本研究探討加密貨幣能否納入永續金融體系，並聚焦其在環境（E）、社會（S）與治理（G）三面向的挑戰與潛力。雖然ESG已成為全球投資主流，但加密貨幣因高能耗、治理匿名與金融包容性爭議而備受質疑。本文結合制度理論、利益關係人理論與創新擴散理論，分析制度適配落差、行動者協調及市場採納條件。研究指出，比特幣挖礦在高碳排放之外，亦可能透過再生能源整合發揮調節功能；加密資產具備普惠金融與危機募資潛能，但必須強化KYC/AML治理；而區塊鏈透明性與DAO治理雖具制度創新價值，仍受限於問責與法規銜接不足。進一步案例分析顯示，若碳中和比特幣ETF或綠色礦池等商品缺乏一致揭露，將加劇漂綠風險。本文最終提出《ESG虛擬資產評估架構》，並建議以「資訊透明、跨國互認、沙盒試驗」三軸推動制度創新，期望為永續金融與數位資產整合提供政策參考。

This study explores whether cryptocurrencies can be integrated into sustainable finance by assessing their environmental (E), social (S), and governance (G), (ESG) dimensions and identifying institutional conditions to mitigate risks and realize benefits. Combining institutional, stakeholder, and innovation diffusion theories, it develops a framework addressing regulatory gaps, actor coordination, and market adoption, applied to Bitcoin mining, decentralized finance, and ESG-labeled crypto products through literature review, risk–opportunity analysis, and comparative policy study.
From the environmental perspective, Proof-of-Work entails high energy use, emissions, and e-waste, yet can support renewable integration when paired with transparent disclosure, renewable energy certificates, and carbon pricing. From the social aspect, crypto enables cross-border payments, crisis fundraising, and inclusion, but anonymity, fraud, tax erosion, and consumer risks demand robust Know Your Customer (KYC)/ Anti-Money Laundering (AML)/ Counter-Financing of Terrorism (CFT ) and digital literacy. Governance offers blockchain transparency and Decentralized Autonomous Organization (DAO) innovation, yet accountability gaps and token concentration weaken credibility; without third-party assurance and auditable on-chain disclosure, ESG claims remain fragile.
A review of carbon-neutral ETFs and green mining pools highlights risks of greenwashing due to inconsistent reporting. To address this issue, the study proposes an “ESG Evaluation Framework for crypto Assets” with 12 indicators aligned with European Union Sustainable Finance Disclosure Regulation (EU SFDR) and a policy blueprint centered on “Transparency–Mutual recognition–Sandbox.” Findings reframe crypto assets as sustainability carriers shaped by institutional and technical co-evolution and position them as an extreme testbed for ESG methodology, offering pathways for regulators and investors to evaluate and integrate digital assets into sustainable finance.

Abramowicz, M. (2020). The very brief history of decentralized blockchain governance. Vanderbilt Journal of Entertainment and Technology Law, 22(4), 715–748
Agrawal, A., & Hockerts, K. (2021). Impact investing: Review and research agenda. Journal of Small Business & Entrepreneurship, 33(2), 153–181. https://doi.org/10.1080/08276331.2018.1551457
Almadadha, R. (2025). Blockchain and financial performance: empirical evidence from major Australian banks. Frontiers in Blockchain, 8, Article 1463633. https://doi.org/10.3389/fbloc.2025.1463633
Alqudah, M., Ferruz, L., Martín, E., Qudah, H., & Hamdan, F. (2023). The sustainability of investing in cryptocurrencies: A bibliometric analysis of research trends. International Journal of Financial Studies, 11(3), 93. https://doi.org/10.3390/ijfs11030093
Amel-Zadeh, A., & Serafeim, G. (2018). Why and how investors use ESG information: Evidence from a global survey. Financial Analysts Journal, 74(3), 87-103. https://doi.org/10.2469/faj.v74.n3.2
Ashwin Kumar, N.C., Smith, C., Badis, L., Wang, N., Ambrosy, P., & Tavares, R. (2016). ESG factors and risk-adjusted performance: A new quantitative model. Journal of Sustainable Finance & Investment, 6(4), 292–300. https://doi.org/10.1080/20430795.2016.1234909
Baker, M., Egan, M. L., & Sarkar, S. K. (2022). Demand for ESG (NBER Working Paper No. 30708). National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w30708/w30708.pdf
