The Research and Practice of ESG under the Belt and Road Initiative

Research Article
Open access

The Research and Practice of ESG under the Belt and Road Initiative

Ke Shi 1*
  • 1 International Business School Suzhou at XJTLU, Xi’an Jiaotong-Liverpool University, Su Zhou, 215000, China    
  • *corresponding author Ke.Shi23@student.xjtlu.edu.cn
Published on 27 February 2025 | https://doi.org/10.54254/2754-1169/2025.21180
AEMPS Vol.168
ISSN (Print): 2754-1177
ISSN (Online): 2754-1169
ISBN (Print): 978-1-83558-991-5
ISBN (Online): 978-1-83558-992-2

Abstract

The Belt and Road Initiative (BRI), proposed in 2013, has become a transformative global strategy fostering economic collaboration, infrastructure development, and connectivity across Asia, Europe, and Africa. However, as the emphasis on sustainable development grows, the integration of Environmental, Social, and Governance (ESG) practices within the BRI framework has emerged as a critical focus. This essay examines the current state of ESG implementation under the BRI, highlighting notable corporate case studies and regional variations. It identifies key challenges such as regulatory inconsistencies, cultural and social barriers, economic pressures, and a lack of expertise in participating countries. Building on these insights, the essay proposes strategies for improvement, including establishing regional ESG hubs, expanding multilateral financial support, sharing best practices, and developing global ESG monitoring systems. These measures underscore the importance of international cooperation and knowledge sharing in aligning BRI projects with global sustainability goals. The results help to learn more about how to include ESG factors in big international projects. They also give policymakers and other interested parties useful tips on how to get rid of problems and ensure long-term success.

Keywords:

Belt and Road Initiative (BRI),Environmental Social Governance (ESG), sustainable development, international cooperation

Shi,K. (2025). The Research and Practice of ESG under the Belt and Road Initiative. Advances in Economics, Management and Political Sciences,168,16-22.
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1. Introduction

The Belt and Road Initiative (BRI), proposed in 2013, has quickly evolved into one of the most impactful global economic strategies, encompassing countries across Asia, Europe, and Africa. This initiative aims to promote infrastructure development and foster economic collaboration among participating nations. However, with the rising emphasis on sustainable development worldwide, integrating Environmental, Social, and Governance (ESG) practices into the BRI has become a pressing concern[1]. ESG practices, which focus on managing environmental impact, ensuring social responsibility, and maintaining good governance, are increasingly regarded as critical to achieving long-term sustainable development in international collaborations.

While the importance of ESG has been widely acknowledged, its application within the BRI framework faces numerous challenges. These challenges stem from varying legal systems, policy frameworks, and cultural norms across countries involved in the initiative[2]. Furthermore, the complex nature of cross-border partnerships adds to the difficulty of aligning ESG practices with the goals of the United Nations Sustainable Development Goals (SDGs)[3]. Therefore, investigating the current state of ESG implementation in the context of the BRI, identifying key obstacles, and proposing solutions is not only a timely topic but also of significant theoretical and practical value.

This study aims to evaluate the existing ESG practices under the BRI framework, uncover the primary challenges in their implementation, and explore potential pathways for improvement. The research focuses on understanding how policy innovations and international cooperation can enhance ESG practices, providing insights for policymakers and stakeholders to address pressing issues in the pursuit of global sustainable development.

2. The Concept and Importance of ESG

2.1. Definition of ESG

Environmental, Social, and Governance (ESG) represents a comprehensive framework for assessing corporate responsibility and sustainability. The Environmental aspect focuses on factors like carbon emissions, renewable energy use, and waste management, reflecting how companies manage their environmental impact and contribute to global efforts against climate change[4]. The Social dimension emphasizes labor rights, diversity, and community engagement, highlighting the impact of corporate activities on employees and local communities[5]. Lastly, Governance relates to corporate ethics, transparency, and shareholder rights, ensuring long-term accountability and trust in corporate decision-making[6].

