Sustainability as a Catalyst of Financial Development

Abstract

Sustainable development is a worldwide priority and the main objective of all countries. The sustainability concept focuses on economic, social, and ecological pillars. Every nation tries to bring sustainability to the economy, and financial development plays a major role. The financial sector actively promotes technological advancements in power production to lower emissions, significantly reducing energy pollution. The prior studies have shown mixed results on the interconnection between financial development and carbon dioxide emissions. The results also differ in developed and developing nations. The study shows that seventeen sustainability goals developed by the United Nations to achieve in the year 2030 have been affected due to COVID-19 and the Ukraine War. Hence, it has become imperative for nations to emphasize sustainable development.