References
AfDB. (2022). African Economic Outlook 2022: Supporting Climate Resilience and a Just Energy Transition in Africa. African Development Bank Group. African Development Bank. (2020). African Economic Outlook 2020. African Development Bank Group. Agrawal R, Agrawal S, Samadhiya A, Kumar A, Luthra S, Jain V (2024) Adoption of green finance and green innovation for achieving circularity: An exploratory review and future directions. Geoscience Frontiers.; 15(4):101669. Allen, F., Otchere, I., & Senbet, L. W. (2011). African financial systems: A review. Review of Development Finance, 1(2), 79–113. https://doi.org/10.1016/j.rdf.2011.03.003 Allen, M., et al. (2019). Climate litigation risk and corporate disclosure. Nature Climate Change, 9(11), 859–862. https://doi.org/10.1038/s41558-019-0588-4 Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87–103. https://doi.org/10.2469/faj.v74.n3.2 Bai, J., Chen, Z., Yan, X., & Zhang, Y. (2022). Research on the impact of green finance on carbon emissions: evidence from China: Znanstveno-Strucni Casopis. Ekonomska Istrazivanja, 35(1), 6965-6984. https://doi.org/10.1080/1331677X.2022.2054455 Banga, J. (2019). The green bond market: A potential source of climate finance for developing countries. Journal of Sustainable Finance & Investment, 9(1), 17–32. https://doi.org/10.1080/20430795.2018.1496421 Beck, T., & Levine, R. (2004). Stock markets, banks, and growth: Panel evidence. Journal of Banking & Finance, 28(3), 423–442. https://doi.org/10.1016/S0378-4266(02)00408-9 Beck, T., Demirgüç-Kunt, A., & Levine, R. (2007). Finance, inequality, and the poor. Journal of Economic Growth, 12(1), 27–49. https://doi.org/10.1007/s10887-007-9010-6 Berger, A. N., & DeYoung, R. (1997). Problem loans and cost efficiency in commercial banks. Journal of Banking & Finance, 21(6), 849–870. https://doi.org/10.1016/S0378- 4266(97)00003-4 Breusch, T. S., & Pagan, A. R. (1980). The Lagrange Multiplier Test and Its Applications to Model Specification in Econometrics. Review of Economic Studies, 47(1), 239–253. Campiglio, E., Dafermos, Y., Monnin, P., Ryan-Collins, J., & Schotten, G. (2018). Climate change challenges for central banks and financial regulators. Nature Climate Change, 8(7), 545–546. Choi, D., Gao, Z., & Jiang, W. (2020). Attention to global warming. Journal of Financial Economics, 137(2), 545–563. https://doi.org/10.1016/j.jfineco.2019.07.007 Demirgüç-Kunt, A., & Klapper, L. (2012). Measuring financial inclusion: The Global Findex Database. World Bank Policy Research Working Paper, https://doi.org/10.1596/1813-9450-6025 Demirgüç-Kunt, A., & Levine, R. (1996). Stock market development and financial intermediaries: Stylized facts. The World Bank Economic Review, 10(2), 291–321. https://doi.org/10.1093/wber/10.2.291 Demirgüç-Kunt, A., & Maksimovic, V. (1998). Law, finance, and firm growth. The Journal of Finance, 53(6), 2107–2137. https://doi.org/10.1111/0022-1082.00084 Dikau, S., & Volz, U. (2021). Central bank mandates, sustainability objectives and the promotion of green finance. Ecological Economics, 184, https://doi.org/10.1016/j.ecolecon.2021.107022 Grossman, G. M., & Krueger, A. B. (1991). Environmental impacts of a North American Free Trade Agreement. National Bureau of Economic Research Working Paper No. https://doi.org/10.3386/w3914 Hart, O., & Zingales, L. (2005). Sustainable finance: Concepts and practical challenges. Journal of Applied Corporate Finance, 17(3), 8–15. https://doi.org/10.1111/j.1745- 6622.2005.00041.x Hausman, J. A. (1978). Specification Tests in Econometrics. Econometrica, 46(6), 1251–1271. IPCC. (2021). Climate Change 2021: The Physical Science Basis. Contribution of Working Group I to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press. IPCC. (2022). Climate Change 2022: Impacts, Adaptation, and Vulnerability. Contribution of Working Group II to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change. Cambridge University Press. Jahanger A, Balsalobre-Lorente D, Ali M, et al. Going away or going green in ASEAN countries: Testing the impact of green financing and energy on environmental sustainability. Energy & Environment. 