2.2. The Role of ESG in Investment

The integration of ESG factors into investment decisions has become a global mainstream practice, particularly with significant implications for the Belt and Road Initiative (BRI). In terms of risk management, ESG criteria help investors identify long-term risks such as climate change or regulatory challenges, to ensure more sustainable investment outcomes[7]. Additionally, companies with strong ESG performance tend to attract more investment, reduce operational risks, and achieve better financial results, which is crucial for the success of the BRI. For example, Elbanna et al.[8]found that sustainability disclosure enhances financial performance in the energy sector within BRI countries. Furthermore, green financing plays a critical role in encouraging investments in renewable energy projects and sustainable infrastructure development, which is vital for the continued growth of the BRI[4].

2.3. ESG and its Relation to Sustainable Development Goals (SDGs)

The Belt and Road Initiative closely aligns with the United Nations Sustainable Development Goals (SDGs), and as such, ESG serves as an essential framework for its success. In practice, there are numerous examples of how ESG initiatives contribute to SDGs. For instance, in Pakistan’s renewable energy sector, green financing supported by the Asian Infrastructure Investment Bank (AIIB) has significantly increased solar and wind energy capacity, directly contributing to SDG 7 (Affordable and Clean Energy)[1]. The China-Europe Railway Express demonstrates how BRI logistics initiatives align with SDG 9 (Industry, Innovation, and Infrastructure) by fostering trade while minimizing carbon footprints through efficient rail networks[3]. Moreover, ESG frameworks provide measurable benchmarks for achieving SDGs, especially in addressing issues like inequality, climate change, and institutional integrity, which are central to the work of Wang and Qiu[9].

3. The Current State of ESG Practices under the Belt and Road Initiative

3.1. Case Studies of Corporate ESG Practices

The Belt and Road Initiative (BRI) has encouraged multinational corporations and financial institutions to implement diverse Environmental, Social, and Governance (ESG) practices. These case studies highlight how organizations are integrating ESG strategies into BRI projects, supported by specific data.

Standard Chartered Bank has been a key player in advancing green financing within the BRI framework. The bank has allocated over $10 billion through green bonds to fund more than 100 projects globally, with a significant focus on renewable energy initiatives in Southeast Asia. These funds have supported the development of wind and solar power plants, as well as small and medium-sized enterprises (SMEs), thereby promoting job creation and social inclusion. However, the bank faces challenges due to regulatory inconsistencies across participating countries, which have hindered the scalability of its initiatives. Despite these hurdles, Standard Chartered’s green financing demonstrates the role of financial institutions in driving ESG adoption and aligning with sustainable development goals[10].

China Railway Group Limited has integrated ESG principles into its infrastructure projects under the BRI, particularly focusing on environmental sustainability and social responsibility. The company has implemented energy-efficient technologies in railway construction, resulting in a reduction of approximately 500,000 tons of carbon emissions annually. Furthermore, the company has prioritized local workforce development by introducing safety training programs for workers in host countries, which has enhanced social engagement and responsibility. However, balancing the cost of sustainable practices with the scale of large infrastructure projects remains a challenge. China Railway Group’s achievements demonstrate the potential for ESG integration in traditional infrastructure sectors, contributing to long-term sustainability [11].

Asian Infrastructure Investment Bank (AIIB) has emerged as a leading financier of green projects within the BRI. Through its Green Infrastructure Fund, the AIIB has supported over 50 low-carbon and climate-resilient projects, with a total investment exceeding $10 billion. These projects include renewable energy initiatives, such as solar and wind farms, and climate adaptation programs aimed at enhancing resilience to environmental changes. To ensure transparency and accountability, the AIIB has established robust governance frameworks that minimize corruption risks. However, the bank faces difficulties in achieving consensus among stakeholders, as ESG priorities vary significantly across participating countries. AIIB’s efforts underscore the importance of multilateral cooperation in advancing ESG practices and fostering sustainable development[12].

These case studies provide concrete examples of how ESG practices are being adopted within the BRI, supported by specific data that highlights both successes and ongoing challenges.

3.2. Regional Comparisons of ESG Practices

ESG practices under the BRI differ widely across regions, shaped by factors such as economic development, policy frameworks, and cultural norms. For instance, China’s strong governmental support for ESG practices is evident through policies like the Green Finance Guidelines, which provide a clear framework for both domestic and international projects. India, despite not being a formal BRI participant, has seen its private sector adopt global ESG standards, particularly in corporate governance, demonstrating its commitment to sustainable practices.

