Eksplorasi Peran Keuangan Hijau dalam Mendukung Ketercapaian Dekarbonisasi
DOI:
https://doi.org/10.61231/b6b34z75Keywords:
Keuangan Hijau, Dekarbonisasi, Perubahan Iklim, Emisi Karbon, SLRAbstract
This study aims to systematically synthesize the role and effectiveness of green finance in supporting decarbonization and to identify the instruments, success factors, and supporting policies for its implementation. This study adopts a quantitative approach using the Systematic Literature Review (SLR) analysis tool to obtain a comprehensive overview of the role of green finance in supporting decarbonization efforts to mitigate climate change anomalies caused by excessive carbon and greenhouse gas emissions. The research findings indicate that green finance, through instruments such as green credit, green investment, green bonds, green loans, and green equity investment, plays a significant role in reducing carbon emissions and driving the transition toward a low-carbon economy. Key factors influencing the success of green finance implementation include the level of development and characteristics of green finance, policies and regulations, green innovation and technology, as well as digital economy and FinTech. Additionally, this study highlights the importance of stakeholder roles and cross-sector collaboration in ensuring the successful implementation of green finance policies.
References
Agyeman, F. O., Zhiqiang, M., Li, M., Sampene, A. K., Dapaah, M. F., Kedjanyi, E. A. G., Buabeng, P., Li, Y., Hakro, S., & Heydari, M. (2022). Probing the Effect of Governance of Tourism Development, Economic Growth, and Foreign Direct Investment on Carbon Dioxide Emissions in Africa: The African Experience. Energies, 15(13), 4530. https://doi.org/10.3390/en15134530
Alyousef, M., Belaid, F., Almubarak, N., & Almulhim, T. (2025). Mapping Saudi Arabia’s low emissions transition path by 2060: An input-output analysis. Technological Forecasting and Social Change, 211, 123920. https://doi.org/10.1016/j.techfore.2024.123920
Anwar, H., Waheed, R., & Aziz, G. (2024). Importance of FinTech and green finance to achieve the carbon neutrality targets: A study of australian perspective. Environmental Research Communications, 6(11), 115007. https://doi.org/10.1088/2515-7620/ad853d
Babic, M. (2024). Green finance in the global energy transition: Actors, instruments, and politics. Energy Research & Social Science, 111, 103482. https://doi.org/10.1016/j.erss.2024.103482
Bai, J., Chen, Z., Yan, X., & Zhang, Y. (2022). Research on the impact of green finance on carbon emissions: Evidence from China. Economic Research-Ekonomska Istraživanja, 35(1), 6965–6984. https://doi.org/10.1080/1331677X.2022.2054455
Che, C., Chen, Y., Zhang, X., Zhao, L., Guo, P., & Ye, J. (2021). Study on Emission Reduction Strategies of Dual-Channel Supply Chain Considering Green Finance. Frontiers in Environmental Science, 9, 687468. https://doi.org/10.3389/fenvs.2021.687468
Chenguel, M. B., & Mansour, N. (2024). Green finance: Between commitment and illusion. Competitiveness Review: An International Business Journal, 34(1), 179–192. https://doi.org/https://doi.org/10.1108/CR-10-2022-0162
Chesini, G. (2024). Can Sovereign Green Bonds Accelerate the Transition to Net-Zero Greenhouse Gas Emissions? International Advances in Economic Research, 30(2), 177–197. https://doi.org/10.1007/s11294-024-09900-6
Chunzhe, L., Xueyuan, D., Tao, M., Libo, X., Haibo, F., Gang, L., Sihang, P., Jiarong, L., & Zeqi, G. (2024). Analysis of China’s carbon financial Development’s impact on reducing emissions using the BCC and Malmquist models. Frontiers in Energy Research, 12, 1450270. https://doi.org/10.3389/fenrg.2024.1450270
Climate Policy Initiative. (2023). Global Landscape of Climate Finance 2023. CPI. https://www.climatepolicyinitiative.org/publication/global-landscape-ofclimate-finance-2023/
