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Conceptualizing green finance: Findings from textual and network analysis
Karambir Singh Dhayal1, Srijan Shashwat1, Arun Kumar Giri1
1Department of Economics and Finance, Birla Institute of Technology and Science (BITS) Pilani, Pilani Campus, Jhunjhunu, Rajasthan, India.
Heliyon
|March 14, 2025
Summary
This study clarifies green finance definitions by analyzing 126 sources. It identifies ten core dimensions, offering a standardized framework for environmental sustainability and climate change mitigation efforts.
Area of Science:
- Environmental Economics
- Sustainable Finance
- Climate Policy
Background:
- Green finance is crucial for climate change mitigation and environmental sustainability.
- A lack of uniform understanding and fragmented definitions hinder theoretical and practical advancements in green finance.
- Subjectivity in green finance research arises from varied definitions, impeding progress.
Purpose of the Study:
- To systematically analyze existing definitions of green finance.
- To identify and map the key dimensions and interrelationships within green finance definitions.
- To address the research gap caused by the lack of a standardized understanding of green finance.
Main Methods:
- Systematic analysis of 126 green finance definitions from academic and organizational sources.
- Advanced textual analysis and co-word network analysis.
- Topic modeling using latent Dirichlet allocation (LDA) to identify core dimensions.
Main Results:
- Identification of ten core dimensions of green finance: environmental, sustainability, energy, finance, economic, institutional, technology, green, societal, and sectoral.
- Revealed the centrality of these dimensions in shaping current green finance research definitions.
- Established the interrelationships between these key dimensions.
Conclusions:
- Provides a data-driven, foundational analysis of green finance definitions, advancing scholarly discourse.
- Offers a standardized conceptual framework for policymakers, financial institutions, and international organizations.
- Facilitates the design of sustainable financial products, alignment of regulatory frameworks, and fosters global collaboration on green finance.
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