Publication:
Chaptering a sustainable path for Malaysia: unveiling the nexus of Islamic finance development and climate change
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Date
2024
SDG:
Abstract
A robust financial sector is paramount for a nation's prosperity, especially for developing countries like Malaysia, where efficient investments are the key driver of economic growth. Financial development affects a nation's environment via wealth and technical effects (Khan et al., 2022). Specifically, it boosts the availability of funds in the economy, enhancing access to capital for businesses and individuals and stimulating economic growth. This increased business and household incomes often lead to increased purchases of automobiles and mechanical appliances that consume more energy, thereby increasing carbon emissions, referred to as the wealth effect. On the flip side, better access to finance enables businesses to invest in environment-friendly technologies at lower costs. This improved energy efficiency reduces greenhouse gas emissions, ultimately promoting environmental quality, known as the technical effect. As nations worldwide passionately strive to achieve the Sustainable Development Goals (SDGs), the interplay between financial development and environmental sustainability becomes increasingly crucial for us. This is particularly true for Malaysia, a dynamic economy that endeavours to attain high-income nation status in 2025 and a net-zero emissions target by 2050. In this context, this article aims to illuminate an intriguing issue: can Malaysia's rapidly growing Islamic finance industry promote economic development while mitigating climate impact?
Keywords
Islamic finance , Sustainable development , Climate change , Malaysia
Citation
Zhang, A. H. (2024). Chaptering a sustainable path for Malaysia: unveiling the nexus of Islamic finance development and climate change. IF Hub, 1 (January 2024), 3-9.
Publisher
ISRA Research Management Centre
DOI
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Chaptering_a_sustainable_path_for_Malaysia_Ali Zhang.pdf
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