Abstract
The urgent need to address environmental concerns has led to the adoption of green production targets by businesses worldwide. This paper explores the influence of green financing and technological innovation on green e-commerce as companies seek to achieve these targets. The study uses a qualitative research design, employing semi-structured interviews with industry experts to gather data. The findings indicate that green financing has a significant positive effect on adopting green production practices and implementing green technological innovations, positively impacting green e-commerce. To reduce emissions of greenhouse gases and promote long-term economic development, COP 26’s guiding principles emphasize the need for robust institutions and environmentally responsible technology innovation. Carbon dioxide (CO2) emissions and associated factors will be analyzed in this research for numerous South Asian nations from 1995 to 2020. Institutional and green technological improvements, alternative energy sources, more accessible commerce, population growth, and economic growth are all examples of such factors. With the possibility of residual cross-sectional dependency and heterogeneity, the research used second-generation panel methodologies to investigate the interrelationships between the variables. Switching to renewable energy sources and implementing environmentally friendly technology innovations have both been shown to cut CO2 emissions by an empirically supported 0.084% and 0.054%, respectively. There is a 0.215 percentage point deterioration in environmental quality due to poor institutional quality, a growing population, increased trade openness, and a thriving economy. The study concludes that achieving green production targets depend on the availability of green financing and the adoption of green technological innovations in the e-commerce industry. This paper provides insights for policymakers, businesses, and investors interested in promoting sustainable business practices and the achievement of green production targets.
Similar content being viewed by others
Data availability
The datasets used and/or analyzed during the current study are available from the corresponding author on reasonable request.
References
Akomea-Frimpong I, Adeabah D, Ofosu D, Tenakwah EJ (2022) A review of studies on green finance of banks, research gaps and future directions. J Sustain Finance Invest 12(4):1241–1264
Allayannis G, Ofek E (2001) Exchange rate exposure, hedging, and the use of foreign currency derivatives. J Int Money Financ 20(2):273–296. https://doi.org/10.1016/s0261-5606(00)00050-4
Allwood JM (2014) Squaring the circular economy: the role of recycling within a hierarchy of material management strategies. In Handbook of Recycling: State-of-the-art for Practitioners, Analysts, and Scientists 445–477. https://doi.org/10.1016/B978-0-12-396459-5.00030-1
Al-Emran M, Mezhuyev V, Kamaludin A (2019) Towards a conceptual model for examining the impact of knowledge management factors on mobile learning acceptance. Technol Soc 61:101247. https://doi.org/10.1016/j.techsoc.2020.101247
Alekseichuk I, Saiote C, Koenig S, Wischnewski M, Berger T, Mcgovern R et al (2020) Assessing the impacts of innovation barriers: a qualitative analysis of brazil’s natural resources industry. Resour Policy 68(1):1682–1683. https://doi.org/10.1016/j.brs.2021.10.320
Alemzero DA, Iqbal N, Iqbal S, Mohsin M, Chukwuma NJ, Shah BA (2021) Assessing the perceived impact of exploration and production of hydrocarbons on households perspective of environmental regulation in Ghana. Environ Sci Pollut Res 28(5):5359–5371. https://doi.org/10.1007/s11356-020-10880-3
Alexander B, Kent A (2022) Tracking technology diffusion in-store: a fashion retail perspective. Int J Retail Distrib Manag (ahead-of-print) 49(10):1369–1390. https://doi.org/10.1108/IJRDM-05-2020-0191
