemic creating
anomalies in several economic measures.

Conclusions:
The income level of a nation effects its green financing initiatives significantly and positively by
approximately 65% due to the abundance of traditional sources of finance. Although the income level

17
effects the green financing initiatives it is only true for high income countries, implying higher the
income higher the green finance initiatives in the respective nation.

Bibliography
Climate Policy Initiative. (2020). Climate Policy Initiative. Retrieved from Climate Policy
Initiative: https://www.climatepolicyinitiative.org/publication/landscape-of-green-
finance-in-india-2022/
International Finance Corporation. (2018). Private Equity and Venture Capital’s Role in
Catalyzing Sustainable Investment. Washington D.C. : World Bank Group.
Lili Jiang, H. W. (2020). The Measurement of Green Finance Development Index and Its
Poverty Reduction Effect: Dynamic Panel Analysis Based on Improved Entropy
Method. Hindawi.
Mr. John Wilmoth, M. C. (2022). Why population growth matters for sustainable
development. Future of the World.
Nawaz, M. A. (2020). Nexus between green finance and climate change mitigation in N-11
and BRICS countries: empirical estimation through difference in differences (DID)
approach. Springer.
Rashi, H. U. (2022, 01 21). PubMed Central. Retrieved from ncbi.nlm:
https://www.ncbi.nlm.nih.gov/pmc/articles/PMC8782217/

Afzal, A. (2022). Green finance and sustainable development in Europe.

Ahmad, R. A. (n.d.). Private Equity and Venture Capital’s Role in Catalyzing Sustainable.
Khan, H. u. (2022). The impact of carbon pricing, climate financing, and financial literacy on
COVID-19 cases: go-for-green healthcare policies.
Noh., H. J. (2018). Financial Strategy to accelerate green growth.
Sachs, J. D. (2019). Importance of Green Finance for Achieving Sustainable Development
Goals and Energy Security.
Tasnim Uddin Chowdhury, R. D. ( 2013). Green finance is essential for economic
development and sustainability.
Vijetha Singh, N. M. ( 2022). Impact of Green Finance on National Economic Growth
During the COVID-19 Pandemic. Special Issue - Role of Green Finance in Achieving
Sustainability.

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Annexures:

Contribution –
Equal Contribution

Plagiarism

Excel Workings –
2015 2016 2017 2018 2019 2020
Australia 2.38 2.27 2.22 2.22 1.93 2.07
Austria 3.14 3.27 3.10 3.10 3.25 3.48
Bangladesh 1.82 1.78 1.78 1.82 1.82 1.90
Belgium 2.65 2.61 2.71 2.83 2.48 2.38
Brazil 2.61 3.08 2.99 2.87 2.87 2.87
Canada 2.48 2.01 2.41 2.43 2.31 2.53
Chile 2.84 2.91 2.91 2.76 2.71 2.79
China 1.51 1.37 1.32 1.43 1.43 1.37
Colombia 2.68 2.94 3.00 2.87 3.01 3.01
Costa Rica 3.29 3.23 3.47 3.61 3.16 3.47
Czech
Republic 2.38 2.23 2.62 2.45 2.52 2.70
Denmark 3.85 3.85 3.94 3.94 3.68 3.68
Estonia 2.46 2.64 2.81 2.52 3.06 2.49
Finland 2.92 2.86 3.49 3.13 3.33 2.92

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France 3.36 3.36 3.23 3.27 3.34 3.34
Germany 3.42 3.12 3.42 3.19 3.19 3.42
Greece 3.59 3.19 3.59 2.99 3.32 3.28
Hungary 2.88 3.28 3.17 2.96 2.84 3.05
Iceland 3.06 3.00 3.13 2.99 3.04 3.33
India 1.82 1.82 1.91 1.82 1.82 1.82
Indonesia 2.12 2.23 2.13 2.28 2.05 1.87
Ireland 3.31 3.31 3.24 3.22 3.06 3.13
Israel 2.32 2.38 2.45 2.48 2.55 2.48
Italy 3.21 3.62 3.31 3.40 3.54 3.54
Japan 2.86 2.78 2.84 2.84 2.68 2.81
Korea 2.22 2.01 2.06 2.16 2.06 2.07
Latvia 2.64 2.83 2.94 2.83 2.64 3.03
Lithuania 3.58 3.58 3.46 2.81 3.02 2.70
Luxembourg 2.79 2.50 2.50 2.18 2.87 2.66
Mauritius 2.59 2.65 2.20 2.20 2.36 2.70
Mexico 2.89 2.70 2.73 2.73 2.89 2.65
Netherlands 3.15 3.05 3.05 3.05 3.12 3.12
New Zealand 3.26 3.26 3.04 3.49 3.07 3.43
Nigeria 1.65 1.86 1.86 1.86 1.62 1.62
Norway 3.42 3.32 3.19 3.22 3.79 3.39
Poland 2.53 2.58 2.48 2.76 2.71 2.15
Portugal 3.92 3.75 3.46 3.64 3.56 3.23
Russia 1.53 1.43 1.53 1.69 1.69 1.47
Saudi Arabia 1.23 1.31 1.17 1.31 1.26 1.31
Slovak
Republic 2.86 2.86 3.21 2.61 2.94 2.84
Slovenia 2.53 2.71 2.79 2.64 2.75 3.06
South Africa 1.74 1.70 1.48 1.45 1.45 1.70
Spain 3.50 3.60 3.14 3.79 3.50 3.60
Sweden 3.07 3.53 3.61 3.61 3.68 3.37
Switzerland 3.38 3.15 2.94 3.15 3.02 3.24
Thailand 1.85 1.85 1.87 1.85 1.64 1.69
Turkey 2.16 2.27 2.32 1.84 2.01 2.06
UAE 1.41 1.55 1.15 1.53 1.57 1.53
United
Kingdom 4.05 4.05 3.85 4.13 3.99 4.04
United States 2.22 2.22 2.53 2.48 2.43 2.38

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