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The impact of green finance on environmental degradation in BRI region

The Belt and Road Initiative (BRI) is one of the largest infrastructure projects in the world, accounting for more than 30 of global GDP and 60 of world population. The economic growth of BRI member countries can be improved significantly, attributable to the successfulness of the infrastructure pro...

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Main Authors: Chin, Mui-Yin, Ong, Sheue Li, Ooi, Daniel Boon-Yann, Puah, Chin-Hong
Format: Article
Published: Springer 2024
Subjects:
HC Economic History and Conditions
HG Finance
Online Access:http://eprints.um.edu.my/45032/
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spelling my.um.eprints.450322024-03-25T05:08:40Z http://eprints.um.edu.my/45032/ The impact of green finance on environmental degradation in BRI region Chin, Mui-Yin Ong, Sheue Li Ooi, Daniel Boon-Yann Puah, Chin-Hong HC Economic History and Conditions HG Finance The Belt and Road Initiative (BRI) is one of the largest infrastructure projects in the world, accounting for more than 30 of global GDP and 60 of world population. The economic growth of BRI member countries can be improved significantly, attributable to the successfulness of the infrastructure projects. The increased economic growth indirectly leads to higher energy consumption and environmental damage. In response to this, the BRI established a new concept and version of the project, namely green BRI. Thus, this study aims to examine if green finance plays a significant role in mitigating environmental degradation in the BRI region. Utilising a Generalised Method of Moments approach, we find green finance is negatively and significantly correlated with environmental degradation, suggesting green finance play an essential role to reduce the deterioration of environmental quality, while enhancing economic growth at the same time. In conclusion, BRI member states should continue promoting green finance by implementing incentive schemes, such as subsidising interest rates for the green loan, reducing corporate tax and establishing green credit guarantee scheme. Besides, in order simultaneously enhance economic growth, promote sustainability and achieve the 2030 Sustainable Development Goals, both governments and private sector should work hand in hand to promote green transformation of BRI. © 2022, The Author(s), under exclusive licence to Springer Nature B.V. Springer 2024 Article PeerReviewed Chin, Mui-Yin and Ong, Sheue Li and Ooi, Daniel Boon-Yann and Puah, Chin-Hong (2024) The impact of green finance on environmental degradation in BRI region. Environment Development and Sustainability, 26 (1). 303 – 318. ISSN 1387-585X, DOI https://doi.org/10.1007/s10668-022-02709-5 <https://doi.org/10.1007/s10668-022-02709-5>. 10.1007/s10668-022-02709-5
institution Universiti Malaya
building UM Library
collection Institutional Repository
continent Asia
country Malaysia
content_provider Universiti Malaya
content_source UM Research Repository
url_provider http://eprints.um.edu.my/
topic HC Economic History and Conditions
HG Finance
spellingShingle HC Economic History and Conditions
HG Finance
Chin, Mui-Yin
Ong, Sheue Li
Ooi, Daniel Boon-Yann
Puah, Chin-Hong
The impact of green finance on environmental degradation in BRI region
description The Belt and Road Initiative (BRI) is one of the largest infrastructure projects in the world, accounting for more than 30 of global GDP and 60 of world population. The economic growth of BRI member countries can be improved significantly, attributable to the successfulness of the infrastructure projects. The increased economic growth indirectly leads to higher energy consumption and environmental damage. In response to this, the BRI established a new concept and version of the project, namely green BRI. Thus, this study aims to examine if green finance plays a significant role in mitigating environmental degradation in the BRI region. Utilising a Generalised Method of Moments approach, we find green finance is negatively and significantly correlated with environmental degradation, suggesting green finance play an essential role to reduce the deterioration of environmental quality, while enhancing economic growth at the same time. In conclusion, BRI member states should continue promoting green finance by implementing incentive schemes, such as subsidising interest rates for the green loan, reducing corporate tax and establishing green credit guarantee scheme. Besides, in order simultaneously enhance economic growth, promote sustainability and achieve the 2030 Sustainable Development Goals, both governments and private sector should work hand in hand to promote green transformation of BRI. © 2022, The Author(s), under exclusive licence to Springer Nature B.V.
format Article
author Chin, Mui-Yin
Ong, Sheue Li
Ooi, Daniel Boon-Yann
Puah, Chin-Hong
author_facet Chin, Mui-Yin
Ong, Sheue Li
Ooi, Daniel Boon-Yann
Puah, Chin-Hong
author_sort Chin, Mui-Yin
title The impact of green finance on environmental degradation in BRI region
title_short The impact of green finance on environmental degradation in BRI region
title_full The impact of green finance on environmental degradation in BRI region
title_fullStr The impact of green finance on environmental degradation in BRI region
title_full_unstemmed The impact of green finance on environmental degradation in BRI region
title_sort impact of green finance on environmental degradation in bri region
publisher Springer
publishDate 2024
url http://eprints.um.edu.my/45032/
_version_ 1794548699891761152
score 13.211869

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