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Article

The Role of Platforms in Fostering Sustainable Finance: A Comprehensive Approach

by
Jelena Jovović
1,2,* and
Sunčica Vuković
2
1
Groupe de Recherche en Droit, Economie, Gestion (GREDEG), Université Côte d’Azur, Pôle Universitaire Saint Jean d’Angély, 24 Avenue des Diables Bleus, 06357 Nice Cedex 4, France
2
Faculty of Economics, University of Montenegro, Ulica Jovana Tomaševića 37, 81000 Podgorica, Montenegro
*
Author to whom correspondence should be addressed.
Platforms 2024, 2(3), 138-149; https://doi.org/10.3390/platforms2030009
Submission received: 21 March 2024 / Revised: 31 August 2024 / Accepted: 4 September 2024 / Published: 8 September 2024
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Abstract

:
As the global financial ecosystem undergoes a paradigm shift toward sustainability, platforms emerge as instrumental intermediaries, connecting diverse stakeholders, facilitating information flow, and catalyzing impactful investments. This paper analyses the evolving landscape of sustainable finance and investigates the role of platforms in fostering its growth. Sustainable finance platform-based enablers were determined using a systematic literature review and bibliometric techniques on a sample of papers retrieved from the SCOPUS database, and included crowdfunding platforms, impact investment platforms, peer-to-peer (P2P) lending platforms, blockchain-based financing platforms, and ESG data platforms. The analysis showed that platform-based solutions act as accelerators of sustainable finance mobilization, by enhancing transparency of the processes, and by improving dissemination and accessibility of the funds needed. Thus, platform-based solutions help a broader set of stakeholders direct the potential of platforms to accelerate the transition toward a more sustainable and inclusive global financial system.

1. Introduction

Growing concerns over the extent of the climate change impact on the deterioration of the quality of life have led to an increased number of initiatives connected with climate change mitigation and adaptation. The Paris Agreement, which was signed in 2015, aims to limit global warming to well below 2 degrees Celsius above pre-industrial levels, with efforts to limit it to 1.5 degrees Celsius [1]. It represents a milestone in tackling climate change, and it has been an important catalyst for global collaboration and commitment toward mitigating greenhouse gas emissions and fostering climate resilience on a multilateral scale.
Amidst these efforts to combat climate change, sustainable finance has emerged as the main mechanism through which the public and private sectors aim to close the gap needed to achieve global environmental and social goals while ensuring long-term economic prosperity. It represents the focal point at the intersection of sustainable development goals and financing mechanisms [2]. The European Commission has defined sustainable finance as efforts to take environmental, social, and governance (ESG) considerations into account when making investment decisions in the financial sector, which leads to more long-term investments in sustainable economic activities and projects [3].
The SDG financing gap has been estimated at around a trillion USD in 2023, as per the latest United Nations Report, and it is best described as the present lack of investments that are pivotal to the successful green trajectory. Even though green and sustainable finance investments were at an all-time high in 2023, the money drawn from private and institutional investors is still not on a sufficient level, mainly due to a lack of information, lack of experience, and the level of transaction costs [4]. Hence, the ever-present question is how to mobilize more funds, and how to increase the level of investments in sustainable development programs. As the authors have stated (ref), great potential lies in the platform economy model.
The platform economy model, which is regarded as one of the most remarkable economic models of the 21st century [5], can be defined as an ensemble of economic and social activities formed by a transaction platform to connect sellers with buyers to increase their sales and income [6]. Recently, academic discussions centered around the platform economy have increased [7,8,9]. In particular, the academic community has shown significant interest in the ways through which the platform economy is connected to green transition [5,10]. For example, Yu and Chen [11] analyzed the impact of industrial Internet platforms on green innovation. Furthermore, Chen et al. [12] concluded that platforms represent a vital intermediary for acquiring green information and purchasing green products. Lastly, Reza-Gharebagh [8] concluded that platforms play a key role in the green technology development process, which has important implications for further research. Thus, this paper aims to discover which particular platform-based solutions can be regarded as facilitators of the sustainable finance mobilization processes, as well as what benefits from platform-based solutions can be determined.
This paper makes a significant contribution to examining the role of platform economy development and its impact on sustainable finance mobilization. Furthermore, it provides a sound theoretical framework for both sustainable finance mechanisms and the role of platform-based solutions in fostering them. Considering the main obstacles present in the sustainable finance mobilization process, this study explores the channels through which platforms can be leveraged to facilitate the aforementioned processes.
The rest of the paper is structured as follows. Section 2 presents the methodology and research questions, while Section 3 presents the theoretical background in sustainable finance. Section 4 explores the growing role of platform-based solutions in fostering green transformation, through the literature review centered around the topic. Section 5 gives important conclusions and recommendations for future research and practice in the field of platform-based solutions and their role in sustainable development processes.

