New challenges for green finance and sustainable industrialization in developing countries: A panel data analysis

Abstract

This paper investigates the effect of green finance on sustainable industrialization for a panel of 56 developing countries over the period 2000-2021. To this end, we carry out a panel data analysis using the fixed-effect method and the S-GMM and Kinky least square methods. We also propose a per region panel data analysis of the green finance-sustainable industrialization relationship for Africa, Asia, and South America. Our findings show that green finance contributes positively and significantly to improving sustainable industrialization in most developing countries, but that the effect is more pronounced for Asia and South Africa. This suggests that for a sound environmental result, these developing countries should make greater use of environmentally-friendly sources of finance, which can help to reorient their industries towards greater sustainability and to combat their major economic challenges (unemployment, poverty, inequality, social injustice).

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