The role of green financial institutions in achieving sustainable development: A vision in the possibility of its application in Iraq

Abstract

Since the second half of the 1980s, after the publication of the ICRC's report on environment and development (1987), the issue of sustainable development has occupied a prominent place in economic literature. Over the past few decades, the shifts in the global economy from the liberalisation, opening up and accelerating the pace of globalisation. Globalisation has increased competition among countries without considering the adverse effects and serious consequences on the environment and the depletion of resources, which deprives the right of future generations. The international financial institutions have tried to address this imbalance by seeking sources of financing and investment in economic activities that preserve the environment. Additionally, it works to achieve a balance between the interests of present and future generations, thus making development and sustainable growth. The research seeks to show the role played by green financial institutions to achieve sustainable development through the provision of financial resources with the Iraqi perspective