Al-Swidi AK, Al-Hakimi MA, Gelaidan HM, Al-Temimi SKJA (2021) How does consumer pressure affect green innovation of manufacturing smes in the presence of green human resource management and green values? a moderated mediation analysis. Business Ethics, the Environment & Responsibility 31(4):1157–1173
Alvarado Valenzuela G, Vera-Hofmann G, Diaz-Alvarado FA (2020) Design of sustainable and resilient eco-industrial parks: planning the flows integration network through multi-objective optimization. J Clean Prod 243:118610. https://doi.org/10.1016/j.jclepro.2019.118610
Aly AH, Peralta RC (1999) Comparison of a genetic algorithm and mathematical programming to the design of groundwater cleanup systems. Water Resour Res 35(8):2415–2425. https://doi.org/10.1029/1998WR900128
Andadari RK, Mulder P, Rietveld P (2014) Energy poverty reduction by fuel switching. impact evaluation of the lpg conversion program in indonesia. Energy Policy 66:436–449. https://doi.org/10.1016/j.enpol.2013.11.021
Andersen MM (2009) Combating climate change through eco-innovation- towards the green innovation system. New York, Harvard University Press
Andreotti B, Claudin P, Douady S (2002) A two-dimensional modelling. Eur Phys J B 28(3):341–352
Andrew BE, Pfurtscheller AC (1996) State expenditure and fiscal illusion in australia: a test of the revenue complexity, revenue elasticity and flypaper hypotheses. J Econ Anal Policy 25(2):125–140. https://doi.org/10.1016/S0313-5926(95)50021-9
Andrews RNL, Johnson E (2016) Energy use, behavioral change, and business organizations: reviewing recent findings and proposing a future research agenda. Energy Res Soc Sci 2016(11):195–208. https://doi.org/10.1016/j.erss.2015.09.001
Anenberg SC, Miller J, Minjares R et al (2017) Impacts and mitigation of excess diesel-related NO x emissions in 11 major vehicle markets. Nature 545:467–471. https://doi.org/10.1038/nature22086
Anggarini MY, Rakhmanita ETK (2020) Does financial liberalization decrease capital flight? a panel causality analysis. Int Rev Econ Financ 25(2):193–203. https://doi.org/10.1080/10242694.2012.724679
Bakhsh S, Yin H, Shabir M (2021) Foreign investment and CO2 emissions: do technological innovation and institutional quality matter? Evidence from system GMM approach. Environ Sci Pollut Res 28(15):19424–19438
Bal Y, Faure M, Liu J (2013) The role of China’s banking sector in providing green finance. Duke Envtl l & Pol’y f 24:89
Cao X, Deng M, Li H (2021) How does e-commerce city pilot improve green total factor productivity? Evidence from 230 cities in China. J Environ Manage 289:112520
Chang L, Iqbal S, Chen H (2023) Does financial inclusion index and energy performance index co-move? Energy Policy 174:113422
Chen LF (2019) Green certification, e-commerce, and low-carbon economy for international tourist hotels. Environ Sci Pollut Res 26:17965–17973
Cheng P, Wang X, Choi B, Huan X (2023) Green finance, international technology spillover and green technology innovation: a new perspective of regional innovation capability. Sustain 15(2):1112
Dauda AK, Chua H, Tan RR, Aviso KB (2021) Recent advances in the integration of renewable energy sources and storage facilities with hybrid power systems. Cleaner Engineering and Technology 100598. https://doi.org/10.1016/j.clet.2023.100598
Du Q, Zhou J, Pan T, Sun Q, Wu M (2019) Relationship of carbon emissions and economic growth in china’s construction industry. J Clean Prod 220(20):99–109. https://doi.org/10.1016/j.jclepro.2019.02.123
Du M, Zhang R, Chai S, Li Q, Sun R, Chu W (2022) Can green finance policies stimulate technological innovation and financial performance? Evidence from Chinese listed green enterprises. Sustain 14(15):9287
Erdoğan S, Gedikli A, Cevik EI, Erdoğan F (2021) Eco-friendly technologies, international tourism and carbon emissions: Evidence from the most visited countries. Technol Forecast Soc Chang 180:121705. https://doi.org/10.1016/j.techfore.2022.121705
Fan H, Peng Y, Wang H, Xu Z (2021) Greening through finance? J Dev Econ 152:102683
