The Green Climate Fund (GCF) is the primary financial mechanism under the Paris Agreement, yet its governance architecture remains underexplored theoretically. This study examines how multiple decision centers and actors interact within the GCF’s governance structure and what coordination mechanisms are built into it, using a polycentric governance lens. By analyzing 43 official GCF documents (2015–2024) through qualitative content analysis and the polycentric orders framework, the study finds that the GCF’s governance structure exhibits formally institutionalized coordination mechanisms consistent with a strong polycentric order. These structural features are designed to support problem-solving and adaptive management, although their operational effectiveness requires further empirical investigation. Contributions include a replicable, document-based coding and network-analysis method for characterizing polycentric governance, along with evidence that formal decentralization in the GCF coexists with a concentration of documented coordination ties among a small core of actors.
Pham Ngoc Toan, Le Tran Trung Hieu, Nguyen Vu Trung Nguyen
Carbon pricing is jurisdictional, while proof-of-work cryptocurrency mining is a highly mobile electricity load. We examine whether daily power-sector emissions display a cross-regional and distributional pattern consistent with short-run emissions displacement. Using daily observations covering calendar years 2019–2025 (with a boundary observation on 1 January 2026; N = 2550 after transformation and cleaning), we estimate quantile regressions for the EU27, the Russian Federation and the rest of the world using the interaction between Bitcoin returns and European carbon-allowance returns. The focal Russian lower-tail interaction is positive (q10 beta = 0.0662); OLS and dynamic specifications remain positive, and a 1000-replication pairs bootstrap gives p = 0.0077. The association survives a trading-day-only sample, calendar and persistence controls, and a seven-lag specification, while randomised-carbon and non-power-sector placebo outcomes are null. However, the coefficient loses conventional significance without Winsorisation, the May-2021 Chinese-ban timing prediction is not supported, and a direct EU27-minus-Russia substitution diagnostic is null. Quantile-on-quantile estimates place the largest Russian Bitcoin-return coefficients in high-carbon-price, low-emission states, but remain descriptive. Because the design does not observe mining capacity moving across jurisdictions and the available full-sample Russian emissions series is national rather than subnational, the evidence supports a leakage-consistent operational association rather than proof of physical relocation or a broad causal effect of EU carbon pricing.
Rejaul Karim, Md. Mustaqim Roshid, Bablu Kumar Dhar, Abdul Waaje
This study explores the evolving role of green financial technology (Fintech) in sustainability-oriented financial innovation, with a particular focus on climate finance, digital innovation, and environmental governance. Using bibliometric methods, we analyze 72 peer-reviewed publications indexed in Scopus from 2019 to 2024 to map the intellectual structure and emerging trends of green Fintech research. Key technological domains, including blockchain-based carbon markets, AI-powered ESG analytics, and green digital payment systems, are frequently associated in the literature with several Sustainable Development Goals (SDGs), notably SDG 13 (Climate Action), SDG 12 (Responsible Consumption and Production), and SDG 8 (Decent Work and Economic Growth). This analysis reveals how digital financial innovations are conceptualized as mechanisms for facilitating access to green capital, strengthening carbon credit ecosystems, and enhancing transparency in climate-aligned investment. However, persistent barriers such as fragmented regulatory frameworks, cybersecurity risks, and digital divides are recurrently identified in the literature as constraints, particularly in emerging economies. Interpreted through Institutional Theory and Stakeholder Theory, the study highlights the importance of coordinated policy innovation, inclusive digital infrastructure, and harmonized ESG standards in shaping the diffusion and governance of green Fintech solutions. By positioning theory as an interpretive lens rather than an empirical test , this research offers a theory-informed, data-driven synthesis that contributes to the growing interdisciplinary discourse on digital finance as a potential enabler of low-carbon, inclusive, and resilient sustainability transitions.
Under the dual carbon targets, China's energy companies are speeding up their green transformation, but they usually encounter some common obstacles including lack of capital, weak technical assistance and an incomplete risk control system. The combination of digital technology and financial services provides new approaches to solve these problems. According to the specific characteristics of the transformation of energy enterprises, this research examines the mechanisms of digital finance from two aspects – financing enhancement and technological enhancement. It is found that methods such as digital green loans, bonds and equity financing can efficiently relieve the financial pressure of enterprises, while technologies like big data, blockchain and artificial intelligence can greatly improve the accuracy of emission reduction and the efficiency of energy operation. Furthermore, the enhancing effects have regional differences and threshold characteristics. Thus, countermeasures are put forward from four fields: improving service provision, deepening technological integration, setting up a risk management system and improving policy regulation, which offer guidance for the actual transformation of energy enterprises and the development of relevant policies.
