Advanced International Journal of Multidisciplinary Research

E-ISSN: 2584-0487 •   Impact Factor: 9.11

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The Role of Central Banks in Promoting Sustainable Financial Systems: A Comparative Study of Green Finance

Author(s) Dr. Ranjitha B R
Country India
Abstract This research presents a comparative analysis of green finance developments in India, China, and the United Kingdom over a five-year period (2019-2023), emphasizing central banks' roles in shaping sustainable financial systems. The study analyzes data on green bond issuances, sustainable loans, taxonomy development, and climate-related disclosures across these economies. Statistical analysis reveals significant differences in green finance market development, with China demonstrating the largest absolute market size, the UK showing the highest growth rate, and India experiencing the most rapid recent acceleration. Central bank policies significantly influence green finance development, particularly through green bond purchase programs, though their effectiveness varies based on market maturity and institutional frameworks. The People's Bank of China's direct intervention approach shows strong immediate impact on green lending, while the Bank of England's disclosure-focused approach demonstrates gradual but sustained market transformation. Reserve Bank of India's developing approach shows promising early results despite starting from a lower baseline. The research concludes with market-specific recommendations for enhancing central bank effectiveness in green finance development based on empirical findings.
Keywords Central bank policy, climate risk, sustainable taxonomy, green bonds, financial market transformation
Discipline Business Administration
Published In Volume 3, Issue 4, July-August 2025
Published On 2025-07-04
DOI https://doi.org/10.62127/aijmr.2025.v03i04.1528
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