2. Materials and Methods

The methodology employed for the literature review involved a systematic literature review and analysis of relevant academic literature to inform the current study on the role of platforms in fostering sustainable finance. A systematic literature review has been defined as a research methodology that collects, identifies, and critically analyzes the available research studies [13]. This process maps and evaluates the current knowledge and identifies gaps in specific topics, thereby contributing to the development of the knowledge base. Unlike a traditional narrative review, SLR employs reproducible, scientific, and transparent methods. An SLR gathers all relevant publications and documents that meet the predetermined inclusion criteria to address a specific research question [14]. It utilizes clear and systematic procedures to reduce bias during the processes of searching, identifying, appraising, synthesizing, analyzing, and summarizing studies, and, thus, that is why we have chosen this method for our analysis.
This process encompassed several stages: firstly, defining clear search criteria and keywords to identify pertinent sources, mainly using academic journal databases. Methodological steps are shown in Table 1. They include the planning protocol, operative research, and descriptive analysis. In the first phase (planning protocol), based on the initial literature review research questions are determined. Following that, a literature search was conducted in the selected database, according to the predefined criteria. Lastly, inclusion/exclusion criteria are set (e.g., language, type of document, year of publication, etc.). In the second phase (operative research), data are collected from the database, and in the third phase (descriptive analysis), it undergoes cluster analysis.
For the analysis conducted in this paper, the authors used the SCOPUS database. Through examining the existent advancements in research centered around the platform economy and sustainable finance, the aim was to see how platform-based solutions and sustainable finance practices are connected.
Sustainable finance has gained significant attention due to its potential to bridge the financing gap required to achieve global environmental and social goals [17]. Platforms have emerged as vital intermediaries that can enhance transparency, information flow, and accessibility to funds. Understanding the enablers and benefits of platform-based solutions in this context is essential to harness their full potential in promoting sustainable finance. Thus, through a literature review of selected papers, the following research questions were formulated:
RQ1: What are the main platform-based enablers of sustainable finance?
RQ2: Which particular benefits do the determined platform-based solutions give to sustainable finance practices?
Using the SCOPUS database, and using a search query (TITLE-ABS-KEY “platform”) AND (TITLE-ABS-KEY “sustainable finance” OR “green finance” OR “climate finance” OR “impact investing”), 100 papers were retrieved. Language restrictions implied that only papers in English were retrieved, while no particular restriction was made in regard to the timeframe. All papers that matched the criteria, regardless of the publication year, were downloaded. As only a single database was used, no duplicates were found. Using the RStudio bibliometrix package (R version 4.3.3), clusters of topics were retrieved, to determine which aspects of the platform economy concern the concept of sustainable finance the most. Following that, relevant papers for each of the defined clusters were examined.
In the next Section, theoretical background on sustainable finance will be provided, followed by the Section examining platform-based solutions in the context of sustainable finance.