Fang Y, Shao Z (2022) Whether green finance can effectively moderate the green technology innovation effect of heterogeneous environmental regulation. Int J Environ Res Public Health 19(6):3646
Feng S, Zhang R, Li G (2022) Environmental decentralization, digital finance and green technology innovation. Struct Chang Econ Dyn 61:70–83
Freeman C (1996) The greening of technology and models of innovation. Technol Forecast Soc Chang 53(1):27–39
Ge T, Cai X, Song X (2022) How does renewable energy technology innovation affect the upgrading of industrial structure? The moderating effect of green finance. Renew Energy 197:1106–1114
Gilchrist D, Yu J, Zhong R (2021) The limits of green finance: a survey of literature in the context of green bonds and green loans. Sustainability 13(2):478
Guo J, Yu H, Gen M (2020) Research on green closed-loop supply chain with the consideration of double subsidy in e-commerce environment. Comput Ind Eng 149:106779
Hasan MM, Du F (2023) Nexus between green financial development, green technological innovation and environmental regulation in China. Renew Energy 204:218–228
Hashmi R, Alam K (2019) Dynamic relationship among environmental regulation, innovation, CO2 emissions, population, and economic growth in OECD countries: a panel investigation. J Clean Prod 231:1100–1109. https://doi.org/10.1016/j.jclepro.2019.05.325
Hassan ST, Danish Khan UD, Xia E, Fatima H (2020) Role of institutions in correcting environmental pollution: an empirical investigation. Sustain Cities Soc 53:101901. https://doi.org/10.1016/j.scs.2019.101901
Hsu CC, Quang-Thanh N, Chien F, Li L, Mohsin M (2021) Evaluating green innovation and performance of financial development: mediating concerns of environmental regulation. Environ Sci Pollut Res 28(40):57386–57397
Huang W, Wu Y, Deng L (2022) Corrigendum to does banking competition stimulate regional innovation? evidence from china [70 (2021) 101674]. Pac Basin Financ J 71(1–3):101704
Ibrahim MH, Law SH (2016) Institutional quality and CO2 emission–trade relations: evidence from Sub-Saharan Africa. South African J Econ 84(2):323–340
Ibrahiem DM (2020) Do technological innovations and financial development improve environmental quality in egypt? Environ Sci Pollut Res 27(10):10869–10881. https://doi.org/10.1007/s11356-019-07585-7
Iqbal S, Bilal AR (2021) Energy financing in COVID-19: how public supports can benefit? China Finance Rev Int 12(2):219–240
Iqbal S, Bilal AR, Nurunnabi M, Iqbal W, Alfakhri Y, Iqbal N (2021) It is time to control the worst: testing COVID-19 outbreak, energy consumption and CO 2 emission. Environ Sci Pollut Res 28:19008–19020
Irfan M, Razzaq A, Sharif A, Yang X (2022) Influence mechanism between green finance and green innovation: exploring regional policy intervention effects in China. Technol Forecast Soc Chang 182:121882
Islam MM, Khan MK, Tareque M, Jehan N, Dagar V (2021) Impact of globalization, foreign direct investment, and energy consumption on CO2 emissions in Bangladesh: does institutional quality matter? Environ Sci Pollut Res 28(35):48851–48871
Jiakui C, Abbas J, Najam H, Liu J, Abbas J (2023) Green technological innovation, green finance, and financial development and their role in green total factor productivity: Empirical insights from China. J Clean Prod 382:135131
Jiang S, Liu X, Liu Z, Shi H, Xu H (2022) Does green finance promote enterprises’ green technology innovation in China? Front Environ Sci 10:981013
Khan M (2020) Institutional quality and co2 emission–output relations: the case of asian countries. J Environ Manag 279
Khan M, Rana AT (2021) Institutional quality and CO2 emission–output relations: the case of Asian countries. J Environ Manage 279:111569
Khattak SI, Ahmad M, Haq ZU, Shaofu G, Hang J (2020) On the goals of sustainable production and the conditions of environmental sustainability: Does cyclical innovation in green and sustainable technologies determine carbon dioxide emissions in G-7 economies. Sustainable Production and Consumption 29:406–420. https://doi.org/10.1016/j.spc.2021.10.022
