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グリーンファイナンス、気候リスク、持続可能な開発目標:パキスタンからの証拠

Green Finance, Climate Risk, and Sustainable Development Goals: Evidence from Pakistan (原題)

Ghazanfar Ali Zardari, Abdul Samad Shaikh

Journal of Business Insight and Innovation📚 査読済 / ジャーナル2026-06-23#気候金融経営インパクト: 資金調達対象セクター: finance
DOI: 10.63544/jbii.v5i6.142
原典: https://doi.org/10.63544/jbii.v5i6.142
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🤖 gxceed AI 要約

日本語

パキスタンの銀行・政府機関従業員350人を対象に、グリーンファイナンスがSDGs達成に与える影響を気候リスク緩和の媒介効果に着目して分析。PLS-SEMの結果、グリーンファイナンスはSDGsに直接正の影響を与え、気候リスク緩和を介した間接効果も確認された。気候レジリエント投資と持続可能な金融メカニズムの重要性を示唆。

English

This study examines how green finance affects SDG achievement in Pakistan, focusing on the mediating role of climate risk mitigation. Using PLS-SEM on survey data from 350 banking and government employees, it finds green finance directly and indirectly (via climate risk mitigation) promotes SDGs. Highlights the need for climate-resilient investments and sustainable finance policies.

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

📝 gxceed 編集解説 — Why this matters

日本のGX文脈において

パキスタン特有の実証研究だが、日本ではSSBJ開示やトランジション・ファイナンスの文脈で、グリーンファイナンスの効果測定手法として参考になる。気候リスク緩和の媒介効果は、日本の金融機関が投融資先のSDGs貢献を評価する際の枠組みに示唆を与える。

In the global GX context

This paper contributes to global green finance literature by providing empirical evidence from a developing economy. It aligns with international frameworks like the SDGs and climate risk disclosure, offering insights for emerging markets. The mediating role of climate risk mitigation is relevant for transition finance and sustainable investment strategies globally.

👥 読者別の含意

🔬研究者:Provides empirical evidence on green finance-SDG nexus with mediation analysis, useful for comparative studies in other developing countries.

🏢実務担当者:Offers insights for financial institutions in emerging markets to design green products that enhance climate resilience and SDG alignment.

🏛政策担当者:Supports the case for strengthening green financial policies and climate-resilient investments to accelerate SDG achievement.

📄 Abstract(原文)