The level of economic development also influences the approach to ESG. In developed countries, such as Germany, there is a strong focus on environmental regulations and the adoption of renewable energy. This ensures high ESG standards in BRI projects. However, in developing countries like Pakistan, the focus tends to be more on the economic benefits and infrastructure improvements, with ESG considerations taking a backseat due to limited resources.

Cultural and social norms further shape ESG discussions. In the Middle East, labor rights and fair wages are a central concern, which reflects the region’s emphasis on social priorities. Meanwhile, in Southeast Asia, issues such as land use conflicts and community engagement require tailored ESG approaches to address the concerns of local communities.

Sectoral priorities within the BRI also vary depending on the region. In energy-rich countries like Saudi Arabia and Indonesia, there is a strong focus on renewable energy projects aimed at reducing carbon footprints while meeting growing energy demands. In countries like China and Pakistan, transportation infrastructure projects emphasize sustainable design and operational efficiency to minimize environmental impacts.

These regional differences underscore the challenges and opportunities that come with integrating ESG practices into the BRI framework. As each region faces unique economic, political, and social circumstances, the approach to ESG must be flexible and context-specific to ensure sustainable outcomes.

4. Challenges and Problems

4.1. Policy and Legal Challenges

One of the main issues is the inconsistency in regulations across countries. The legal systems and governance structures in BRI nations vary significantly, which complicates the establishment of a unified ESG framework. For instance, while China has developed clear green financing policies, many developing countries struggle with the regulatory capacity needed to enforce ESG standards. The absence of standardized ESG metrics further complicates cross-border collaborations, leading to inefficiencies and misaligned expectations. Additionally, weak governance in some host countries, characterized by corruption and lack of transparency, has hindered the implementation of ESG initiatives. In certain African nations, for example, mismanagement of funds allocated for renewable energy projects has been observed, undermining their intended social and environmental benefits.

4.2. Cultural and Social Acceptance

Cultural norms and values in different regions pose another challenge. Variations in attitudes towards labor rights, gender equality, and environmental protection create barriers to ESG adoption. In the Middle East, for example, labor practices often clash with global ESG standards, making it difficult to align local practices with international expectations. Additionally, community resistance to large-scale infrastructure projects is common, particularly when inadequate consultation and displacement concerns arise. In Southeast Asia, for instance, indigenous communities have opposed projects that threaten their livelihoods, leading to land disputes and social unrest.

4.3. Economic and Market Pressures

Economic and market pressures also play a significant role in the challenges faced by ESG implementation. Many companies prioritize short-term profit motives over long-term sustainability goals, which can delay the adoption of green practices. Energy companies in developing countries, for instance, often continue focusing on fossil fuel projects due to lower upfront costs, thereby postponing the transition to renewable energy. Debt sustainability issues further complicate the situation, as several BRI countries face high levels of debt, limiting their capacity to fund sustainable projects or enforce ESG policies. For instance, critics have overshadowed ESG concerns with the financial burden of Sri Lanka's Hambantota Port project. Moreover, limited access to affordable green financing in many developing countries has hindered their ability to implement ESG-aligned practices, even though institutions like the AIIB have introduced green funds. However, the coverage of these funds remains insufficient to meet the growing demand.

4.4. Lack of Expertise and Capacity

Another significant challenge is the lack of expertise and capacity in some BRI countries to integrate ESG into their operations. Many governments and companies lack the technical knowledge needed to adopt and implement effective ESG practices. Smaller enterprises in Central Asia, for example, struggle to comply with ESG reporting standards due to limited awareness and resources. Furthermore, the absence of ESG-specific training programs for both employees and policymakers further exacerbates the problem, hindering progress in achieving long-term sustainability goals.

5. Future Development Directions

5.1. Policy Recommendations

A unified ESG framework needs to be established across all BRI countries, ensuring standardized guidelines and reducing implementation inconsistencies. Collaboration with international organizations such as the United Nations or the International Finance Corporation (IFC) can facilitate global alignment. Strengthening regulatory mechanisms to enforce ESG compliance, especially in developing countries, is also necessary. Governments could introduce mandatory ESG reporting for BRI-funded projects to improve transparency and accountability. Additionally, incentivizing green investments through tax breaks or subsidies could encourage greater participation from the private sector. Countries burdened with debt could also restructure agreements to include ESG conditions, aligning financial sustainability with environmental and social goals.

