Green Finance Barriers and Solution Strategies for Emerging Economies: The Case of India
研究了印度绿色金融面临的政策、经济和知识三大障碍，并提出了包括明确政策、信用增强、低成本再融资等解决策略，对关注新兴市场绿色金融的学者和政策制定者有参考价值。
The need to increase green developers’ access to finance is critical and urgent for emerging economies that are currently facing an annual green financing gap of $2.5 trillion. This article investigates barriers and strategies for promoting green finance (hereafter GF) in India which is one of the fastest emerging economies globally. The article uses a two-phase methodology. In the first phase, an exhaustive literature survey followed by a three-round modified Delphi method is used to extract significant barriers and solution strategies for GF adoption. In the second phase, the best worst method is used to rank the barriers using their relative weights, and the solution strategies by utilizing global weights as input. The article finds that policy, economic, and knowledge barriers are the top three barriers for GF adoption. Clear green policies and risk assessment frameworks; credit enhancement mechanisms for green developers; low-cost refinancing and securitization markets for green technology and products; and combining directed finance with incentivized finance, public finance with private finance, and financial markets with technology are some of the most important strategies obtained from this article for promoting GF adoption.