ABSTRACT This study gives a pioneering framework to understand the complicated processes behind sustainable finance, and its necessity to realize economic recovery. It explores the detailed dependency relationship of key drivers of sustainable finance through Total Interpretative Structural Modeling (TISM) and Cross‐impact matrix multiplication (MICMAC) analysis, providing the hierarchical dependencies among the key drivers and patterns of their influences. The paper subgroups and pinpoints eight major drivers, including regulatory pressures, technological innovation, risk management, and resource cost efficiency, and shows how they are essential to inform the sustainable finance landscape. This critical analysis explains how sustainable finance is a chalice in providing long‐term value creation, innovation, and environmental protection, hence accelerating the shift towards a sustainable economy. Results of the findings have important implications for policy‐makers, practitioners, and stakeholders to enhance the integration of environmental, social, and governance (ESG) factors in financial decision‐making and planning. This study offers valuable contributions to the literature and practice in order to bring economic development and sustainability needs into harmony, thereby supporting the global Sustainable Development Goals (SDGs) by creating an opening in the door to additional information on the sustainable finance system.
Srivastava et al. (Fri,) studied this question.
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