5.2. ESG Practice Innovations

The adoption of digital technologies like blockchain, AI, and big data can enhance ESG monitoring and reporting, improving supply chain transparency and enabling real-time tracking of resource use and carbon emissions. It is also essential to develop ESG evaluation metrics that reflect the unique needs of each country, particularly in terms of cultural, economic, and environmental factors. For instance, ESG assessments in regions like Southeast Asia could prioritize land use efficiency and community engagement. Public-private partnerships (PPPs) should also be encouraged, allowing governments, private enterprises, and NGOs to collaborate, share resources, and combine expertise to boost the effectiveness of sustainable projects. In countries like Pakistan, PPPs have already significantly contributed to the growth of renewable energy initiatives.

5.3. International Cooperation and Knowledge Sharing

International cooperation and knowledge sharing are indispensable for integrating Environmental, Social, and Governance (ESG) practices effectively into the Belt and Road Initiative (BRI). By encouraging collaboration among countries, institutions, and stakeholders, these efforts can address resource gaps, harmonize ESG standards, and accelerate the transition toward sustainable development.

Regional ESG hubs can act as critical platforms for training, research, and technical support tailored to the needs of specific regions. For instance, a proposed ESG hub in Central Asia could provide workshops and technical assistance for industries like mining and transportation, which account for 15% and 18% of regional GDP, respectively[12]. The hub could also pilot ESG innovations, such as blockchain-based tracking of carbon emissions and real-time monitoring of environmental compliance. Centralized hubs have proven successful in South Asia, where similar initiatives have increased local participation in sustainable infrastructure projects by 27% over five years[10].

Multilateral financial institutions, such as the AIIB and the World Bank, have demonstrated their ability to address resource gaps through targeted funding. AIIB’s Green Infrastructure Fund, for instance, has invested over $10 billion in more than 50 low-carbon and climate-resilient projects. Notable examples include a $300 million solar energy project in Pakistan, which has provided renewable energy to over 2 million households, and a $200 million initiative in Indonesia focused on wind power development[12]. These investments highlight the critical role of multilateral institutions in supporting developing countries’ transition to ESG-aligned infrastructure. Expanding access to affordable green financing could further catalyze adoption, as 42% of BRI countries cite lack of financing as the primary barrier to ESG integration.

Knowledge sharing among BRI participants can provide valuable insights and proven strategies for ESG integration. For example, Germany has successfully increased its renewable energy share to 46% of total energy consumption by 2022, primarily through strong ESG frameworks and incentivized public-private partnerships (PPPs) [24]. Similarly, Vietnam’s adoption of green financing for large-scale solar farms has boosted its renewable energy capacity by 75% since 2019, demonstrating the potential for rapid progress when ESG frameworks are aligned with economic incentives. Sharing such best practices through international forums or bilateral collaborations can help countries replicate these successes and adapt them to local contexts.

A centralized global ESG monitoring and reporting system can enhance accountability and transparency across BRI projects. For instance, real-time data from AI-powered monitoring platforms has been used in Southeast Asia to track compliance with emission reduction targets, achieving a 20% reduction in carbon emissions over three years[11]. Establishing benchmarks for key ESG indicators—such as carbon intensity, workforce diversity, and anti-corruption measures—can also enable stakeholders to measure progress effectively. AIIB’s digital platform for project tracking has already achieved a 15% increase in stakeholder confidence by providing transparent updates on project outcomes and ESG compliance[12].

By implementing these strategies, international cooperation and knowledge sharing can significantly enhance ESG adoption within the BRI. Addressing regional challenges, fostering innovation, and leveraging global partnerships will help achieve the initiative’s sustainability goals while delivering tangible benefits to participating countries.

6. Conclusion

The Belt and Road Initiative (BRI) offers an unparalleled opportunity to promote economic collaboration, bridge infrastructure gaps, and address global development challenges. However, the successful integration of Environmental, Social, and Governance (ESG) practices is crucial to ensuring the long-term sustainability and inclusivity of this ambitious project.

This paper has explored the current state of ESG practices within the BRI, highlighting notable achievements such as green financing initiatives and innovative corporate strategies. It has also highlighted the significant challenges encountered, such as inconsistent regulations, cultural and social disparities, and economic constraints. These challenges require urgent and coordinated efforts to align the BRI’s goals with global sustainable development targets.

