Determinants of Sustainable Finance Flows: A Literature Review
系统梳理了可持续金融全球分布不均的文献，识别出投资者偏好、风险、ESG基础设施和政府政策四大决定因素，对政策制定者和投资者有参考价值。
ABSTRACT Sustainable finance is defined as capital mobilized that explicitly integrate environmental, social, and governance (ESG) objectives alongside traditional financial metrics. It differs from conventional finance in their dual pursuit of financial and sustainability outcomes. While gained remarkable momentum over the past decade, global allocation of sustainable finance remains uneven, with Emerging Market and Developing Economies (EMDEs) struggling to attract the capital required to meet ambitious climate targets. This shortfall threatens progress toward limiting global warming while amplifying existing socioeconomic disparities between nations. In light of these challenges, this paper offers a comprehensive review of the literature to pinpoint the determinants underlying the global distribution of sustainable finance flows. We broadly identify four key factors: (1) investor preferences and perceptions on sustainability and climate change, (2) risks (climate‐related and conventional) (3) ESG infrastructure (sustainability ratings and transparency), and (4) the role of government (policies and regulations). The insights presented in this paper highlight the urgent need for targeted policy interventions to improve ESG infrastructure, enhance regulatory frameworks, and de‐risk sustainable investments to attract private capital at the scale required for effective climate action.