Climate change and environmental degradation have created significant challenges for sustainable development, particularly in developing economies such as Pakistan. This study examined the relationship between green finance and Sustainable Development Goals (SDGs) by investigating the mediating role of climate risk mitigation. A quantitative cross-sectional research design was adopted, and primary data were collected from 350 respondents including employees of commercial banks, Islamic banks, development finance institutions, and government organizations. Data were analysed using SPSS 29 and SmartPLS 4 through reliability analysis, validity assessment, Partial Least Squares Structural Equation Modelling (PLS-SEM), and mediation analysis. The findings revealed that green finance significantly influenced SDGs achievement (β = 0.452, p < .001) and positively affected climate risk mitigation (β = 0.614, p < .001). Furthermore, climate risk mitigation significantly contributed to SDGs (β = 0.371, p < .001). Mediation analysis confirmed that climate risk mitigation partially mediated the relationship between green finance and SDGs (β = 0.228, t = 6.483, p < .001). The study highlights the importance of strengthening green financial policies, climate-resilient investments, and sustainable finance mechanisms to accelerate SDG achievement in Pakistan. References Adnan, M., Xiao, B., Bibi, S., Xiao, P., Zhao, P., & Wang, H. (2024). Addressing current climate issues in Pakistan: An opportunity for a sustainable future. Environmental Challenges, 15, 100887. https://doi.org/10.1016/j.envc.2024.100887 Ahmed, S., Ahmed, S., & Buriro, A. (2023). Strategies and Best Practices for Managing Cost Overruns in the Construction Industry of Pakistan. Propel Journal of Academic Research, 3(1), 28-55. Ali, M., Igunnu, P. O., & Tursoy, T. (2024). Do green finance and energy prices unlock environmental sustainability in Pakistan? Fresh evidence from RALS‐EG cointegration. OPEC Energy Review, 48(4), 370–390. https://doi.org/10.1111/opec.12319 Ansari, M. a. A., Sajid, M., Khan, S. N., Antohi, V. M., Fortea, C., & Zlati, M. L. (2024). Unveiling the effect of renewable energy and financial inclusion towards sustainable environment: Does interaction of digital finance and institutional quality matter? Sustainable Futures, 7, 100196. https://doi.org/10.1016/j.sftr.2024.100196 Bakhsh, S., Alam, M. S., & Zhang, W. (2024). Green finance and Sustainable Development Goals: is there a role for geopolitical uncertainty? Economic Change and Restructuring, 57(4). https://doi.org/10.1007/s10644-024-09719-5 Chaudhry, N. I., & Hussain, M. (2023). Nexus of renewable energy, green financing, and sustainable development goals: an empirical investigation. Environmental Science and Pollution Research, 30(20), 58480–58492. https://doi.org/10.1007/s11356-023-26653-7 Faheem, M., Farooq, F., Nousheen, A., & Waheed, A. (2024). Green Growth and Financial Development: A path to environmental sustainability in Pakistan. Journal of Accounting and Finance in Emerging Economies, 10(1). https://doi.org/10.26710/jafee.v10i1.2912 Fatima, A. (2026). THE ROLE OF GREEN ECONOMY IN MITIGATING CLIMATE CHANGE IN PAKISTAN: A STUDY UNDER SUSTAINABLE DEVELOPMENT GOALS. Journal of Social Research Development. https://doi.org/10.53664/jsrd/07-01-2026-07-80-91 Hair Jr, J. F., Sarstedt, M., Hopkins, L., & Kuppelwieser, V. G. (2014). Partial least squares structural equation modeling (PLS-SEM). European business review, 26(2), 106. Hussain, M., Sultan, Y., Iqbal, A., & Akhtar, K. (2025).  Green Finance and CSR: Aligning Corporate Investments with Sustainable Development Goals (SDGs). Journal of Management & Social Science, 2(2), 506–523. https://doi.org/10.63075/b7grmf93 Iftikhar, H., Shah, U. L., Iqbal, S., Fayyaz, A. B., & Hayat, R. S. (2026). Rethinking green finance for sustainable transportation in Pakistan: Institutional barriers, policy misalignments, and pathways for climate-compatible mobility. Asian Journal of Water Environment and Pollution, 23(3), 026060033. https://doi.org/10.36922/ajwep026060033 Imran, M., Sultana, Z., & Ahmed, S. (2023). The Influence 0f Student-Teacher Interactions on Secondary School Students' academic Performance. Benazir Research Journal of Humanities and Social Sciences, 2(1). Intergovernmental Panel on Climate Change. IPCC. (2023). Climate change 2023: Synthesis report: Contribution of Working Groups I, II and III to the Sixth Assessment Report of the Intergovernmental Panel on Climate Change (H. Lee & J. Romero, Eds.). IPCC. https://doi.org/10.59327/IPCC/AR6-9789291691647 Khan, R., Hussain, A., & Ahmad, S. (2023). Revolutionizing Human Resource Management: The Transformative Impact of Artificial Intelligence (AI) Applications. International Journal of Social Science & Entrepreneurship, 3(4), 306-326. Krastev, B., & Krasteva-Hristova, R. (2024). Challenges and Trends in Green Finance in the Context of Sustainable Development—A Bibliometric Analysis. Journal of Risk and Financial Management, 17(7), 301. https://doi.org/10.3390/jrfm17070301 Mahmood, S., Sun, H., Iqbal, A., Alhussan, A. A., & El-Kenawy, E. M. (2024). Green finance, sustainable infrastructure, and green technology innovation: pathways to achieving sustainable development goals in the belt and road initiative. Environmental Research Communications, 6(10), 105036. https://doi.org/10.1088/2515-7620/ad898f Maqbool, M. K. B. (2026). Islamic financial instruments for climate action: a dual analysis of green sukuk and policy framework in Pakistan. Journal of Islamic Accounting and Business Research, 1–22. https://doi.org/10.1108/jiabr-07-2025-0403 Mehmood, S., & Kamal, A. (2025). DECARBONIZING PAKISTAN: THE INFLUENCE OF GREEN FINANCE ON RENEWABLE ENERGY AND ENVIRONMENTAL SUSTAINABILITY. Advance Journal of Econometrics and Finance, 3(1), 1–11. https://doi.org/10.63075/ajeaf.v3i1.42 Nabi, A. A., Ahmed, F., Tunio, F. H., Hafeez, M., & Haluza, D. (2025). Assessing the impact of green environmental policy stringency on Eco-Innovation and green Finance in Pakistan: A Quantile Autoregressive Distributed Lag (QARDL) Analysis for Sustainability. Sustainability, 17(3), 1021. https://doi.org/10.3390/su17031021 Nasir, N., Ahmed, W., & Basharat, M. A. (2024). Emerging Pathways of Green Financing and its Role in Inducing Sustainable Development in Pakistan. Journal of Finance and Accounting Research, 6(1), 129–155. https://doi.org/10.32350/jfar.61.06 Organisation for Economic Co-operation and Development. OECD. (2023). 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