Sustainable development through green finance: a three-stage hybrid model for environmental planning

Implementing Green Finance (GRF) practices is crucial for promoting sustainable economic growth, especially in developing nations such as Pakistan. This research utilizes a mixed-methods strategy to analyze the factors affecting GRF adoption, framed by the Technology Acceptance Model (TAM). A three-phase hybrid research design is employed. In the first phase, 20 in-depth semi-structured interviews (10 from China and 10 from Pakistan) uncover context-specific drivers and challenges. The second phase involves a quantitative survey, yielding 438 valid responses from Pakistan and 535 from China, analyzed using Structural Equation Modelling (SEM) to quantify relationships among the identified variables. The third phase applies Artificial Neural Network (ANN) analysis to rank their relative importance. The findings provide cross-national insights into GRF adoption, offering practical implications for policymakers and financial institutions aiming to enhance sustainable financing strategies. This study contributes original insights into the determinants of GRF adoption in emerging economies.