Codina, O. V., & Semmler, W. (2024). Time Scales of the Low-Carbon Transition: A Data-Driven Dynamic Multi-Sector Growth Model. Jahrbücher Für Nationalökonomie Und Statistik, 244(3), 169–200. https://doi.org/10.1515/jbnst-2023-0040
Cui, Y., Wang, G., Irfan, M., Wu, D., & Cao, J. (2022). The effect of green finance and unemployment rate on carbon emissions in china. Frontiers in Environmental Science, 10, 887341. https://doi.org/10.3389/fenvs.2022.887341
Debrah, C., Darko, A., & Chan, A. P. C. (2023). A bibliometric-qualitative literature review of green finance gap and future research directions. Climate and Development, 15(5), 432–455. https://doi.org/https://doi.org/10.1080/17565529.2022.2095331
Dell'Anna. F., Marmolejo-Duarte, C., Bravi, M., & Bottero, M. (2022). A choice experiment for testing the energy-efficiency mortgage as a tool for promoting sustainable finance. Energy Efficiency, 15(5). https://doi.org/10.1007/s12053 022-10035-y
Dörry, S., & Schulz, C. (2024). Creating Low-Carbon Economies: Probing Transition Dynamics through the Lens of Field Theory. Tijdschrift Voor Economische En Sociale Geografie. https://doi.org/10.1111/tesg.12627
Fu, C., Lu, L., & Pirabi, M. (2023). Advancing green finance: A review of sustainable development. Digital Economy and Sustainable Development, 1(1), 20. https://doi.org/10.1007/s44265-023-00020-3
Fu, C., Lu, L., & Pirabi, M. (2024). Advancing green finance: A review of climate change and decarbonization. Digital Economy and Sustainable Development, 2(1), 1. https://doi.org/10.1007/s44265-023-00026-x
Gu, X., Qin, L., & Zhang, M. (2023). The impact of green finance on the transformation of energy consumption structure: Evidence based on China. Frontiers in Earth Science, 10, 1097346. https://doi.org/10.3389/feart.2022.1097346
Guo, C.-Q., Wang, X., Cao, D.-D., & Hou, Y.-G. (2022). The Impact of Green Finance on Carbon Emission—Analysis Based on Mediation Effect and Spatial Effect. Frontiers in Environmental Science, 10, 844988. https://doi.org/10.3389/fenvs.2022.844988
Guo, X., Yang, J., Shen, Y., & Zhang, X. (2024). Impact on green finance and environmental regulation on carbon emissions: Evidence from China. Frontiers in Environmental Science, 12, 1307313. https://doi.org/10.3389/fenvs.2024.1307313
Guo, Y., & Zhang, Z. (2024). Reducing carbon emissions through green renewal: Insights from residential energy consumption in Chinese urban inventory districts from an evidence-based decision-making perspective. Humanities and Social Sciences Communications, 11(1), 54. https://doi.org/10.1057/s41599-023-02417-z
Hoffmann, C., & Ergenc, C. (2023). A Greening Dragon in the Desert? China’s Role in the Geopolitical Ecology of Decarbonisation in the Eastern Mediterranean. Journal of Balkan and Near Eastern Studies, 25(1), 82–101. https://doi.org/10.1080/19448953.2022.2131079
Honegger, M., Poralla, M., Michaelowa, A., & Ahonen, H.-M. (2021). Who Is Paying for Carbon Dioxide Removal? Designing Policy Instruments for Mobilizing Negative Emissions Technologies. Frontiers in Climate, 3, 672996. https://doi.org/10.3389/fclim.2021.672996
Hu, X., Xia, Y., Guo, J., Zhong, Y., & Mao, J. (2024). The impact of green finance on total factor carbon emission reduction efficiency in China. Environmental Science and Pollution Research, 31(1), 757–771. https://doi.org/10.1007/s11356-023-30734-y
Huang, L., Cao, Y., & Zhu, Y. (2023). Is there any recovery power for economic growth from green finance? Evidence from OECD member countries. Economic Change and Restructuring, 56(6), 3909–3926. https://doi.org/10.1007/s10644-022-09458-5
Jiang, S., & Wang, L. (2024). All paths to the same end? A comparative study on carbon emissions reduction effects of digital finance and green finance. Frontiers in Environmental Science, 12, 1433044. https://doi.org/10.3389/fenvs.2024.1433044