3. Theoretical Background on Sustainable Finance

With increased levels of economic activity, and accelerated global economic development, adversities concerning worsened ecological conditions have grown in number [18]. The International Panel on Climate Change (IPCC) was established in 1988, aiming to build a consensus on climate change between various scientific communities and world governments [19]. As stated by [20], the Assessment Reports (ARs) produced by IPCC represent focal materials and scientific inputs for the United Nations Framework Convention on Climate Change (UNFCCC). Based on the insights they provide, investors, financial institutions, and other stakeholders can better evaluate the sustainability impact and risks associated with their investments [21]. In that regard, sustainable finance has emerged as an important concept in the context of climate change mitigation and adaptation, and support for sustainable finance practices has emerged as one of the major policy goals in the European Union [22]. This concept involves obtaining money from the public sector, the non-governmental sector, and the private sector from private individuals to foster sustainable economic development that has unique benefits to the broader public [23]. As defined by the European Commission [3], it involves the consideration of the ESG factors when making investment decisions, where environmental factors include emissions, pollution, and sustainability factors in financial investments, social factor refers to the impact the investment has on society, while governance refers to more efficient and responsible corporate structures. Integrating sustainability aspects and considerations will lessen the magnitude of natural disasters, as well as all social and environmental issues having the possibility to harm both financial markets and the broader economy [3].
The main events that influenced the rise of sustainable finance mechanisms are shown in Figure 1. The 1972 United Nations Conference on the Human Environment in Stockholm was among the first global events that made the environment a major issue [24]. The conference in Stockholm can be regarded as a pioneering event that placed environmental issues on the global agenda for the first time. It led to the creation of the United Nations Environment Programme (UNEP) [25], which has since played a crucial role in promoting environmental sustainability through international cooperation and policy development. Following that, UNEP launched its Finance Initiative in 1991 [26]. The UNEP Finance Initiative is a partnership between UNEP and the global financial sector aimed at understanding the impacts of environmental and social considerations on financial performance. This initiative has been instrumental in integrating sustainability into financial institutions’ strategies and operations, fostering the growth of sustainable finance [25].
With growing awareness of the importance of environmental, social, and governance factors when making investment decisions, the United Nations has introduced Principles of Responsible Investing. With the Rio Conference in 2012, Millennium Development Goals were introduced and were furthermore enhanced in 2015, when MDGs were replaced by the Sustainable Development Goals (SDGs) and Agenda 2030. Most important milestones concern the EU Sustainable Finance Action Plan, and Sustainable Finance Platforms, established in 2022. The Platform on Sustainable Finance plays a key role in enabling such cooperation by connecting different relevant stakeholders, such as the corporate and public sectors, from industry as well as academia, civil society, and the financial industry [27]. This Platform partially builds on the idea that more information about sustainability impacts, risks, and opportunities can facilitate real change within the firm but also in the relationship between the firm and its customers/suppliers, as well as between the firm and financial markets [28].
Sustainable Finance bonds in the first half of 2023 equaled USD 458.5 billion, representing an augmentation of 6% compared to 2022 levels and the strongest first half for sustainable finance bonds since the first half of 2021 [29]. As explained by Kumar et al. [30], successful climate change mitigation and adaptation practices require a shift of the global financial system toward sustainable development goals, in order to close the sustainable financing gap and continue the green transition process successfully. Hence, it is essential to understand how platform-based solutions can be used to facilitate sustainable finance mobilization.

4. The Role of Platforms as Facilitators of Sustainable Finance Mechanisms

The platform economy is represented by a digital ecosystem that comprises a range of digital platforms acting as facilitators of interactions and transactions among various user communities, such as businesses, consumers, and service providers [31]. As stated by Dahmani and Ben Youssef [32], platforms serve as an intermediary, generating value for all parties involved by utilizing data-driven algorithms, network effects, and creative business models, at the same time encompassing myriad sectors, among which e-commerce, social media, and financial services take the largest share. In a recent paper by Panori [33], the power of platforms was defined as their inherent ability to reinforce proximity through digital means, promoting interactions, information flows, and network creation. Platforms represent an ambiguous concept, which can be approached from numerous angles [34,35]. Understanding the growing need for sustainable funds, it is important to assess in which ways platforms can be leveraged to this extent. In the context of sustainable finance, platform-based solutions can be used in different directions [36,37]. They can be used to help raise awareness of sustainable development and climate change mitigation and adaptation, and sustainable finance [38], and they can facilitate the channels for resource mobilization for entrepreneurs as well as for governments and corporations [39].
As stated by Huang [40], the development of technology and platform solutions enhances sustainable financing processes. What has furthermore been explored and confirmed by Zhao [23], this influence is mutually reinforcing. Hence, a thorough examination of the sustainable finance enablers rooted in the platform economy is needed.