Benson, V., Adamyk, B., Chinnaswamy, A., & Adamyk, O. (2024). Harmonising cryptocurrency regulation in Europe: Opportunities for preventing illicit transactions. European Journal of Law and Economics, 57, 37–61. https://doi.org/10.1007/s10657-024-09797-w
Berg, F., Kölbel, J. F., & Rigobon, R. (2022). Aggregate confusion: The divergence of ESG ratings. Review of Finance, 26(6), 1315–1344. https://doi.org/10.1093/rof/rfac033
Bissoondoyal-Bheenick, E., Bennett, S., Lehnherr, R., & Zhong, A. (2024). ESG rating disagreement: Implications and aggregation approaches. International Review of Economics & Finance, 96, 103532. https://doi.org/10.1016/j.iref.2024.103532
Boos, T. (2024). Bitcoin, techno-utopianism and populism: Unveiling Bukele’s crypto-populism in El Salvador’s adoption of Bitcoin. Economy and Society, 53(4), 579–602. https://doi.org/10.1080/03085147.2024.2407227
Bolton, P., & Kacperczyk, M. (2021). Do investors care about carbon risk? Journal of Financial Economics, 142(2), 517–549. https://doi.org/10.1016/j.jfineco.2021.05.008
Budisteanu, T.-G. (2025). Blockchain and the Banking Sector: Benefits, Challenges and Perspectives. Open Journal of Social Sciences, 13(3), 288-300. https://doi.org/10.4236/jss.2025.133019
Burgess, T., & Liu, J. (2025). A tale of two jurisdictions: Contrasting cryptocurrency regulations in Hong Kong and the United Kingdom. Journal of Economic Criminology, 8, 100150. https://doi.org/10.1016/j.jeconc.2025.100150
Carter, N., Connell, S., Jones, B., Porter, D., & Rudd, M. A. (2023). Leveraging Bitcoin miners as flexible load resources for power system stability and efficiency. SSRN Electronic Journal. https://doi.org/10.2139/ssrn.4634256
Chiappini, H., Marinelli, N., Jalal, R. N. U. D., & Birindelli, G. (2023). Past, present and future of impact investing and closely related financial vehicles: A literature review. Sustainability Accounting, Management and Policy Journal, 14(5), 985–1009. https://doi.org/10.1108/SAMPJ-09-2022-0471
Christensen, D. M., Serafeim, G., & Sikochi, A. (2022). Why is corporate virtue in the eye of the beholder? The case of ESG ratings. The Accounting Review, 97(1), 147-175. https://doi.org/10.2308/TAR-2019-0506
Cohen, L., Gurun, U. G., & Nguyen, Q. (2024, July 10). It’s Time to Change How ESG Is Measured. Harvard Business Review. https://hbr.org/2024/07/its-time-to-change-how-esg-is-measured
Conklin, M., & Malone, J. (2023). Putting cryptocurrency in its place: The case for why ESG funds should exclude cryptocurrency-exposed companies. Berkeley Business Law Journal, 20(1). https://ssrn.com/abstract=4323993
Cornell, B. (2021). ESG Preferences, Risk and Return. European Financial Management, 27(1), 12–19. https://doi.org/10.1111/eufm.12295
Crypto Carbon Ratings Institute. (2022). The Merge – Implications on the Environmental Sustainability of Ethereum. https://carbon-ratings.com/dl/eth-report-2022
De Filippi, P., & Loveluck, B. (2016). The invisible politics of Bitcoin: Governance crisis of a decentralised infrastructure. Internet Policy Review, 5(4), 1–28. https://doi.org/10.14763/2016.3.427
Delmas, M. A., & Burbano, V. C. (2011). The drivers of greenwashing. California Management Review, 64(1), 78–97. https://doi.org/10.1525/cmr.2011.54.1.64
De Vries, A., Gallersdörfer, U., Klaaßen, L., & Stoll, C. (2022). Revisiting Bitcoin’s carbon footprint. Joule, 6(3), 498-502. https://doi.org/10.1016/j.joule.2022.02.005
De Vries, A., & Stoll, C. (2021). Bitcoin’s growing e-waste problem. Resources, Conservation and Recycling, 175, 105901. https://doi.org/10.1016/j.resconrec.2021.105901
Dyck, A., Lins, K. V., Roth, L., & Wagner, H. F. (2019). Do institutional investors drive corporate social responsibility? International evidence. Journal of Financial Economics, 131(3), 693-714. https://doi.org/10.1016/j.jfineco.2018.08.013
Eccles, R. G., & Klimenko, S. (2019). The investor revolution. Harvard Business Review, 97(3), 106–116. https://hbr.org/2019/05/the-investor-revolution
