Sustainable finance – A master key to sustainable development

Abstract

Sustainable finance is playing an unavoidable role in achieving SDGs at world level. It demands the contribution from all the stake holders for the holistic development in any country. The basic need for the same is accessibility of finance. Traditional finance can meet the demand of present to some extend but for long term future and its growth, it is crucial for all the entities to appreciate the importance of sustainable development through sustainable finance. This study is being done with the objective of justifying the role and positive influence of maintainable finance on acceptable development. With the use of well-structured questionnaire data is collected from 1201 respondents including individuals and financial professional in South Gujarat region. Responses are analyzed through various advance statistical techniques like Confirmatory Factor Analysis (CFA) and Structural Equation Modeling (SEM). Using these advanced statistical techniques, it is found that Sustainable finance greatly influence achievement of continuous development. The results of current research enable that sustainable finance can assist in attaining the specific SDGs like no poverty, zero hunger, environmental issues etc. Also, it is found that it is important for all the entities to come together for attainment of sustainable development through the availability and use of sustainable finance. Hence, the study would help financial service providers, companies and policy makers while preparing for the roadmap of sustainable development.