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Fatica  et  al.  (2021)  delved  into  sustainability-linked  bonds,  a  newer  form  of  green

                     finance  instruments.  Unlike  green  bonds,  which  are  earmarked  for  specific  projects,

                     sustainability-linked bonds are general-purpose bonds with financial terms tied to the
                     issuer’s achievement of sustainability targets. Fatica et al.’s research demonstrated how

                     these  bonds  create  direct  financial  incentives  for  companies  to  improve  their

                     environmental  performance,  representing  an  innovative  approach  to  align  corporate

                     financing with broader sustainability goals.

                     In the realm of green loans, studies by the Loan Market Association shed light on their

                     increasing use in financing environmentally beneficial projects. These loans, similar to

                     green bonds, adhere to principles ensuring that the funds are utilized for intended green

                     purposes.  The  research  highlighted  the  role  of  green  loans  in  promoting  sustainable
                     practices  among  borrowers,  incentivizing  them  to  engage  in  projects  with  clear

                     environmental benefits.


                     Further, the research also explored the impact of green finance on various sectors of the

                     economy.  Studies  examined  how  green  finance  was  influencing  industries  such  as
                     renewable energy, sustainable agriculture, and green real estate. These investigations

                     provided  insights  into  how  green  finance  was  facilitating  transitions  to  low-carbon,

                     sustainable business models across different sectors.


                     2.3. Interdisciplinary approaches

                     Recent academic research in green finance has increasingly adopted an interdisciplinary

                     approach,  combining  insights  from  finance,  environmental  science,  economics,  and

                     policy  studies.  This  trend  reflects  the  recognition  that  environmental  challenges  are

                     complex and multifaceted, requiring a comprehensive understanding that spans various
                     disciplines.


                     A notable example of this interdisciplinary research is the work of W. Zhang, Zhu, Liu,

                     and  Cheng  (2022),  who  analyzed  the  effectiveness  of  green  bonds  in  reducing

                     greenhouse gas emissions. Their study combined financial analysis with environmental



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