Eccles, R. G., Lee, L. E., & Stroehle, J. C. (2020). The social origins of ESG: An analysis of Innovest and KLD. Organization & Environment, 33(4), 575-596. https://doi.org/10.1177/1086026619888994
Eicke, L., Weko, S., Apergi, M., & Marian, A. (2021). Pulling up the carbon ladder? Decarbonization, dependence, and third-country risks from the European carbon border adjustment mechanism. Energy Research & Social Science, 80. https://doi.org/10.1016/j.erss.2021.102240
Elkington, J. (2018). 25 years ago I coined the phrase “triple bottom line.” Here’s why it’s time to rethink it. Harvard Business Review Digital Articles, 2–5. https://hbr.org/2018/06/25-years-ago-i-coined-the-phrase-triple-bottom-line-heres-why-im-giving-up-on-it
Fan, J. H., & Michalski, L. (2020). Sustainable factor investing: Where doing well meets doing good. International Review of Economics & Finance. DOI: 10.1016/j.iref.2020.07.013
Farran, I., & El Hajj, M. (2024). The Cryptocurrencies in Emerging Markets: Enhancing Financial Inclusion and Economic Empowerment. Journal of Risk and Financial Management, 17(10), 467. https://doi.org/10.3390/jrfm17100467
Fancy, T. (2021). The secret diary of a ‘sustainable investor’: Why ESG investing doesn’t work. Medium. Retrieved from https://www.financite.be/sites/default/files/references/files/the_secret_diary_of_a_sustainable_investor_-_tariq_fancy.pdf
Fatemi, A. M., & Fooladi, I. J. (2013). Sustainable finance: A new paradigm. Global Finance Journal, 24(2), 101–113. https://doi.org/10.1016/j.gfj.2013.07.006
Feghali, K., Najem, R., & Metcalfe, B. D. (2025). Greenwashing in the era of sustainability: A systematic literature review. Corporate Governance and Sustainability Review, 9(1), 18–31. https://doi.org/10.22495/cgsrv9i1p2
Freeman, R. E. (1984). Strategic management: A stakeholder approach. Boston, MA: Pitman
Friede, G., Busch, T., & Bassen, A. (2015). ESG and financial performance: Aggregated evidence from more than 2000 empirical studies. Journal of Sustainable Finance & Investment, 5(4), 210–233. https://doi.org/10.1080/20430795.2015.1118917
G7. (2022). G7 Climate Club Statement. Retrieved from https://www.g7germany.de/resource/blob/974430/2062292/65f0189e04b8915b67e35c99c074c9dc/2022-06-28-g7-climate-club-statement-data.pdf
Gillan, S. L., Koch, A., & Starks, L. T. (2021). Firms and social responsibility: A review of ESG and CSR research in corporate finance. Journal of Corporate Finance, 66, Article 101889. https://doi.org/10.1016/j.jcorpfin.2021.101889
Goel, R. K., & Mazhar, U. (2024). Cryptocurrency use and tax collections: Direct and indirect channels of influence. Journal of Financial Stability, 72, 101251. https://doi.org/10.1016/j.jfs.2024.101251
Heinkel, R., Kraus, A., & Zechner, J. (2001). The effect of green investment on corporate behavior. Journal of Financial and Quantitative Analysis, 36(4), 431–449. https://doi.org/10.2307/2676219
Hakimi, A., Pazuki, M. M., Salimi, M., & Amidpour, M. (2024). Renewable energy and cryptocurrency: A dual approach to economic viability and environmental sustainability. Heliyon, 10(11), e39765. https://doi.org/10.1016/j.heliyon.2024.e39765
Hatalis, M. (2024). Greenwashing or going green? An empirical analysis of the drivers and the effects of carbon offsets and renewable energy certificates on firm performance. American Journal of Management, 24(2), 17–49. https://doi.org/10.33423/ajm.v24i2.7108
Harvey, C. R., Ramachandran, A., & Santoro, J. (2021). DeFi and the future of finance. Journal of Financial Perspectives, 9(1), 39-60. https://doi.org/10.2139/ssrn.3711777
Höchstädter, A. K., & Scheck, B. (2015). What’s in a name: An analysis of impact investing understandings by academics and practitioners. Journal of Business Ethics, 132(2), 449–475. https://doi.org/10.1007/s10551-014-2327-0
