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<p>This paper discusses how technological innovation, green finance, recycling potential, and sustainability of mineral resources affect sustainable urban development in 43 upper-income countries between 2011 and 2023 based on Ecological Modernization and Institutional Theory. In the analysis of the baseline using fixed-effects models, and the core results using System GMM, we conclude that urban sustainability is positively affected by technological innovation (β = 0.21, <i>p</i> &lt; 0.01), green finance (β = 0.17, <i>p</i> &lt; 0.05), and recycling capacity (β = 0.14, <i>p</i> &lt; 0.05) positively. The depletion of mineral resources has a negative impact on sustainability (<i>p</i> &lt; 0.01). The mediating factor of the influence of technological and financial variables is environmental regulation, and the moderating factor of the effect of green finance on sustainability is financial inclusion. These findings that are strong in other specifications show that the combination of technological modernization, institutional pressure, and inclusive financial systems determine the city and urban sustainability paths. The research contributes to the theory by incorporating technological, financial, and regulatory processes and offers policy recommendations on how to enhance innovation, regulatory systems, and inclusive green-finance systems. This study provides the useful insights to the policy makes, institutes and government for formulation, implementation and evaluation of the policy regarding the sustainable urban development.</p>

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The role of green finance, foreign direct investment, and environmental regulations in the promotion of sustainable urban development

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年7月20日

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  • Muhammad Ali Asif,
  • Noman Shafi,
  • Waqas,
  • Wasim Abbas Shaheen,
  • Teodora Odett Breaz,
  • Gaafar Mohamed Abdalkrim,
  • Mahmoud Ibrahim M Abdelmawgoud

摘要

This paper discusses how technological innovation, green finance, recycling potential, and sustainability of mineral resources affect sustainable urban development in 43 upper-income countries between 2011 and 2023 based on Ecological Modernization and Institutional Theory. In the analysis of the baseline using fixed-effects models, and the core results using System GMM, we conclude that urban sustainability is positively affected by technological innovation (β = 0.21, p < 0.01), green finance (β = 0.17, p < 0.05), and recycling capacity (β = 0.14, p < 0.05) positively. The depletion of mineral resources has a negative impact on sustainability (p < 0.01). The mediating factor of the influence of technological and financial variables is environmental regulation, and the moderating factor of the effect of green finance on sustainability is financial inclusion. These findings that are strong in other specifications show that the combination of technological modernization, institutional pressure, and inclusive financial systems determine the city and urban sustainability paths. The research contributes to the theory by incorporating technological, financial, and regulatory processes and offers policy recommendations on how to enhance innovation, regulatory systems, and inclusive green-finance systems. This study provides the useful insights to the policy makes, institutes and government for formulation, implementation and evaluation of the policy regarding the sustainable urban development.