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Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling

Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling
Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling
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.
Agenda 2030, Environmental and social responsibility, Green bonds, Green financing, Quantile, Wavelet
0301-4797
Sinha, Avik
03a506c3-c237-4597-b1a1-d6dab4b6feb3
Mishra, Shekhar
e5c4493d-ad6c-4c71-a8ea-0a0c732f6816
Sharif, Arshian
b8d3f3c4-7178-4a8b-8fae-cf0a0d7fb8c5
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
Sinha, Avik
03a506c3-c237-4597-b1a1-d6dab4b6feb3
Mishra, Shekhar
e5c4493d-ad6c-4c71-a8ea-0a0c732f6816
Sharif, Arshian
b8d3f3c4-7178-4a8b-8fae-cf0a0d7fb8c5
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889

Sinha, Avik, Mishra, Shekhar, Sharif, Arshian and Yarovaya, Larisa (2021) Does green financing help to improve environmental & social responsibility? Designing SDG framework through advanced quantile modelling. Journal of Environmental Management, 292, [112751]. (doi:10.1016/j.jenvman.2021.112751).

Record type: Article

Abstract

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.

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Does Green Financing help to improve Environmental & Social Responsibility Designing SDG framework through Advanced Quantile modelling - Accepted Manuscript
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Accepted/In Press date: 2 May 2021
Published date: 15 August 2021
Additional Information: Publisher Copyright: © 2021 Elsevier Ltd Copyright: Copyright 2021 Elsevier B.V., All rights reserved.
Keywords: Agenda 2030, Environmental and social responsibility, Green bonds, Green financing, Quantile, Wavelet

Identifiers

Local EPrints ID: 449560
URI: http://eprints.soton.ac.uk/id/eprint/449560
ISSN: 0301-4797
PURE UUID: 32df5f02-1c42-4ee3-88f7-7f1af6d1c963
ORCID for Larisa Yarovaya: ORCID iD orcid.org/0000-0002-9638-2917

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Date deposited: 08 Jun 2021 16:30
Last modified: 17 Mar 2024 06:38

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Contributors

Author: Avik Sinha
Author: Shekhar Mishra
Author: Arshian Sharif
Author: Larisa Yarovaya ORCID iD

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