Nedopil, Christoph, Dordi, Truzaar orcid.org/0000-0003-1634-2374 and Weber, Olaf (2021) The nature of global green finance standards-evolution, differences, and three models. Sustainability (Switzerland). 3723. ISSN 2071-1050
Abstract
(1) Background: Green finance standards have proliferated with much need for harmonization to accelerate global green financial flows. However, little is known on the nature of green finance standards that accelerates differentiation, rather than harmonization. Therefore, we embark to answer the question what the nature of green finance standards is and specifically how green finance standards have evolved in major economic systems driven by different actors and leading to differences and commonalities over time and environmental focus area. (2) Methods: To analyze the question, we build a model based on institutional and standards theory and apply text analysis and statistical methods to analyze 84 green finance standards issued from 1998 to 2020. (3) Results: we find clear evidence that green finance standards evolve depending on economic governance types (e.g., market-based, government-based and in weak institutional environments), environmental focus areas (e.g., pollution, climate, biodiversity) and depend on actors in government, intermediaries and developing financial institutions. We also show that this development has been dynamic over the last few decades. We further test and confirm three models of green finance standards: output-based, input-based and process standards that have evolved. With the findings, we aim to provide a better foundation for both research and policy in future green finance standard research, development and harmonization.
Metadata
Item Type: | Article |
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Authors/Creators: |
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Copyright, Publisher and Additional Information: | © 2021 by the authors. |
Keywords: | China,Emerging economies,European union,Green finance,Institutional theory,Standards |
Dates: |
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Institution: | The University of York |
Academic Units: | The University of York > Faculty of Sciences (York) > Environment and Geography (York) |
Depositing User: | Pure (York) |
Date Deposited: | 04 Jul 2023 13:50 |
Last Modified: | 26 Nov 2024 00:57 |
Published Version: | https://doi.org/10.3390/su13073723 |
Status: | Published |
Refereed: | Yes |
Identification Number: | 10.3390/su13073723 |
Related URLs: | |
Open Archives Initiative ID (OAI ID): | oai:eprints.whiterose.ac.uk:201212 |
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Description: sustainability-13-03723-v2 (1)
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