Abstract
The revolutionary and transformative potential of FinTech has led to the Green Digital Finance Alliance, noting the dawn of a new era of FinTech—“the green FinTech”, yet, surprisingly, the scholarly exploration surrounding climate finance in general and green FinTech and climate FinTech remains restrained. In our attempt to decode the intricate interlinkage between green finance and FinTech, the study wrestles with the theoretical complexity of the “green FinTech” concept through a systematic review of relevant studies and conceptual mapping. We develop a comprehensive grasp of the concept, how to leverage it to combat the pressing climate crisis, and its implications for the FinTech segment—the first of its kind in the scanty green FinTech literature. Based on the PRISMA analysis, we find that green FinTech promotes a green economy through its manifold impact on all aspects of the finance sphere, thereby channelling climate finance and promoting sustainability. It has the power to heighten inclusivity, disclosure, trust, and democratisation, thus reducing information asymmetry and greenwashing. Hence, FinTech integration can be game-changing in eliminating the hurdles before conventional green finance. However, the literature remains fragmented, along with a young, growing green FinTech market. Therefore, this study proposes a framework for future researchers by providing a holistic research agenda to fully integrate “green FinTech” into practical real-world applications.
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Notes
GDFA is a not-for-profit foundation launched by the United Nations Environment Program (UNEP) and Ant Group at the World Economic Forum that works towards attaining sustainable transition. The GDFA’s green FinTech taxonomy can be accessed at https://www.greendigitalfinancealliance.org/initiatives/green-fintech-classification.
The ESGFINTECH100 list by FinTech Global is an annual list of the top 100 FinTech companies operating in the domain of ESG, available at https://fintech.global/esgfintech100/.
CommerzVentures is a venture capital firm concentrating on Climate FinTech investments, and they have backed climate FinTech like Doconomy and Climate X. Their 2023 Climate FinTech report is accessible at https://commerzventures.com/climatefintech.
Royal Park Partners provides advisory services for FinTechs and releases thematic reports and other insights on FinTech segments, accessible at https://www.royalparkpartners.com/esgfintech.
The KPMG report entitled “How can ESG fintech help financial institutions and their clients drive a net-zero future?” is available at https://singaporefintech.org/publications/. This is a post-event report, which discussed “Decarbonising the Financial Markets with ESG Fintechs”.
How can ESG fintech help financial institutions and their clients drive a net-zero future? https://singaporefintech.org/publications/
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Acknowledgements
Both authors thank the University of Kerala for the facility of online databases like Web of Science and Scopus. The first author acknowledges the UGC for the Junior Research Fellowship award, and the second author acknowledges the ICSSR for funding the major research project, and the major research project serves as instrumental to this paper.
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The first author is receiving grants from the University Grants Commission( UGC) Junior Research Fellowship( JRF) scheme. The second author receives funding from ICSSR (Indian Council of Social Science Research) for the project titled “The Effect of Investors” Sentiments on Sustainability and ESG Ratings on the Performance of Indian Companies (file No F.No.02/6/2022–23/ICSSR/RP/MJ/GEN).
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Geetha, S., Biju, A.V.N. Is green FinTech reshaping the finance sphere? Unravelling through a systematic literature review. Environ Sci Pollut Res 31, 1790–1810 (2024). https://doi.org/10.1007/s11356-023-31382-y
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DOI: https://doi.org/10.1007/s11356-023-31382-y