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<p>Sustainable Development Goals; SDG 7 (clean energy), SDG 9 (infrastructure and innovation), SDG 12 (responsible production and consumption), and SDG 13 (climate action) accentuate the need to finance the low-carbon transition in light of rising ecological imbalances. The study analyzes green finance's role in offsetting environmental debt estimated based on CO₂ emissions, water stress, and forest cover decline among OECD countries, with infrastructure as the moderating factor. With a sample of 184 balanced observations between 2014 and 2021, the study uses a two-stage estimation method: System GMM to address dynamic and endogeneity concerns, and Instrumental Variable Quantile Regression (IVQR) for distributional heterogeneity. The results yield contradictory baseline effects: green bond issuance is positively associated with higher emissions, deforestation, and water stress, suggesting indirect environmental trade-offs. However, when green finance is moderated by infrastructural preparedness, green finance aids in CO₂ reduction and deforestation mitigation effects, emphasizing infrastructure's role in enabling sustainability. Distributional outcomes indicate that renewable energy decreases emissions and water stress from lower to mid-quantiles but increases deforestation pressures, emphasizing trade-offs inherent to transitions. Generally, the findings validate that green finance is insufficient in isolation; complementary investments in institutions and infrastructure quality must be undertaken to access its environmental potential.</p>

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Green finance and environmental debt: the influence of infrastructure in driving sustainability outcomes in OECD member countries

  • 期刊论文

  • 出版模式：

    开放获取

  • 发表日期：

    2026年1月27日

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  • Eunice Taveng,
  • Anthony Adu Asare Idun,
  • Kamal Deen Moro,
  • Michael Provide Fumey

摘要

Sustainable Development Goals; SDG 7 (clean energy), SDG 9 (infrastructure and innovation), SDG 12 (responsible production and consumption), and SDG 13 (climate action) accentuate the need to finance the low-carbon transition in light of rising ecological imbalances. The study analyzes green finance's role in offsetting environmental debt estimated based on CO₂ emissions, water stress, and forest cover decline among OECD countries, with infrastructure as the moderating factor. With a sample of 184 balanced observations between 2014 and 2021, the study uses a two-stage estimation method: System GMM to address dynamic and endogeneity concerns, and Instrumental Variable Quantile Regression (IVQR) for distributional heterogeneity. The results yield contradictory baseline effects: green bond issuance is positively associated with higher emissions, deforestation, and water stress, suggesting indirect environmental trade-offs. However, when green finance is moderated by infrastructural preparedness, green finance aids in CO₂ reduction and deforestation mitigation effects, emphasizing infrastructure's role in enabling sustainability. Distributional outcomes indicate that renewable energy decreases emissions and water stress from lower to mid-quantiles but increases deforestation pressures, emphasizing trade-offs inherent to transitions. Generally, the findings validate that green finance is insufficient in isolation; complementary investments in institutions and infrastructure quality must be undertaken to access its environmental potential.