Effect of Sustainable Finance on MSMEs to Promote Green Growth and Sustainable Development
Author(s):
Shwetlana Katkar
Keywords:
Sustainable Finance, Green Growth, MSMEs, Climate Finance, Sustainable Development Goals
Abstract
Nowadays, financial corporations can gain a competitive edge by using sustainable financing (SF). A variety of activities fall under the umbrella of sustainable finance, from investing in green energy projects to buying stock in businesses that uphold ethical ideals like social inclusion or good governance. The European Union, whose Green Deal Investment Plan seeks to raise $1.14 trillion to help cover the cost of making Europe net zero in terms of climate change emissions by 2050, claims that sustainable finance has a crucial role to play in the world's transition to net zero by channelling private money into carbon-neutral projects. The ecological system is safeguarded and restored through sustainable development. Sustainable finance is facilitated by NABARD, SIDBI, NITI Aayog, and the World Bank to support company growth from MSMEs to major Industries to have a significant global influence. Banks, corporations, international financial institutions, institutional investors, climate funds, green bonds, microfinance, Make-in-India, etc. are the main sustainable finance providers to businesses and MSME's. MSMEs are engaged in waste management, clean energy, electric vehicles, recycling, solar power plants, renewable energy, green machinery, waste management, and poverty reduction. based on the ministry of the environment. The government of India proposed the establishment of a Social Stock Exchange, Europe Investment Bank with SBI in order to fund India's $280 billion requirement for green infrastructure. Understanding the influence of sustainable finance on MSME with regard to green growth and sustainable development is a major goal of the study. Theoretical ideas are employed in this paper. Secondary data and the descriptive approach are utilized in this study. According to the study, climate finance is needed for MSME to build greener production infrastructure and for government of India climate change missions to increase ESG and encourage sustainable development. The findings suggest that SF is used to advertise fresh, profitable financial ventures.
Article Details
Unique Paper ID: 156018

Publication Volume & Issue: Volume 9, Issue 2

Page(s): 698 - 707
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