Hornback, A. M., & Whaley, R. E. (2025). Spot Bitcoin ETFs: The struggle was worth it. Financial Analysts Journal, 81(2), 110–145. https://doi.org/10.1080/0015198X.2025.2458054
Huang, Z., Shi, Y., & Jia, M. (2025). Greenwashing: A systematic literature review. Accounting & Finance, 65(1), 857–882. https://doi.org/10.1111/acfi.13352
Hu, J. (2024). The regulation of cryptocurrency in China. International Journal of Digital Law and Governance, 1(1), 53–79. https://www.degruyterbrill.com/document/doi/10.1515/ijdlg-2024-0007/pdf?licenseType=open-access
Indrawati, A., Ruliana, T., Yudhyani, E., & Nurfitriani, N. (2023). Environmental, social, governance report, and materiality analysis effect on financial and market performance. Journal of Accounting and Strategic Finance, 6(1), 71–89.https://doi.org/10.33005/jasf.v6i1.392
Jayavarma, A., Kesava Panikker, P. P., & Nair, M. G. (2025). Revolutionizing the energy sector: Exploring diversified blockchain platforms for a sustainable future. Frontiers in Blockchain, 8, Article 1544770. https://doi.org/10.3389/fbloc.2025.1544770
Jessica J., Lyu, T., & Posenau, K. (2024). The risk and return of impact investing funds. Journal of Financial Economics. Advance online publication. https://doi.org/10.1016/j.jfineco.2024.103928
Jun, H., Li, Y., & Zhang, X. (2024). Walk well and talk well: Impact of the consistency of ESG performance and information disclosure on stock price crash risk. International Review of Economics & Finance, 93, Article 105905. https://doi.org/10.1016/j.iref.2024.03.067
Kakinuma, Y. (2024). ESG equities and Bitcoin: Responsible investment and risk management perspective. International Journal of Ethics and Systems, 40(4), 759–775. https://doi.org/10.1108/IJOES-03-2023-0049
Khan, D. D., Farman, H., Hassan, S., Seelro, M., & .Muhammad, H.M.(2024). Cryptocurrency crimes: A systematic review on illicit activities using cryptocurrency, Bitcoin, and challenges for law enforcement agencies. Philippine Journal of Educational and Technology Studies, 12(1), 1–15. https://doi.org/10.22555/pjets.v12i1.1121
Knoblich, D. (2024). What impact will the new EU supply chain directive (CS3D) and the Supply Chain Due Diligence Act (LkSG) have on human rights and on potential companies affected by them? European Journal of Business, Economics and Accountancy, 12(2), 22–30. https://www.idpublications.org/wp-content/uploads/2024/08/Full-Paper-WHAT-IMPACT-WILL-THE-NEW-EU-SUPPLY-CHAIN-DIRECTIVE.pdf
Korpas, L. M., Frey, S., & Tan, J. (2023). Political, economic, and governance attitudes of blockchain users. Frontiers in Blockchain, 6, Article 1125088. https://doi.org/10.3389/fbloc.2023.1125088
Kramer, M. R., & Pfitzer, M. W. (2022, September–October). The essential link between ESG targets & financial performance. Harvard Business Review. Retrieved from https://hbr.org/2022/09/the-essential-link-between-esg-targets-financial-performance
Krueger, P., Sautner, Z., Tang, D. Y., & Zhong, R. (2024). The effects of mandatory ESG disclosure around the world. Journal of Accounting research,Vol 62(5),p1795-1847. https://doi.org/10.1111/1475-679X.12548
Kumari, P., Mamidala, V., Chavali, K., & Behl, A. (2024). The changing dynamics of crypto mining and environmental impact. International Review of Economics & Finance, 89(Part A), 940–953. https://doi.org/10.1016/j.iref.2023.08.004
Kumar, R., & Sharma, P. (2024). Blockchain technology as a tool for corporate governance and transparency. International Journal of Science and Research Archive, 13(1), 2479–2493. https://doi.org/10.30574/ijsra.2024.13.1.1971
Lal, A., & You, F. (2025). Climate sustainability through AI-crypto synergies and energy transition in the digital landscape to cut 0.7 GtCO₂e by 2030. Environmental Science & Technology. 2025, 59, 12, 6061–6073. https://doi.org/10.1021/acs.est.4c11477
