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GREEN FINANCE AND SUSTAINABLE DEVELOPMENT IN AFRICA: THE NEXUS?
Abstract
Environmental factors like pollution, degradation, deforestation, waste disposal, climate change and others have direct impact on the economic, health and social lives of the people. Hence financing sustainable environment has received greater attention over the years. The need to ascertain whether green finance has contributed significantly to the achievement of the sustainable development goals in Africa is the motivating factor behind this study. The study aimed at investigating the relationship between green finance and sustainable development in Africa. It further examined the association between green bonds issued and size of forest area, carbon-dioxide emission, food insecurity, life expectancy and population of undernourished children from 2012 to 2020. The study used trend analysis, Pearson’s Product Moments
Correlation and Granger causality test to investigate the behaviour of the selected variables, association and causality between green finance and sustainable development in Africa. The study found that the trends of green finance and sustainable development indicators studied differed. It also found that though there existed strong correlation coefficients between green finance and sustainable development, the correlations were not statistically significant given that their p values were greater than the 0.05 level of significance. The study found no causal relationship between green finance and sustainable development. It was therefore recommended that governments of African countries create an environment that will facilitate the inflow of green finance, policy makers should provide a legal framework to facilitate the attainment of sustainable development goal and profitability the continent.
Keywords: Green Finance, Sustainable Development