How do corporate social responsibility and green finance strategies impact sustainable development in China's renewable energy sector?

Abstract

As the globe transitions to a low-carbon economy, China's renewable energy (RE) sector is crucial to attaining sustainable growth. Green financing and corporate social responsibility (CSR) strategies have become increasingly important in promoting the growth and sustainability of the RE sector. In order to evaluate CSR factors and green finance strategies for effective integration in supporting the RE industry, this research employs hybrid Fuzzy Analytic Hierarchy Process (FAHP) and Fuzzy VIekriterijumsko KOmpromisno Rangiranje (FVIKOR) approaches in the context of China. The FAHP method is used to determine the various CSR factors and subfactors, while the FVIKOR method is employed to prioritize the key green finance strategies. The findings of the FAHP method highlight the importance of socioeconomic development, environmental protection, and stakeholder engagement as critical CSR factors for RE sectors. Moreover, the results of the FVIKOR method reveal that innovative financing mechanisms, green bonds, and green banks emerged as significant green finance strategies for mobilizing capital and resources for RE projects. The study highlights the value of aspects of CSR and green financing techniques in fostering sustainable development in the RE industry. The results can aid in the promotion of sustainable practices and the assistance of China's transition to a more resource- and environment-wise economy by firms, investors, governments, and other stakeholders.

Keywords: Corporate social responsibility; Green finance; Low-carbon economy; Renewable energy; Sustainable development.