Li, Z., & Yang, Z. (2025). ESG rating disagreement and corporate total factor productivity: Inference and prediction. arXiv preprint arXiv:2408.13895. https://doi.org/10.48550/arXiv.2408.13895
Magacho, G., Espagne, E., & Godin, A. (2023). Impacts of the CBAM on EU trade partners: consequences for developing countries. Climate Policy, 24（2）,P243-259. https://doi.org/10.1080/14693062.2023.2200758
Mustafa, F., Mordi, C., & Elamer, A. A. (2024). Green gold or carbon beast? Assessing the environmental implications of cryptocurrency trading on clean water management and carbon emission SDGs. Journal of Environmental Management, 367, Article 122059. https://doi.org/10.1016/j.jenvman.2024.122059
Nabilou, H. (2020). Bitcoin governance as a decentralized financial market infrastructure. Stanford Journal of Blockchain Law & Policy, 4(2), 177–202.https://doi.org/10.2139/ssrn.3555042
Nordhaus, W. (2020). The Climate Club: How to Fix a Failing Global Effort. Foreign Affairs, 99(3), 10-17. https://www.foreignaffairs.com/articles/united-states/2020-04-10/climate-club?utm_source=chatgpt.com
Oestreich, A. M., & Tsiakas, I. (2024). Carbon emissions and firm profitability. Journal of Sustainable Finance & Investment, 14(4), 766–786. https://doi.org/10.1080/20430795.2024.2386476
Onufreiciuc, R., & Stănescu, L.-E. (2023). Financial inclusion through decentralized finance: A citizen perspective. European Journal of Law and Public Administration, 10(2), 117–127. https://doi.org/10.18662/eljpa/10.2/214
Pástor, L., Stambaugh, R. F., & Taylor, L. A. (2021). Sustainable investing in equilibrium. Journal of Financial Economics, 142(2), 550–571. https://doi.org/10.1016/j.jfineco.2020.12.011
Park, J. G., Park, K., Noh, H., & Kim, Y. G. (2023). Characterization of CSR, ESG, and corporate citizenship through a text mining-based review of literature. Sustainability, 15(5), Article 3892. https://doi.org/10.3390/su15053892
Patel R,2024 Economic freedom or crypto-colonialism? Materialities of Bitcoin adoption in El Salvador. Geoforum, 151, 103980. https://doi.org/10.1016/j.geoforum.2024.103980
Pedersen, L. H., Fitzgibbons, S., & Pomorski, L. (2021). Responsible investing: The ESG-efficient frontier. Journal of Financial Economics, 142(2), 572–597. https://doi.org/10.1016/j.jfineco.2020.11.001
Polcumpally, A. T., Pandey, K. K., Kumar, A., & Samadhiya, A. (2024). Blockchain governance and trust: A multi-sector thematic systematic review and exploration of future research directions. Heliyon, 10(12), e32975. https://doi.org/10.1016/j.heliyon.2024.e32975
Qin, J., & Wang, M. (2025). ESG rating disagreement and bank loan availability: Evidence from China. PLOS ONE, 20(1), e0317191. https://doi.org/10.1371/journal.pone.0317191
Raghunandan, A., & Rajgopal, S. (2022). Do ESG funds make stakeholder-friendly investments? Review of Accounting Studies, 27, 822–863. https://doi.org/10.1007/s11142-022-09693-1
Riedl, A., & Smeets, P. (2017). Why do investors hold socially responsible mutual funds? Journal of Finance, 72(6), 2505–2550. https://doi.org/10.1111/jofi.12547
Rex W. R. & Shou ,X. (2023). Green preferences: Evidence from the greenium in green bonds. SSRN. https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4339525
Rogers, E. M. (2003). Diffusion of innovations (5th ed.)
Sannikova, L. (2023). ESG vs Crypto: Pros and contras. Giurisprudenza commerciale, 2023(1), parte I, p. 156 (forthcoming). Available at SSRN: https://ssrn.com/abstract=4359861
Sarkodie, S. A., Amani, M. A., Ahmed, M. Y., & Owusu, P. A. (2023). Assessment of Bitcoin carbon footprint. Sustainable Horizons, 7, 100060. https://doi.org/10.1016/j.horiz.2023.100060
Schoenmaker, D., & Schramade, W. (2019). Principles of sustainable finance. Oxford University Press. https://global.oup.com/academic/product/principles-of-sustainable-finance-9780198826606
Scott, W. R. (2008). Institutions and organizations: Ideas and interests (3rd ed.). Sage Publications.