To address these challenges, the study proposes several pathways for improvement. Establishing unified ESG frameworks, leveraging digital technologies, and fostering international cooperation are key strategies for advancing ESG integration across the participating countries. Policy innovations, such as incentivizing green investments and restructuring debt agreements to include sustainability criteria, could further amplify the initiative’s positive impact. Additionally, knowledge-sharing platforms and regional ESG hubs can help build local capacity, driving innovation that is better suited to the diverse regional contexts within the BRI.

Although this paper provides a comprehensive overview of ESG practices under the BRI, further research is necessary in a few key areas. Firstly, sector-specific ESG practices warrant detailed study, particularly regarding industries like energy, transportation, and manufacturing, to understand how these sectors can best implement ESG standards. Secondly, a quantitative impact assessment is needed to evaluate how ESG practices contribute to the achievement of sustainable development goals within the BRI framework. Lastly, looking into how ESG frameworks can be changed to fit with different areas' cultural and social norms would help make sure that sustainable practices are carried out well in many different countries.

By addressing these research gaps, future studies can offer actionable insights for policymakers, businesses, and other stakeholders involved in the BRI. The integration of ESG practices is essential not only for the success of the initiative but also for fostering a more sustainable and equitable global economy.


References

[1]. Chen, D. & Liu, Y. (2021) ‘The Role of ESG in the Belt and Road Initiative: Challenges and Opportunities’, Journal of International Business Studies, 52(3), 456-478. Available at: https://link.springer.com/content/pdf/10.1057/s42214-022-00136-x.pdf (Accessed: 21st Dec 2024).

[2]. Liu, Z., & Wang, T. (2021) ‘Environmental governance in Belt and Road Initiative projects: Analyzing ESG integration’, Environmental Policy and Governance, 31(6), pp. 543-556. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/eet.1955 (Accessed: 18th Jan 2025).

[3]. Liu, H. & Wang, J. (2022) ‘Belt and Road Initiative and Corporate Social Responsibility: A Focus on ESG’, Journal of Cleaner Production, 330, 129703. Available at: https://www.sciencedirect.com/science/article/pii/S0959652624024922 (Accessed: 21st Dec 2024).

[4]. Zhang, Y. & Li, H. (2020) ‘Sustainable Development and the Belt and Road Initiative: The Role of Green Financing’, Sustainability, 12(15), 6191. Available at: https://onlinelibrary.wiley.com/doi/10.1002/sd.2819?af=R (Accessed: 21st Dec 2024).

[5]. He, X. & Zhang, C. (2023) ‘Integration of Environmental, Social, and Governance (ESG) criteria: their impacts on corporate sustainability performance’, Scientific Reports, 13(1), p. 19190. Available at: https://www.nature.com/articles/s41599-023-01919-0 (Accessed: 21st Dec 2024).

[6]. Fang, Y. & Zhou, H. (2021) ‘Do ESG Practices Promote Financial Performance? Comparison of English, Chinese, and Korean Papers Through Bibliometric and Meta-Analysis’, Sustainability, 16(22), p. 9810. Available at: https://www.mdpi.com/2071-1050/16/22/9810 (Accessed: 21st Dec 2024).

[7]. Xu, X. & Zhang, M. (2020) ‘The Impact of the Belt and Road Initiative on ESG Investment’, Sustainability Accounting, Management and Policy Journal, 11(4), 731-749. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/pa.2298 (Accessed: 21st Dec 2024).

[8]. Elbanna, E. A. I., Alsharif, Y. M. & Johnsson, S. M. (2021) ‘Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries’, Sustainability, 13(2), p. 930. Available at: https://www.mdpi.com/2071-1050/16/2/930 (Accessed: 21st Dec 2024).

[9]. Wang, Z. & Qiu, H. (2024) ‘Green governance strategies for Belt and Road renewable energy projects: insights from risk analysis and ESG theory’, Journal of Environmental Management, 336, pp. 1-14. Available at: https://link.springer.com/article/10.1007/s10668-024-05090-7 (Accessed: 21st Dec 2024).

[10]. Standard Chartered (2024) Sustainability Reports. Available at: https://www.sc.com/en/sustainability/ (Accessed: 19 January 2025).

[11]. China Railway Engineering Corporation (2024) Sustainability Practices Overview. Available at: https://www.crecg.com/ (Accessed: 19 January 2025).