Kant, A. (2021). Practical Vitality of Green Bonds and Economic Benefits. Review of Business and Economics Studies, 9(1), 62–83. https://doi.org/10.26794/2308-944X-2021-9-1-62-83
Klasen, A., Wanjiru, R., Henderson, J., & Phillips, J. (2022). Export finance and the green transition. Global Policy, 13(5), 710–720. https://doi.org/10.1111/1758-5899.13121
Lame, G. (2019). Systematic literature reviews: An introduction. Proceedings of the International Conference on Engineering Design, ICED, 2019-August, 1633 1642. https://doi.org/10.1017/dsi.2019.169
Lamperti, F., & Roventini, A. (2022). Beyond climate economics orthodoxy: Impacts and policies in the agent-based integrated-assessment DSK model*. European Journal of Economics and Economic Policies: Intervention, 19(3), 357–380. https://doi.org/10.4337/ejeep.2022.0096
Li, K., Lin, W., Jiang, T., Mao, Y., & Shi, W. (2024). Driving carbon emission reduction in China through green finance and green innovation: An endogenous growth perspective. Environmental Science and Pollution Research, 31(9), 14318–14332. https://doi.org/10.1007/s11356-024-32067-w
Li, L., Ma, X., Ma, S., & Gao, F. (2024). Role of green finance in regional heterogeneous green innovation: Evidence from China. Humanities and Social Sciences Communications, 11(1), 1011. https://doi.org/10.1057/s41599-024-03517-0
Li, T., Meng, X., Wang, L., & Gong, Y. (2025). Will China’s Carbon Emission Trading Regulation Really Decrease the Green Investment of Firms? A Microperspective on Corporate Governance. Business Strategy and the Environment, 34(2), 2222–2238. https://doi.org/10.1002/bse.4103
Liang, Z., & Nasruddin, E. (2024). Impact of Green Finance on High-Quality Economic Development: A Panel Data Regression. Prague Economic Papers, 33(5), 543–564. https://doi.org/10.18267/j.pep.876
Liberati, A., Altman, D. G., Tetzlaff, J., Mulrow, C., Gøtzsche, P. C., Ioannidis, J. P. A., Clarke, M., Devereaux, P. J., Kleijnen, J., & Moher, D. (2009). The PRISMA statement for reporting systematic reviews and meta-analyses of studies that evaluate health care interventions: Explanation and elaboration. In PLoS Medicine (Vol. https://doi.org/10.1371/journal.pmed.1000100
Liu, C. (2024). Effect analysis of green credit financial products on regional carbon emissions. Applied Mathematics and Nonlinear Sciences, 9(1), 20230661. https://doi.org/10.2478/amns.2023.2.00661
Liu, W., & Zhu, P. (2024). The impact of green finance on the intensity and efficiency of carbon emissions: The moderating effect of the digital economy. Frontiers in Environmental Science, 12, 1362932. https://doi.org/10.3389/fenvs.2024.1362932
Liu, Y., Dong, L., & Fang, M. M. (2023). Advancing ‘Net Zero Competition’ in Asia-Pacific under a dynamic era: A comparative study on the carbon neutrality policy toolkit in Japan, Singapore and Hong Kong. Global Public Policy and Governance, 3(1), 12–40. https://doi.org/10.1007/s43508-023-00065-2
Liu, Z., Lam, J. F. I., Chen, H., Lin, G., & Chen, H. (2023). Can green investment improve China’s regional energy consumption structure? Novel findings and implications from sustainable energy systems perspective. Frontiers in Energy Research, 11, 1273347. https://doi.org/10.3389/fenrg.2023.1273347
Lyu, B., Da, J., Ostic, D., & Yu, H. (2022). How Does Green Credit Promote Carbon Reduction? A Mediated Model. Frontiers in Environmental Science, 10, 878060. https://doi.org/10.3389/fenvs.2022.878060
Marino, B. D. V., Mincheva, M., & Doucett, A. (2019). California air resources board forest carbon protocol invalidates offsets. PeerJ, 7, e7606. https://doi.org/10.7717/peerj.7606
Matthäus, D., & Mehling, M. (2020). De-risking Renewable Energy Investments in Developing Countries: A Multilateral Guarantee Mechanism. Joule, 4(12), 2627–2645. https://doi.org/10.1016/j.joule.2020.10.011
McKinsey & Company. (2024). What is Decarbonization?