Le HP, Ozturk I (2020) The impacts of globalization, financial development, government expenditures, and institutional quality on CO 2 emissions in the presence of environmental Kuznets curve. Environ Sci Pollut Res 27:22680–22697
Lee CC, Lee CC (2022) How does green finance affect green total factor productivity? Evidence from China. Energy Econ 107:105863
Li S, Shao Q (2022) Greening the finance for climate mitigation: an ARDL–ECM approach. Renewable Energy 199:1469–1481
Li W, Chien F, Ngo QT, Nguyen TD, Iqbal S, Bilal AR (2021) Vertical financial disparity, energy prices and emission reduction: empirical insights from Pakistan. J Environ Manage 294:112946
Liu L, Peng Q (2022) Evolutionary game analysis of enterprise green innovation and green financing in platform supply chain. Sustainability 14(13):7807
Mangiaracina R, Marchet G, Perotti S, Tumino A (2015). A review of the environmental implications of B2C e-commerce: a logistics perspective. Int J Phys Distrib Logist Manag
Mondal C, Giri BC (2022) Analyzing strategies in a green e-commerce supply chain with return policy and exchange offer. Comput Ind Eng 171:108492
Mu Z, Zheng Y, Sun H (2021) Cooperative green technology innovation of an e-commerce sales channel in a two-stage supply chain. Sustainability 13(13):7499
Muhammad Bashir F, Pan Y, Shahbaz M, Ghosh S (2021) How energy transition and environmental innovation ensure environmental sustainability? Contextual evidence from Top-10 manufacturing countries. Renew Energy 204:697–709. https://doi.org/10.1016/j.renene.2023.01.049
Obobisa ES, Chen H, Mensah IA (2022) The impact of green technological innovation and institutional quality on CO2 emissions in African countries. Technol Forecast Soc Chang 180:121670
PATA (2018) The International Mountain Tourism Alliance Beijing Forum opened at the Beijing International Convention Center. China’s national tourism 8:158–158
Patella SM, Grazieschi G, Gatta V, Marcucci E, Carrese S (2020) The adoption of green vehicles in last mile logistics: a systematic review. Sustainability 13(1):6
Rahman SA, Kahar AA, Mansor A et al (2019) Identification of potential indigenous microbe from local fermented vegetables with antimicrobial activity. Science Heritage Journal 1(1):1–3. https://doi.org/10.26480/gws.01.2017.01.03
Rashid MHU, Uddin MM (2018) Green financing for sustainability: analysing the trends with challenges and prospects in the context of Bangladesh. Int J Green Econ 12(3–4):192–208
Salman M, Long X, Dauda L, Mensah CN (2019) The impact of institutional quality on economic growth and carbon emissions: evidence from Indonesia, South Korea and Thailand. J Clean Prod 241:118331
Su C, Li R, Shi G et al (2022) Reservoir characteristics of the first member of Middle Permian Maokou formation in Sichuan basin and its periphery and inspirations to oil and gas exploration. Petrol Explor 48(6):12. https://doi.org/10.1016/S1876-3804(21)60290-2
Sun L, Cai Y, Zhou Y, Shi S, Zhao Y, Gunnarson BE et al (2021) Radial growth responses to climate of pinus yunnanensis at low elevations of the hengduan mountains, china. Forests (10). https://doi.org/10.3390/f11101066
Tu CA, Chien F, Hussein MA, Ramli MM, Yanto S, PSI MS, Iqbal S, Bilal AR (2021) Estimating role of green financing on energy security, economic and environmental integration of BRI member countries. Singap Econ Rev:1-19
Wang Y, Fan R, Shen L, Jin M (2020) Decisions and coordination of green e-commerce supply chain considering green manufacturer’s fairness concerns. Int J Prod Res 58(24):7471–7489
Xu Y, Li S, Zhou X, Shahzad U, Zhao X (2022) How environmental regulations affect the development of green finance: recent evidence from polluting firms in China. Renewable Energy 189:917–926
Xu A, Zhu Y, Wang W (2023) Micro green technology innovation effects of green finance pilot policy—from the perspectives of action points and green value. J Bus Res 159:113724
