Driving Green Sukuk Development to Meet ESGs and Society 5.0 Aspirations Through Innovative Technology

Three centuries post-industrial revolution, the global economy has witnessed an unparalleled expansion characterised by a fourfold rise in population and a forty-fold surge in industrial production throughout the twentieth century. Nevertheless, this expansion has resulted in considerable depletion of environmental resources throughout the production phase, hence presenting notable environmental issues in the era. The concept of Society 5.0 entails the development of a society that prioritises the needs and well-being of individuals, while leveraging advanced technologies to achieve environmental sustainability and effective governance. The rapid expansion of Green Sukuk, which involves the funding of ecologically friendly initiatives, is dependent upon the presence of favourable legal, regulatory, social, and technological contexts. The Internet of Everything (IoE), which encompasses the integration of individuals, objects, data, and operations, has the potential to augment the process of decision-making. This study conducts a literature analysis to evaluate the potential of IoE-empowered Green Sukuk in attaining Environmental, Social, and Governance (ESG) goals that are in line with the principles of Society 5.0. The results indicate that the use of private resources and technology has the potential to accelerate the achievement of environmental, social, and governance (ESG) objectives, thereby promoting a future that is both sustainable and equitable.