Dalia Streimikiene

Vilnius University, Kaunas Faculty, Lithuania

E-mail: dalia@mail.lei.lt

ORCID 0000-0002-3247-9912

The role of sustainable finance in achieving sustainable development goals

Asta Mikalauskiene

Vilnius University, Kaunas Faculty, Lithuania

E-mail: asta.mikalauskiene@knf.vu.lt

ORCID 0000-0002-4301-2058

Greta Burbaite

Vilnius University, Kaunas Faculty, Lithuania

E-mail: gretaburbaite@gmail.com

Abstract. In the article, the analysis of scientific literature leads to the definition of sustainable finance and identification of its types. This distinction allows for a more detailed examination of sustainable finance in different contexts, especially when only one type of sustainable finance is considered. The empirical study that has been carried out in the Baltic Sea states confirms that sustainable finance has an impact on the implementation of sustainable development goals. The countries that use more sustainable finance have better results in terms of the SDGs. The created research model reflects the sequence of data collection and the process of determining the relationship between sustainable development and sustainable finance. The correlation between the two is confirmed by the conducted research. The more sustainable is the country's financial model, the better is the implementation of sustainable development goals.

Received: June, 2022

1st Revision: February, 2023

Accepted: March, 2023

DOI: 10.14254/2071-789X.2023/16-1/17

JEL Classification: D63, Q01, Q20

Keywords: sustainable development, traditional finance, sustainable finance, sustainable development goals