Abstract: The evolution of monetary systems has transformed human civilization from simple barter exchanges to sophisticated digital financial ecosystems powered by blockchain technology. This review examines how barter systems evolved into con-temporary virtual currencies across history and assesses how cryptocurrencies fit into the circular economy. The study explores the shortcomings of conventional monetary systems and looks at how decentralized, transparent, and effective forms of economic transaction have been made possible by digital currencies like Bitcoin. Additionally, the study examines how blockchain technology might be used to support waste reduction, sustainability, resource efficiency, and transparent supply chain management. The study also assesses the difficulties posed by virtual currencies, such as market volatility, cybersecurity threats, regulatory ambiguity, and environmental issues pertaining to cryptocurrency mining. The review identifies significant research gaps and future prospects for incorporating virtual currencies into sustainable economic systems by synthesizing the body of existing work. The results indicate that through openness, decentralization, and technological innovation, blockchain-enabled financial systems have a great deal of potential to promote circular economy goals. Keywords: Virtual Currency, Cryptocurrency, Bitcoin, Blockchain, Circular Economy, Sustainable Finance, Digital Economy, Decentralization, Green Finance, FinTech, Supply Chain Management
Fernando Frachone Neves, André Luiz Oliveira, Flávia Vancim Frachone MASSA, Tainara Adriani Ribeiro de Jesus · 5 authors
A proliferação da tecnologia blockchain e da mineração de criptomoedas tem gerado interesse de especialistas em sustentabilidade, emergindo um novo campo de estudo, desenvolvendo o conceito de criptomoedas verdes e a sustentabilidade digital. Neste sentido, este estudo realizou uma análise bibliométrica com o objetivo de mapear as tendências, estruturas temáticas e avanços na literatura científica sobre sustentabilidade digital no ecossistema blockchain, com foco em criptomoedas verdes. Para isso, foram analisados 133 artigos científicos extraídos do Web of Science (WOS), utilizando-se o software RStudio. Os resultados revelaram um crescimento acelerado de publicações, com um pico em 2024, indicando um campo de pesquisa em rápida expansão. As contribuições em pesquisa demonstram uma polarização, destacando a China e a Índia como principais polos. Temas dominantes incluem "cryptocurrency", "bitcoin", "blockchain technology", "green bonds", "clean energy" e "renewable energy", enquanto o mapeamento temático identificou "energy consumption", "risk" e "green challenges adoption" como temas motores. Esta revisão bibliométrica confirma o crescente interesse em criptomoedas verdes, impulsionado pela necessidade de mitigar impactos ambientais e alinhar a inovação tecnológica aos Objetivos de Desenvolvimento Sustentável (ODS) da ONU. Conclui-se que o estudo oferece percepções importantes aos formuladores de políticas, investidores e desenvolvedores, visando promover um desenvolvimento digital mais equitativo e alinhado à sustentabilidade.
This chapter explores the transformative potential of blockchain and artificial intelligence (AI) in revolutionizing green finance. It begins by examining the role of digital transformation in driving sustainable financial practices, highlighting the integration of blockchain and AI. The chapter delves into blockchain's applications in enhancing transparency, traceability, and security within green finance, particularly through smart contracts and decentralized finance solutions. It further discusses AI's contributions to improving risk assessment, ESG evaluation, and combating greenwashing. The synergies between blockchain and AI are explored, showing how their combined use optimizes sustainability-focused investments. Additionally, the chapter addresses regulatory and ethical considerations surrounding these technologies. Finally, it discusses emerging trends and opportunities in green finance, providing insights into the future of sustainable financial systems driven by technological innovation.
Huriye Gonca Di̇ler, Münevvere YILDIZ, N. Serap VURUR, Letife Özdemir
In today's world, sustainability strategies play a critical role in the transformation of global economies and industries. Green Economic Growth (GEG), which prioritizes environmental factors, is gaining increasing importance. Financial and green innovation are identified as the main driving forces behind GEG. However, research on the effects of these factors in OECD countries remains limited, and existing findings often show inconsistencies regarding the direction and magnitude of these effects. This study aims to comprehensively examine the impact of financial and green innovation on GEG in OECD countries. Using annual data from 15 OECD countries for the period 1996–2021, panel data techniques are applied. Cointegration tests are conducted to determine the presence of long-run relationships among the variables. Subsequently, long-run coefficients are estimated using the panel quantile regression method. The robustness of the findings is tested through OLS and fixed effects models. Additionally, causality tests are employed to explore the directional relationships between the variables. The results indicate that green innovation has a positive long-run effect on GEG, whereas financial innovation exerts a negative impact. Causality tests reveal bidirectional relationships among all variables. Policy recommendations include the promotion of green bonds and sustainable finance instruments, support for green investments through regulations that take environmental risks into account, and the expansion of access to green projects via technologies such as blockchain-based carbon markets. This research provides valuable insights for policymakers in designing more effective strategies to foster sustainable economic growth.