4.1. The Main Platform-Based Enhancers of Sustainable Finance Processes

Using data retrieved from SCOPUS, cluster analysis was performed to determine what are the fields in which platforms are connected with sustainable finance. The results have shown that the current research centered around platforms and sustainable finance can be split into several groups (Figure 2). Mainly, the role of platforms in fostering sustainable finance can be examined through crowdfunding platforms, fin-tech and blockchain, impact investing, and lending platforms, as well as through the development of more effective tools for managing ESG data.
After the papers from the identified clusters were examined, the main platform-based solutions in the function of sustainable finance were determined, and presented in Table 2. Therefore, platform-based tools identified in Table 2 answer RQ1.
The main platform-based channels that were determined, and through which sustainable finance processes can be optimized, include crowdfunding platforms, impact investing platforms, P2P lending platforms, and blockchain-based solutions, as well as ESG data platforms. They serve, each in their own segment, as enablers or facilitators of sustainable finance mobilization processes, and as tools that can upgrade monitoring and assessment frameworks, which ultimately leads to a high-quality, efficient, and transparent sustainable finance ecosystem.

4.1.1. Crowdfunding Platforms

Crowdfunding platforms enable individuals or organizations to raise funds from a vast number of people for sustainable finance projects. As stated by Cumming et al. [41], the importance of crowdfunding lies in its ability to enable various positive externalities to the community by helping the development of entrepreneurship. The authors state that the absence of platforms removes benefits and causes negative economic spillover as well. In the context of crowdfunding platforms, Martínez-Gómez [38] states that the focal point is the implementation of sound communication mechanisms, to disclose investors’ informative signals, and to facilitate the dissemination of information among various types of investors.
A recent study conducted by Böckel et al. [46] examines the importance of regulatory oversight in maintaining the integrity of crowdfunding platforms and safeguarding the interests of both investors and project initiators. By implementing appropriate regulatory measures, governments can enhance the positive impact of crowdfunding on sustainable finance while mitigating risks associated with fraudulent activities and project failures. Through bringing together individuals, investors, and corporations, crowdfunding aims to scale up sustainable innovations. In this way, crowdfunding makes a contribution to the scale at which climate change mitigation technologies can make a difference at the global level [62].

4.1.2. Impact Investment Platforms

Impact investment platforms connect investors with sustainable projects that generate measurable social and environmental impact alongside financial returns. Impact investing has been given vast attention from both scholars and private sector specialists over the last ten years, but there are still numerous ways to approach its formal definition and scope [63]. Impact investments can be defined as “investments made to generate positive, measurable social and environmental impact alongside a financial return” [64]. In a paper by Shrivastava and Ganesh [48], the authors conclude that social enterprise platforms, networks, and forums play a significant role in identifying ideas and business models, in connecting entrepreneurs with mentors and investors, and in increasing dialog, discourse, and debate about key challenges and innovations in the sector. Hence, they represent the mainstream branch of sustainable finance [65]. They serve as intermediaries that connect investors with opportunities to support economic development, renewable energy, sustainable agriculture, healthcare, and education, among other areas, and existing impact investing platforms have proven to be a success, in terms of raising awareness (e.g., Global Impact Investing Network—GIIN). In essence, impact investing platforms enable sustainable finance by directing funds toward projects that deliver social or environmental benefits along with financial returns, thus aligning investor values with global sustainability objectives.

4.1.3. Peer-to-Peer Lending Platforms

Peer-to-peer lending platforms directly connect borrowers seeking financing for sustainable projects with lenders willing to provide capital. Recently, platform-based P2P lending financial products have been developing at a significant pace [53]. P2P lending’s appeal in the context of sustainable finance mobilization lies in its potential for higher returns for investors and lower interest rates for borrowers, attributed to lower operational costs than traditional banking institutions [51].
In a study conducted by Teichmann et al. [52], the authors aim to contribute to the literature by analyzing the link between sustainable finance and P2P platforms, while simultaneously drawing attention to the risks present in the process. Authors conclude that FinTech P2P lending platforms can accelerate the development of green digital finance by using the Internet and information technology in the lending market. A certain number of authors state that P2P services, in particular, can contribute to improvements in social equality and environmental sustainability, as well as an increase in community cohesion and development [51,66,67].

