Can Industry 4.0 Revolutionize the Wave of Green Finance Adoption: A Bibliometric Analysis

Abstract

Industry 4.0 practices are the composite of efficient industrial operations and innovations in technology through automation of processing. Whereas, the green finance is the approach that integrates financial industry and economic growth of a nation that takes into consideration the environmental benefits for sustainable growth. The objectives of green financing focuses on the practices that lead to transitioning to green economy. It takes into consideration environment protection and climate change mitigation and adaptation for environmentally inclusive economic growth. The concept of green economy and Industry 4.0 is both commonly based on innovation and supports the concept of circular economy. The core objective of both green economy and Industry 4.0 includes optimum utilization of resources with minimum generation of waste and minimum negative environmental impact. The implementation of Industry 4.0 and transition to green economy requires strategic approach that focuses on innovation in industrial sector as well as service sector. This paper focuses on the nexus between the green financing and Industry 4.0 for the efficient and environmentally resilient development of the economy. The paper attempts to provide an overview of both the concepts and how they can be integrated for the long-term economic growth. This study will be an addition to the academic literature of green finance and implementation of Industry 4.0. The study concludes that implementation of Industry 4.0 can also act as the key enabler for increasing the green financing activities in developing countries and transitioning to the green economy.