Green Finance and Environmental Sustainability in Developing Countries with Reference to Iraq

Abstract

While green financing and sustainable environmental practices are increasingly adopted in developed countries, developing nations such as Iraq lag behind in this domain. This research investigates the awareness and willingness of private banks in Baghdad to adopt green finance, as well as the barriers hindering its implementation. A structured questionnaire was designed and distributed to a random sample of 15 bank managers and assistant managers. Responses were collected, analyzed, and statistically evaluated to assess levels of awareness and readiness to engage in green financing. Findings indicate that the surveyed banks are generally aware of green finance concepts and express willingness to adopt them. However, the study highlights the critical role of government support in facilitating the transition toward green financial practices. The research offers strategic recommendations to enhance green finance adoption in Iraq and contributes to the knowledge base on sustainable finance in developing countries. Limitations include the small sample size and geographic focus, though implications for policymakers remain significant.