4.1.4. Block Chain-Based Financing Platforms

The application of blockchain in financing platforms extends to various layers, including tokenization of assets, decentralized exchange protocols, lending platforms, derivatives, and on-chain asset management [68]. These platforms facilitate a broad spectrum of financial activities, from asset trading and loans to complex financial instruments, all within a secure, transparent, and efficient framework. Zhao [23] explains the ways through which blockchain solutions can be used to foster growth in sustainable and green finance and concludes that it is mainly through allowing securities to be marketed in small portions, through the ease of issuance of green and sustainable financial instruments using blockchain, as well as through facilitation of cross-border exchange of data.
Furthermore, decentralized finance (DeFi) platforms, built upon blockchain, further amplify the potential for sustainable finance by offering innovative financial products and services. These include green bonds, sustainable yield farming, and ESG-focused investment pools, which can attract more capital to sustainable projects [69]. This not only enhances the efficiency and effectiveness of sustainable finance but also opens up new avenues for funding projects that contribute to a sustainable future.
Nevertheless, Rani et al. [70] state that blockchain-based solutions have been widely criticized by several authors, mainly for their negative impact on the environment due to their energy inefficiency [71]. Rana et al. [72] indicate that there is an increasing interest in developing sustainable blockchain solutions to avoid offsetting the benefits of blockchain by its negative environmental impact.

4.1.5. ESG Data Platforms

Environmental, social, and governance data platforms aggregate and analyze data on companies’ sustainability performance for investors. The significance of these platforms lies in their ability to standardize and enhance the credibility of ESG data [60]. Given the fragmented and disparate nature of corporate ESG reporting, these platforms offer a solution by aggregating and analyzing data from multiple sources, providing objective measurements and ratings (e.g., Bloomberg, Refinitiv DataStream). This is particularly important in a market where information is self-reported, opening doors to potential ‘greenwashing’ [73]. The advent of such platforms marks a transformative period in the financial sector, emphasizing the importance of ESG considerations in driving sustainable investments and fostering a more transparent and conscientious market. With a myriad of tools and services offered, ESG data platforms are essential for entities aiming to improve their ESG performance and align with global sustainability goals [60].

4.2. The Benefits Provided by Platform-Based Solutions

Through the analysis of the selected papers, the authors conclude that platform-based solutions significantly contribute to sustainable finance by integrating technology to improve credibility, disclosure, level of mobilized funds (financing), and tools for assessment (Figure 3), which answers RQ2.
Firstly, they enhance credibility by offering a centralized framework for verifying and monitoring sustainable initiatives, ensuring that projects meet certain environmental, social, and governance (ESG) criteria. This is critical in preventing greenwashing and building trust with investors [54]. Secondly, these platforms facilitate comprehensive and standardized disclosure of sustainability-related information, enabling investors to make informed decisions based on reliable data [61]. Thirdly, by connecting projects with potential investors, platform-based solutions democratize access to financing, particularly for smaller or innovative projects that might otherwise struggle to secure funding through traditional financial systems [51]. Finally, they provide sophisticated tools and analytics for the assessment of sustainability impacts and risks, allowing for more nuanced investment strategies that align with long-term sustainability goals [59,74]. Platform-based sustainable finance enablers thus serve as vital intermediaries that align investor values with global sustainability objectives, driving the allocation of capital toward more sustainable economic activities.
Although platform-based solutions have great potential for accelerating sustainable finance processes, there are certain risks present, which need to be addressed. As stated by Hoque [75], despite the large potential of platforms, several challenges remain present, and they include coordination complexities and security concerns, as well as strategic concerns. Among the most important ones are the initial start-up costs and existing digital divide (among coordination complexities), and cybersecurity risks (among security concerns).

