Energy, Environment, Economic GrowthEconomic Growth and DevelopmentSustainable Finance and Green Bonds

Kai Pi, Stéphane Mbiankeu Nguéa

2026.1.22Journal of Environment & Development

DOI: 10.1177/10704965261420359

Abstract

This study investigates the effectiveness of climate finance in protecting natural resources across 20 African countries from 2006 to 2021. Using robust methods to address endogeneity and distributional heterogeneity, the results show that climate finance significantly enhances conservation, a finding consistent across alternative green finance measures. Renewable energy consumption also promotes protection, whereas GDP growth and industrialisation degrade resources. Crucially, climate finance is beneficial regardless of a nation’s initial conservation level. The study concludes that scaling climate funding is vital for Africa’s environmental sustainability, provided strategies are tailored to address economic and institutional disparities.

Citation format

PI, Kai; NGUÉA, Stéphane Mbiankeu. Green investments for blue planet: Assessing climate finance effects on natural resource protection in sub-saharan africa. Journal of Environment & Development, 2026, 35(3): 656–680.