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<p>Achieving Sustainable Development Goal 3 (SDG 3) requires addressing environmental risks that adversely affect public health (PH). This study examines whether green finance (GF) contributes to SDG 3 by reducing pollution-related mortality (DAP) through improved environmental quality. Using a balanced panel dataset of 119 countries over 2000–2023, we employ a moderated mediation framework, chosen to simultaneously capture both the transmission pathway (PM<sub>2.5</sub> as mediator) and the boundary condition (governance quality as moderator) within a single unified model, addressing limitations of sequential two-step approaches common in prior literature. Fixed effects estimation reveals that a 1% increase in GF reduces PM<sub>2.5</sub> concentrations by approximately 0.0015% and DAP by 0.0025%. Bootstrap mediation analysis confirms that PM<sub>2.5</sub> serves as a significant indirect transmission channel, accounting for an estimated 0.00073% reduction in DAP per 1% increase in GF. Governance quality (GQ) moderates this relationship: the mortality-reducing effect of GF strengthens with higher institutional quality, while the pollution-reduction effect is marginally stronger in lower-governance settings, reflecting greater scope for environmental improvement. Findings remain robust across alternative governance dimensions, CO<sub>2</sub> as an alternative mediator, lagged GF specifications, and exclusion of the COVID-19 period. These results highlight the interconnected roles of GF, environmental quality, and GQ in advancing SDG 3.</p>

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Green finance, emission reduction, and SDG 3 attainment: evidence from a moderated mediation framework (2000–2023)

  • 期刊论文

  • 发表日期：

    2026年5月23日

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  • Partha Acharjee,
  • Debasis Neogi,
  • Palash Chowdhury,
  • Pritam Das,
  • Sauvik Chakraborty

摘要

Achieving Sustainable Development Goal 3 (SDG 3) requires addressing environmental risks that adversely affect public health (PH). This study examines whether green finance (GF) contributes to SDG 3 by reducing pollution-related mortality (DAP) through improved environmental quality. Using a balanced panel dataset of 119 countries over 2000–2023, we employ a moderated mediation framework, chosen to simultaneously capture both the transmission pathway (PM2.5 as mediator) and the boundary condition (governance quality as moderator) within a single unified model, addressing limitations of sequential two-step approaches common in prior literature. Fixed effects estimation reveals that a 1% increase in GF reduces PM2.5 concentrations by approximately 0.0015% and DAP by 0.0025%. Bootstrap mediation analysis confirms that PM2.5 serves as a significant indirect transmission channel, accounting for an estimated 0.00073% reduction in DAP per 1% increase in GF. Governance quality (GQ) moderates this relationship: the mortality-reducing effect of GF strengthens with higher institutional quality, while the pollution-reduction effect is marginally stronger in lower-governance settings, reflecting greater scope for environmental improvement. Findings remain robust across alternative governance dimensions, CO2 as an alternative mediator, lagged GF specifications, and exclusion of the COVID-19 period. These results highlight the interconnected roles of GF, environmental quality, and GQ in advancing SDG 3.