2023:0958305X231171346 King, R. G., & Levine, R. (1993). Finance and growth: Schumpeter might be right. The Quarterly Journal of Economics, 108(3), 717–737. https://doi.org/10.2307/2118406 Levine, R. (2005). Finance and growth: Theory and evidence. In Handbook of Economic Growth (Vol. 1, pp. 865–934). Elsevier. https://doi.org/10.1016/S1574- 0684(05)01012-9 Levine, R., Loayza, N., & Beck, T. (2000). Financial intermediation and growth: Causality and causes. Journal of Monetary Economics, 46(1), 31–77. https://doi.org/10.1016/S0304-3932(00)00017-9 Li T, Yue XG, Qin M, Norena-Chavez D (2024). Towards Paris climate agreement goals: The essential role of green finance and green technology. Energy Economics. ; 129,107273 Mavlutova, I., Spilbergs, A., Verdenhofs, A., Kuzmina, J., Arefjevs, I., & Natrins, A. (2023). The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges. Energies, 16(23), 7712. https://doi.org/10.3390/en16237712 Network for Greening the Financial System. (2020). Guide for Supervisors: Integrating climate-related and environmental risks into prudential supervision. https://www.ngfs.net/en/guide-sup NGFS. (2020). Guide to climate risk analysis for central banks and supervisors. Network for Greening the Financial System. OECD. (2017). Mobilising Finance for Climate Action. OECD Publishing. OECD. (2020). Sustainable finance and the role of securities regulators and stock exchanges. https://www.oecd.org/finance/sustainable-finance.htm TCFD. (2017). Recommendations of the Task Force on Climate-related Financial Disclosures. Task Force on Climate-related Financial Disclosures. UNCTAD. (2014). World Investment Report 2014: Investing in the SDGs – An Action Plan. United Nations Conference on Trade and Development. https://unctad.org/system/files/official-document/wir2014_en.pdf UNEP FI. (2018). Universal Ownership: Why environmental externalities matter to institutional investors. United Nations Environment Programme Finance Initiative. UNEP Finance Initiative. (2021). Rethinking impact to finance the SDGs. https://www.unepfi.org/publications/rethinking-impact-to-finance-the-sdgs/ UNEP. (2021). Global Trends in Renewable Energy Investment 2021. Frankfurt School- UNEP Collaborating Centre for Climate & Sustainable Energy Finance. Wang, Y., & Zhi, Q. (2016). The role of green finance in environmental protection: Two aspects of market mechanism and policies. Energy Procedia, 104, 311–316. https://doi.org/10.1016/j.egypro.2016.12.053 World Bank. (2019). World Development Report 2019: The Changing Nature of Work. World Bank. Wu, G., Liu, X., & Cai, Y. (2024). The impact of green finance on carbon emission efficiency. Heliyon, 10(1), e23803. https://doi.org/10.1016/j.heliyon.2023.e23803 Xiu, G., & Min, D. (2025). Carbon reduction in green ICT development: The impact of energy consumption and productivity. International Journal of Hydrogen Energy, 102, 94–106. https://doi.org/10.1016/j.ijhydene.2024.12.490 Yi, H., & Zhang, Z. (2024). Green financial structure and carbon emissions: A structural matching perspective. Journal of Cleaner Production, 434, https://doi.org/10.1016/j.jclepro.2023.140103 Zadek, S., & Flynn, C. (2013). South-Originating Green Finance: Exploring the Potential. International Institute for Environment an