McKinsey Global Institute. (2020). Climate Risk and Response: Physical Hazards and Socioeconomic Impacts. https://www.mckinsey.com/mgi/overview
Narassimhan, E., Gopalakrishnan, T., Gallagher, K. S., Mahajan, M., & Orvis, R. (2024). Is net zero net positive? – Opportunities and challenges for pursuing a socio-economically sensitive net-zero transition for India. Climate Policy, 25(7), 1029–1043. https://doi.org/10.1080/14693062.2024.2432931
Newell, P. (2025). Towards a more transformative approach to climate finance. Climate Policy, 25(2), 257–268. https://doi.org/10.1080/14693062.2024.2377730
Newell, P., & Bulkeley, H. (2017). Landscape for change? International climate policy and energy transitions: evidence from sub-Saharan Africa. Climate Policy, 17(5), 650–663. https://doi.org/10.1080/14693062.2016.1173003
Pan, J., Chen, X., Luo, X., Zeng, X., Liu, Z., Lai, W., Xu, Y., & Lu, C. (2022). Analysis of the impact of China’s energy industry on social development from the perspective of low-carbon policy. Energy Reports, 8, 14–27. https://doi.org/10.1016/j.egyr.2022.05.052
Pan, R., Hu, Y., Xu, X., Yuan, N., & Zhou, K. (2023). How government green investment affects the carbon emission reduction process: Empirical evidence from prefecture-level cities in China. Frontiers in Environmental Science, 11, 1202978. https://doi.org/10.3389/fenvs.2023.1202978
Pan, W., Wu, Z., Shen, W., Wen, C., Li, Z., Liao, X., & Wu, M. (2023). Green credit operation performance evaluation of commercial banks in the context of epidemic and carbon reduction. Energy Exploration & Exploitation, 41(3), 1107–1116. https://doi.org/10.1177/01445987231162994
Priyan, S., & Banerjee, S. (2022). An interactive optimization model for sustainable production scheduling in healthcare. Healthcare Analytics, 2, 100124. https://doi.org/10.1016/j.health.2022.100124
Priyan, S., Matahen, R., Priyanshu, D., & Mouqdadi, M. (2024). Environmental strategies for a healthcare system with green technology investment and pandemic effects. Innovation and Green Development, 3(1), 100113. https://doi.org/10.1016/j.igd.2023.100113
Qin, J., & Cao, J. (2022). Carbon Emission Reduction Effects of Green Credit Policies: Empirical Evidence From China. Frontiers in Environmental Science, 10, 798072. https://doi.org/10.3389/fenvs.2022.798072
Rahman, Md. M., Islam, Md. F., Dyuti, T. I., & Hossain, Md. E. (2024). Driving net zero emissions through green finance, green logistics, and corporate social responsibility: Findings from PLS-SEM approach. Discover Sustainability, 5(1), 439. https://doi.org/10.1007/s43621-024-00675-8
Resosudarmo, B. P., Rezki, J. F., & Effendi, Y. (2023). Prospects of Energy Transition in Indonesia. Bulletin of Indonesian Economic Studies, 59(2), 149–177. https://doi.org/10.1080/00074918.2023.2238336
Schoder, C., & Tercioglu, R. B. (2024). A climate-fiscal policy mix to achieve Türkiye’s net-zero ambition under feasibility constraints.