5. Discussion and Conclusions

The analysis in this paper underscores the role of platforms in fostering sustainable finance, through analyzing state of the art in the field of sustainable finance, as well as through connection with platform-based solutions. As has been proven already with the Sustainable Finance Platform, they serve as principal catalysts for change within the global financial ecosystem. By leveraging the capabilities of platforms, stakeholders across the financial spectrum can accelerate the transition toward a more sustainable and inclusive financial system [5].
Analysis in this paper was conducted using a systematic literature review, by analyzing papers retrieved from the SCOPUS database, according to the methodological steps and search queries explained in Section 2. The analysis provided answers to the research questions set in Section 2, which were to determine (1) What are the main platform-based facilitators of sustainable finance? and (2) Which particular benefits do the determined platform-based solutions give to sustainable finance practices?
To answer research question 1, using the bibliometrix package in Rstudio, cluster analysis was conducted, which showed the existence of several platform-based facilitators of sustainable finance processes.
To answer research question 2, through examination of the main platform-based solutions that can act as sustainable finance facilitators, and through a detailed examination of case studies and examples from the literature, we have found concrete evidence of how these platforms operate and the benefits they offer. Firstly, through enhanced usage of blockchain solutions, it was concluded that participants can more easily track and verify the environmental and social impacts of their investments. Secondly, research on blockchain-based platforms demonstrated their ability to enhance credibility through transparent and immutable records [53,55,74]. Thirdly, studies on crowdfunding platforms highlighted their role in democratizing access to finance [63]. Lastly, through the usage of platforms, disclosure and assessment can be more easily tracked, which amplifies the collective access to information on these types of investments [76].
Ultimately, the collective efforts of stakeholders—from investors and financial institutions to regulators and platform providers—are essential in using the potential of Sustainable Finance Platforms. On one side, platforms can help in the field of raising awareness, as well as the knowledge-sharing process, while on the other side, they represent the tool through which the funds can be mobilized faster, more effectively, and less costly. Hence, through the effective use of the power of platforms to channel capital toward environmentally sound, socially responsible, and ethically governed investments, the existing financing gaps can be closed, and sustainable development goals on a broader and deeper scale can be fulfilled.

Author Contributions

Conceptualization, J.J. and S.V.; methodology, J.J. and S.V.; formal analysis, J.J. and S.V.; investigation, J.J.; resources, J.J.; data curation, J.J.; writing—original draft preparation, J.J.; writing—review and editing, J.J. and S.V.; visualization, J.J.; supervision, S.V. All authors have read and agreed to the published version of the manuscript.

Funding

This research received no external funding.

Institutional Review Board Statement

Not applicable.

Informed Consent Statement

Not applicable.

Data Availability Statement

Data available on request.

Conflicts of Interest

The authors declare no conflicts of interest.

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Platforms 02 00009 g001
Figure 1. Development of sustainable finance mechanisms.
Figure 1. Development of sustainable finance mechanisms.
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Figure 2. Trend topics clusters.
Figure 2. Trend topics clusters.
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Figure 3. Benefits provided by platform-based solutions.
Figure 3. Benefits provided by platform-based solutions.
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Table 1. Methodological steps in conducting a systematic review.
Table 1. Methodological steps in conducting a systematic review.
Literature Review:
Planning Protocol		Execution:
Operative Research		Classification:
Descriptive Analysis
Research questions
Database literature retrieval
Inclusion/Exclusion criteria		Data collection and selectionCluster analysis
Source: Adapted according to [15,16].
Table 2. Main platform-based tools, theoretical background.
Table 2. Main platform-based tools, theoretical background.
Platform-Based Solution TypePapers Dealing with the Topic
1. Crowdfunding platforms[41,42,43,44,45,46]
2. Impact investment platforms[47,48,49]
3. Peer-to-peer (P2P) lending platforms[50,51,52,53]
4. Blockchain-based financing platforms[2,54,55,56,57,58,59]
5. ESG data platforms[60,61,62]
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Jovović, J.; Vuković, S. The Role of Platforms in Fostering Sustainable Finance: A Comprehensive Approach. Platforms 2024, 2, 138-149. https://doi.org/10.3390/platforms2030009

AMA Style

Jovović J, Vuković S. The Role of Platforms in Fostering Sustainable Finance: A Comprehensive Approach. Platforms. 2024; 2(3):138-149. https://doi.org/10.3390/platforms2030009

Chicago/Turabian Style

Jovović, Jelena, and Sunčica Vuković. 2024. "The Role of Platforms in Fostering Sustainable Finance: A Comprehensive Approach" Platforms 2, no. 3: 138-149. https://doi.org/10.3390/platforms2030009

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