Shapiro, J. S. (2021). The Environmental Bias of Trade Policy. The Quarterly Journal of Economics, 136(2), 831-886. https://doi.org/10.1093/qje/qjaa042
Shi, Y., & Yao, T. (2025). ESG rating divergence: Existence, driving factors, and impact effects. Sustainability, 17(10), Article 4717. https://doi.org/10.3390/su17104717
South African Institute of International Affairs（SAIIA). (2023). The Impact of the CBAM on African Economies and the Role of the AfCFTA. https://saiia.org.za/research/the-impact-of-the-cbam-on-african-economies-and-the-role-of-the-afcfta/
Szewczuk, S., & Więcek-Janka, E. (2024). Exploring sustainable investment: In-depth analysis of socially responsible investing (SRI) and ESG strategies. Annales Universitatis Mariae Curie-Skłodowska, sectio H – Oeconomia, 58(3, special issue), 103–114. https://doi.org/10.17951/h.2024.58.3.103-114
Townsend, B. (2020). From SRI to ESG: The origins of socially responsible and sustainable investing. The Journal of Impact and ESG Investing, 1(1), 1–16. https://jesg.pm-research.com
Truby, J. (2018). Decarbonizing Bitcoin: Law and policy choices for reducing the energy consumption of blockchain technologies and digital currencies. Energy Research & Social Science, 44, 399-410. https://doi.org/10.1016/j.erss.2018.06.009
Truby, J., Brown, R. D., Dahdal, A. M., & Ibrahim, I. A. (2022). Blockchain, climate damage, and death: Policy interventions to reduce the carbon emissions, mortality, and net-zero implications of non-fungible tokens and Bitcoin. Energy Research & Social Science, 88, 102499. https://doi.org/10.1016/j.erss.2022.102499
Vela Almeida, D., Kolinjivadi, V., Ferrando, T., Roy, B., Herrera, H., Vecchione Gonçalves, M., & Van Hecken, G. (2023). The “Greening” of Empire: The European Green Deal as the EU first agenda. Political Geography, 105, 102925. https://doi.org/10.1016/j.polgeo.2023.102925
Venzke, I., & Vidigal, G. (2022). Are Trade Measures to Tackle the Climate Crisis the End of Differentiated Responsibilities? The Case of the EU Carbon Border Adjustment Mechanism (CBAM). Amsterdam Law School Legal Studies Research Paper, 2022-02 https://doi.org/10.2139/ssrn.4013767
Vu, T. N., Lehkonen, H., Junttila, J. P., & Lucey, B. (2025). ESG investment performance and global attention to sustainability. The North American Journal of Economics and Finance, 75, 102287. https://doi.org/10.1016/j.najef.2024.102287
Wang, G., Tang, Y., Xie, C., & Chen, S. (2019). Is bitcoin a safe haven or a hedging asset? Evidence from China. Journal of Management Science and Engineering, 4(3), 173–188. https://doi.org/10.1016/j.jmse.2019.09.001
Whelan, T., Atz, U., & Clark, C. (2021). ESG and financial performance: Uncovering the relationship by aggregating evidence from 1,000 plus studies published between 2015–2020. NYU Stern Center for Sustainable Business.
Xiao, Z., Cui, S., Xiang, L., Liu, P., & Zhang, H. (2023). The environmental cost of cryptocurrency: Assessing carbon emissions from Bitcoin mining in China. Journal of Digital Economy, 2, 119–136. https://doi.org/10.1016/j.jdec.2023.11.001
Yan,C., & Bellavitis, C. (2020). Blockchain disruption and decentralized finance: The rise of decentralized business models. Journal of Business Venturing Insights, 13, e00151. https://doi.org/10.1016/j.jbvi.2019.e00151
Zairis, G., Liargovas, P., & Apostolopoulos, N. (2024). Sustainable finance and ESG importance: A systematic literature review and research agenda. Sustainability, 16(7), Article 2878. https://doi.org/10.3390/su16072878
Zhang, Q., Iqbal, S., & Shahzad, F. (2024). Role of environmental, social, and governance (ESG) investment and natural capital stocks in achieving net-zero carbon emissions. Journal of Cleaner Production, 478, 143919. https://doi.org/10.1016/j.jclepro.2024.143919