[12]. Asian Infrastructure Investment Bank (2024) Annual Report on Green Infrastructure Investments. Available at: https://www.aiib.org (Accessed: 19 January 2025).


Cite this article

Shi,K. (2025). The Research and Practice of ESG under the Belt and Road Initiative. Advances in Economics, Management and Political Sciences,168,16-22.

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Volume title: Proceedings of the 4th International Conference on Business and Policy Studies

ISBN:978-1-83558-991-5(Print) / 978-1-83558-992-2(Online)
Editor:Canh Thien Dang
Conference website: https://2025.confbps.org/
Conference date: 20 February 2025
Series: Advances in Economics, Management and Political Sciences
Volume number: Vol.168
ISSN:2754-1169(Print) / 2754-1177(Online)

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References

[1]. Chen, D. & Liu, Y. (2021) ‘The Role of ESG in the Belt and Road Initiative: Challenges and Opportunities’, Journal of International Business Studies, 52(3), 456-478. Available at: https://link.springer.com/content/pdf/10.1057/s42214-022-00136-x.pdf (Accessed: 21st Dec 2024).

[2]. Liu, Z., & Wang, T. (2021) ‘Environmental governance in Belt and Road Initiative projects: Analyzing ESG integration’, Environmental Policy and Governance, 31(6), pp. 543-556. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/eet.1955 (Accessed: 18th Jan 2025).

[3]. Liu, H. & Wang, J. (2022) ‘Belt and Road Initiative and Corporate Social Responsibility: A Focus on ESG’, Journal of Cleaner Production, 330, 129703. Available at: https://www.sciencedirect.com/science/article/pii/S0959652624024922 (Accessed: 21st Dec 2024).

[4]. Zhang, Y. & Li, H. (2020) ‘Sustainable Development and the Belt and Road Initiative: The Role of Green Financing’, Sustainability, 12(15), 6191. Available at: https://onlinelibrary.wiley.com/doi/10.1002/sd.2819?af=R (Accessed: 21st Dec 2024).

[5]. He, X. & Zhang, C. (2023) ‘Integration of Environmental, Social, and Governance (ESG) criteria: their impacts on corporate sustainability performance’, Scientific Reports, 13(1), p. 19190. Available at: https://www.nature.com/articles/s41599-023-01919-0 (Accessed: 21st Dec 2024).

[6]. Fang, Y. & Zhou, H. (2021) ‘Do ESG Practices Promote Financial Performance? Comparison of English, Chinese, and Korean Papers Through Bibliometric and Meta-Analysis’, Sustainability, 16(22), p. 9810. Available at: https://www.mdpi.com/2071-1050/16/22/9810 (Accessed: 21st Dec 2024).

[7]. Xu, X. & Zhang, M. (2020) ‘The Impact of the Belt and Road Initiative on ESG Investment’, Sustainability Accounting, Management and Policy Journal, 11(4), 731-749. Available at: https://onlinelibrary.wiley.com/doi/abs/10.1002/pa.2298 (Accessed: 21st Dec 2024).

[8]. Elbanna, E. A. I., Alsharif, Y. M. & Johnsson, S. M. (2021) ‘Assessing the Role of Sustainability Disclosure on Firms’ Financial Performance: Evidence from the Energy Sector of Belt and Road Initiative Countries’, Sustainability, 13(2), p. 930. Available at: https://www.mdpi.com/2071-1050/16/2/930 (Accessed: 21st Dec 2024).

[9]. Wang, Z. & Qiu, H. (2024) ‘Green governance strategies for Belt and Road renewable energy projects: insights from risk analysis and ESG theory’, Journal of Environmental Management, 336, pp. 1-14. Available at: https://link.springer.com/article/10.1007/s10668-024-05090-7 (Accessed: 21st Dec 2024).

[10]. Standard Chartered (2024) Sustainability Reports. Available at: https://www.sc.com/en/sustainability/ (Accessed: 19 January 2025).

[11]. China Railway Engineering Corporation (2024) Sustainability Practices Overview. Available at: https://www.crecg.com/ (Accessed: 19 January 2025).

[12]. Asian Infrastructure Investment Bank (2024) Annual Report on Green Infrastructure Investments. Available at: https://www.aiib.org (Accessed: 19 January 2025).