Seroka-Stolka, O. (2023). Enhancing Environmental Sustainability: Stakeholder Pressure and Corporate CO2-Related Performance—An Examination of the Mediating and Moderating Effects of Corporate Decarbonization Strategies. Sustainability, 15(19), 14257. https://doi.org/10.3390/su151914257
Shah, S. B., Sopin, J., Techato, K.-A., & Mudbhari, B. K. (2023). A Systematic Review on Nexus Between Green Finance and Climate Change: Evidence from China and India. International Journal of Energy Economics and Policy, 13(4), 599–613. https://doi.org/10.32479/ijeep.14331
Shi, Y., & Yang, B. (2024). The coupling and coordinated development of digital finance and green finance under the vision of “dual carbon” and the examination of carbon emission reduction effect. Sustainable Futures, 7, 100217. https://doi.org/10.1016/j.sftr.2024.100217
UNCTAD. (2024). World Investment Report 2023. United Nations Trade and Development.
Vulturius, G., Maltais, A., & Forsbacka, K. (2024). Sustainability-linked bonds – their potential to promote issuers’ transition to net-zero emissions and future research directions. Journal of Sustainable Finance & Investment, 14(1), 116–127. https://doi.org/10.1080/20430795.2022.2040943
Wang, J., & Zhou, M. (2023). Attainment of Zero Emission Targets by Transition Towards sustainable development of value of creative products. Frontiers in Environmental Science, 11, 1059944. https://doi.org/10.3389/fenvs.2023.1059944
Wang, R., & Zhao, W. (2024). Synergistic dance of digital economy and green finance on carbon emissions: Insights from China. Chinese Journal of Population, Resources and Environment, 22(3), 213–229. https://doi.org/10.1016/j.cjpre.2024.09.001
Wang, Y., Cui, L., & Zhou, J. (2025). The impact of green finance and digital economy on regional carbon emission reduction. International Review of Economics & Finance, 97, 103748. https://doi.org/10.1016/j.iref.2024.103748
Wang, Y., Yao, G., Zuo, Y., & Wu, Q. (2023). Implications of global carbon governance for corporate carbon emissions reduction. Frontiers in Environmental Science, 11, 1071658. https://doi.org/10.3389/fenvs.2023.1071658
Wu, P. (2024). Variations in green investment efficiency of enterprises under different low-carbon emission reduction strategies. Energy Informatics, 7(1), 135. https://doi.org/10.1186/s42162-024-00443-y
Xu, S., Yang, J., & Li, R. (2024). How does green credit guidelines affect environmentally friendly enterprises’ ESG? A quasi-natural experiment from China. PLOS ONE, 19(5), e0304384. https://doi.org/10.1371/journal.pone.0304384
Xue, Y., Ma, T., Zhuang, T., & Ma, Y. (2023). The development of green finance under the goal of carbon neutrality: A review from China’s perspective. Frontiers in Earth Science, 11, 1123020. https://doi.org/10.3389/feart.2023.1123020
Yang, X., Zhu, L., & Wei, T. (2024). The effect of green credit policy on carbon emissions based on China’s provincial panel data. Scientific Reports, 14(1), 24142. https://doi.org/10.1038/s41598-024-73942-3
Yoshino, N., Rasoulinezhad, E., Phoumin, H., & Taghizadeh-Hesary, F. (2023). SMEs and carbon neutrality in ASEAN: The need to revisit sustainability policies. Economic Research-Ekonomska Istraživanja, 36(2), 2177180. https://doi.org/10.1080/1331677X.2023.2177180
Yu, H., & Zhang, X. (2024). Are carbon emissions trading and green financial instruments synergistic? -Comprehensive quantitative research based on content analysis. PLOS ONE, 19(3), e0298601. https://doi.org/10.1371/journal.pone.0298601
Zakari, A., Khan, I., & Alvarado, R. (2023). The impact of environmental technology innovation and energy credit rebate on carbon emissions: A comparative analysis. Journal of International Development, 35(8), 2609–2625. https://doi.org/10.1002/jid.3788
Zakkour, P. D., Heidug, W., Howard, A., Stuart Haszeldine, R., Allen, M. R., & Hone, D. (2021). Progressive supply-side policy under the Paris Agreement to enhance geological carbon storage. Climate Policy, 21(1), 63–77. https://doi.org/10.1080/14693062.2020.1803039