Yang M (2023) Green investment and e-commerce sales mode selection strategies with cap-and-trade regulation. Comput Ind Eng 177:109036
Yang B, Ali M, Hashmi SH, Jahanger A (2022) Do income inequality and institutional quality affect CO2 emissions in developing economies? Environ Sci Pollut Res 29(28):42720–42741
Yang Y, Liu Z, Saydaliev HB, Iqbal S (2022) Economic impact of crude oil supply disruption on social welfare losses and strategic petroleum reserves. Resour Policy 77:102689
Yin X, Chen D, Ji J (2023) How does environmental regulation influence green technological innovation? Moderating effect of green finance. J Environ Manag 342:118112
Yu CH, Wu X, Zhang D, Chen S, Zhao J (2021) Demand for green finance: Resolving financing constraints on green innovation in China. Energy Policy 153:112255
Zafar MW, Shahbaz M, Sinha A, Sengupta T, Qin Q (2021) How renewable energy consumption contribute to environmental quality? the role of education in oecd countries. J Clean Prod 268(1–12):122149. https://doi.org/10.1016/j.jclepro.2020.122149
Zameer H, Wang Y, Vasbieva DG, Abbas Q (2021) Exploring a pathway to carbon neutrality via reinforcing environmental performance through green process innovation, environmental orientation and green competitive advantage. J Environ Manage 296:113383. https://doi.org/10.1016/j.jenvman.2021.113383
Zeng Y, Wang F, Wu J (2022) The impact of green finance on urban haze pollution in China: a technological innovation perspective. Energies 15(3):801
Zhang X, Liu S (2021) Action mechanism and model of cross-border e-commerce green supply chain based on customer behavior. Math Probl Eng 2021:1–11
Zhang L, Saydaliev HB, Ma X (2022) Does green finance investment and technological innovation improve renewable energy efficiency and sustainable development goals. Renew Energy 193:991–1000
Zhao L, Saydaliev HB, Iqbal S (2022) Energy financing, COVID-19 repercussions and climate change: implications for emerging economies. Clim Change Econ 13(03):2240003
Zheng X, Zhou Y, Iqbal S (2022) Working capital management of SMEs in COVID-19: role of managerial personality traits and overconfidence behavior. Econ Anal Policy 76:439–451
Zhou G, Zhu J, Luo S (2022) The impact of fintech innovation on green growth in China: Mediating effect of green finance. Ecol Econ 193:107308
Funding
This work was supported by the 2022 Guangzhou Huashang College Tutorial System Research Project (2022HSDS30); This research was supported by a grant from the Guangzhou Huashang College (2020HSCXK05); This work was supported by Huashang Cloud Accounting Industry College (Yue Jiao Gao Han [2020] No.19).
Author information
Authors and Affiliations
Contributions
Conceptualization and data collection: Chaoliang Zheng. Methodology, software and validation: Yibin Luo. Formal analysis and supervision: Canghong Wang. Writing of original draft and editing: Caishuang Hu.
Corresponding author
Ethics declarations
Ethical approval
Not applicable.
Consent to participate
Not applicable.
Consent for publication
Not applicable.
Competing interests
The authors declare no competing interests.
Additional information
Responsible Editor: Nicholas Apergis
Publisher's note
Springer Nature remains neutral with regard to jurisdictional claims in published maps and institutional affiliations.
Rights and permissions
Springer Nature or its licensor (e.g. a society or other partner) holds exclusive rights to this article under a publishing agreement with the author(s) or other rightsholder(s); author self-archiving of the accepted manuscript version of this article is solely governed by the terms of such publishing agreement and applicable law.
About this article
Cite this article
Hu, C., Wang, C., Luo, Y. et al. Green financing and technological innovation influence on e-commerce industry green environment. Environ Sci Pollut Res 30, 104886–104900 (2023). https://doi.org/10.1007/s11356-023-29231-z
Received:
Accepted:
Published:
Issue Date:
DOI: https://doi.org/10.1007/s11356-023-29231-z