Financing Public Projects for Eco-Friendly Development Supporting Sustainable Initiatives for Tomorrow's Generations

Abstract

The connection between public finance and environmental sustainability is crucial, as sound financial management of green initiatives is vital for securing a sustainable future for any nation. Budgeting, a fundamental component of public finance, encompasses the management of government revenue, expenditures, and debt, and plays a key role in promoting economic stability. Integrating environmental factors into public finance has become essential, particularly in the context of pressing challenges such as climate change and resource depletion. This review analyzes policies and strategies related to a Green Economy from both economic and environmental angles, focusing on areas like renewable energy, energy efficiency, and sustainable transportation. It assesses various public finance tools, including government funding, tax incentives, green bonds, and public-private partnerships, in relation to these initiatives. Case studies from Denmark and Singapore provide insights into successful green projects and their outcomes. Furthermore, the review considers challenges such as inadequate funding, political and economic hurdles, measurement issues, and public perception. It also looks ahead, emphasizing emerging trends in green finance and policy, and proposes innovative strategies for driving sustainability forward. This highlights the intricate nature of sustainable development, which often demands comprehensive financial planning, technological advancements, and cooperative efforts among diverse stakeholders.