Zhang, J., & Qian, F. (2023). Digital economy enables common prosperity: Analysis of mediating and moderating effects based on green finance and environmental pollution. Frontiers in Energy Research, 10, 1080230. https://doi.org/10.3389/fenrg.2022.1080230
Zhang, K. Q., Chen, H. H., Tang, L. Z., & Qiao, S. (2022). Green Finance, Innovation and the Energy-Environment-Climate Nexus. Frontiers in Environmental Science, 10, 879681. https://doi.org/10.3389/fenvs.2022.879681
Zhang, X. (2022). Building China’s National Carbon Market That Serves Carbon Peaking and Carbon Neutrality Goals. Chinese Journal of Urban and Environmental Studies, 10(02), 2250012. https://doi.org/10.1142/S2345748122500129
Zhang, Z., Linghu, Y., Meng, X., & Yi, H. (2023). Research on the carbon emission reduction effects of green finance in the context of environment regulations. Economic Research-Ekonomska Istraživanja, 36(1), 2179513. https://doi.org/10.1080/1331677X.2023.2179513
Zhang, Z., Liu, Y., Han, Z., & Liao, X. (2022). Green Finance and Carbon Emission Reduction: A Bibliometric Analysis and Systematic Review. Frontiers in Environmental Science, 10, 929250. https://doi.org/10.3389/fenvs.2022.929250
Zhao, J., Taghizadeh-Hesary, F., Dong, K., & Dong, X. (2023). How green growth affects carbon emissions in China: The role of green finance. Economic Research-Ekonomska Istraživanja, 36(1), 2090–2111. https://doi.org/10.1080/1331677X.2022.2095522
Zhao, X., Benkraiem, R., Abedin, M. Z., & Zhou, S. (2024). The charm of green finance: Can green finance reduce corporate carbon emissions? Energy Economics, 174, 107574. https://doi.org/https://doi.org/10.1016/j.eneco.2024.107574
Zheng, S., & Jin, S. (2023). Is corporate green investment a determinant of corporate carbon emission intensity? A managerial perspective. Heliyon, 9(12), e22401. https://doi.org/10.1016/j.heliyon.2023.e22401
Zhong, S., Wu, Y., & Li, J. (2024). The carbon emission reduction effect of China’s national high-tech industrial development zones. Scientific Reports, 14(1), 18963. https://doi.org/10.1038/s41598-024-69753-1
Zhou, W., McCollum, D. L., Fricko, O., Gidden, M., Huppmann, D., Krey, V., & Riahi, K. (2019). A comparison of low carbon investment needs between China and Europe in stringent climate policy scenarios. Environmental Research Letters, 14(5), 054017. https://doi.org/10.1088/1748-9326/ab0dd8
Zhu, H., Feng, T., & Li, X. (2024). Green finance, green development and decarbonization of the energy consumption structure. PLOS ONE, 19(4), e0300579. https://doi.org/10.1371/journal.pone.0300579
Zou, C., Wu, S., Yang, Z., Pan, S., Wang, G., Jiang, X., Guan, M., Yu, C., Yu, Z., & Shen, Y. (2023). Progress, challenge and significance of building a carbon industry system in the context of carbon neutrality strategy. Petroleum Exploration and Development, 50(1), 210–228. https://doi.org/10.1016/S1876-3804(22)60382-3
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Axel Giovanni, Galuh Witantri, Silvi Nur Rohma, Fabio Bolanda Sandy, Crescentiano Agung Wicaksono, Nurul Janah, Atikah Nur Fadlilah
This work is licensed under a Creative Commons Attribution 4.0 International License.
You are free to:
- Share — copy and redistribute the material in any medium or format for any purpose, even commercially.
- Adapt — remix, transform, and build upon the material for any purpose, even commercially.
- The licensor cannot revoke these freedoms as long as you follow the license terms.
Under the following terms:
- Attribution — You must give appropriate credit , provide a link to the license, and indicate if changes were made . You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
- No additional restrictions — You may not apply legal terms or technological measures that legally restrict others from doing anything the license permits.
Notices:
You do not have to comply with the license for elements of the material in the public domain or where your use is permitted by an applicable exception or limitation .
No warranties are given. The license may not give you all of the permissions necessary for your intended use. For example, other rights such as publicity, privacy, or moral rights may limit how you use the material.
