The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework

Article


Saeedi, M. and Ashraf, B. N. 2024. The Role of Technology in Promoting Green Finance: A Systematic Literature Survey and the Development of a Framework. Journal of Risk and Financial Management. 17 (Art. 472). https://doi.org/10.3390/jrfm17100472
AuthorsSaeedi, M. and Ashraf, B. N.
Abstract

Green finance, defined as channeling money into sustainable development activities, is still far lower than needed to achieve net-zero emissions objectives. In this paper, we discuss the role of technologies in developing green finance. We identify that green finance faces three major challenges, including the risk management of green projects, the scarcity of innovative green financing products, and compliance with the regulations. Then, in the context of the existing literature, we explore recent technologies, including blockchain, artificial intelligence (AI), machine learning (ML), data analytics, Internet of Things (IoT), and robotics that are helping to deal with the challenges in green finance. We show that data-driven approaches utilizing AI and ML help in the risk assessment of green projects; FinTech-based crowdfunding platforms provide innovative green financial products and regulatory technologies (RegTech) support in compliance with regulations. We also identify that the environmental footprint of cryptocurrencies is an emerging area in the technologies and green finance domain. Our framework could be helpful to further extend the debate on the role of technology in green finance.

JournalJournal of Risk and Financial Management
Journal citation17 (Art. 472)
ISSN1911-8074
Year2024
PublisherMDPI
Publisher's version
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Anyone
Digital Object Identifier (DOI)https://doi.org/10.3390/jrfm17100472
Publication dates
Online18 Oct 2024
Publication process dates
Accepted16 Oct 2024
Deposited28 Nov 2024
Copyright holder© 2024 by the authors.
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