Unlocking Sustainable Horizons: Explaining The Role of Green Finance in Advancing Sustainable Construction Practices among Building Professionals

Abstract

Green finance has become essential in the twenty-first century, not only for environmental science but also for business. The current study aimed to determine how green funding contributes to the promotion of green construction. Moreover, to discover the factors and challenges hindering the relationship between Green Finance and Sustainable Construction. In addition, it provides strategies for improving sustainable construction through green finance. It was quantitative research. The study's design was descriptive, and the survey method was adopted to collect data. A causal-comparative design was utilized to find relationships between study variables. Green financing was the independent variable, and sustainable construction was the dependent variable. This study considered three important professionals: Building Contractors, Consultants, and Developers from Lahore, Punjab. A close-ended questionnaire comprised of a five-point rating scale was used as a data collection tool. The reliability and validity of research instruments were also determined. The researcher collected data through personal visits using questionnaires. Before collecting prior appointments were made, the purpose of the study was intimated to respondents, and the confidentiality of responses was assured. Data was analyzed through descriptive statistics, for example, Mean, Standard Deviation, and T-Test. The results of the study show that respondents had an overall favorable opinion of green financing, acknowledging both its availability and investors' interest in sustainable projects. A favorable outlook is further enhanced by favorable loan terms. Nonetheless, there are still issues facing the sustainable construction industry, with low initial costs and ignorance being the main barriers. Research has also made recommendations for future studies that aim to close the finance gap for green projects. It might also assist with the responsibilities that each party involved in the improvement of green finance must carry out.