Advancing Sustainable Development in India Through Green Finance: Insights for Health and Environmental Policy

Abstract

As the world becomes more sensitive to sustainable development, the environmental conservation has become very high on agenda, especially in the developing countries like India. Green finance--which refers to financial instruments and investments that seek environmentally friendly outcomes--is proving to be a vital tool for achieving the Sustainable Development Goals (SDGs). A systematic literature review is undertaken in this study to understand the contribution of green finance towards sustainable development and environmental health in India. It focuses on financial resources to promote industrial poles of growth in an ecological equilibrium. The paper also analyses public and private capital flows into green activities, which can be used to identify potential opportunities, as well as the main obstacles for implementing green financial instruments. It also identifies key terms and tools used in green finance to the extent that they can be related to environmental sustainability, and hence, indirectly, to public health. And, more importantly, by “greening” financial systems, the paper stresses the need for environmental concerns to be incorporated into economic planning to help ensure long term sustainable and healthy development in India.