IDEAS home Printed from https://ideas.repec.org/a/wly/sustdv/v34y2026is2p797-810.html

Green FinTech—Methodological Controversies in Research

Author

Listed:
  • Dariusz Piotrowski
  • Anna Iwona Piotrowska
  • Michał Bernard Pietrzak

Abstract

The vast majority of research in the area of green FinTech indicates the positive impact of the use of digital technologies in finance on the environment. However, preliminary literature studies have revealed serious doubts about the way in which these results were obtained. The paper aims to determine the methodological correctness of research on the assessment of the impact of FinTech on the natural environment. The authors identified three research streams within the field of green FinTech, with the greatest controversies found in studies employing econometric models. A critical analysis of the literature shows that most studies have chosen incorrect variables to represent the development of FinTech. The variables cover a wide area of information and communication technologies; individual financial services are used to represent the complex phenomenon of FinTech, and there is a complete lack of references to artificial intelligence, big data, cloud computing and green aspects of financial services. Furthermore, no distinction was made between the FinTech approach by subject and by object, and inappropriate definitions were used for the phenomenon analysed. The conclusions of the study are addressed to researchers and concern the need for an in‐depth understanding of the research problem, a critical approach to the results of previous research in the field of green FinTech, and the selection of appropriate variables used in models. The work concludes with recommendations for international institutions regarding the construction of a green FinTech index and provides a preliminary framework for its structure.

Suggested Citation

  • Dariusz Piotrowski & Anna Iwona Piotrowska & Michał Bernard Pietrzak, 2026. "Green FinTech—Methodological Controversies in Research," Sustainable Development, John Wiley & Sons, Ltd., vol. 34(S2), pages 797-810, March.
    • Handle: RePEc:wly:sustdv:v:34:y:2026:i:s2:p:797-810
    DOI: 10.1002/sd.70376
    as

    Download full text from publisher

    File URL: https://doi.org/10.1002/sd.70376
    Download Restriction: no
    File URL: https://libkey.io/10.1002/sd.70376?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Yang, Yuxue & Su, Xiang & Yao, Shuangliang, 2021. "Nexus between green finance, fintech, and high-quality economic development: Empirical evidence from China," Resources Policy, Elsevier, vol. 74(C).
    2. Jing Zhao & Congqi Wang & Haslindar Ibrahim & Yanpeng Chen, 2024. "The impact of digital financial inclusion on bank performance: An exploration of mechanisms of action and heterogeneity," PLOS ONE, Public Library of Science, vol. 19(8), pages 1-20, August.
    3. Wenjie Ruan & Zhaoxia Guo & Jing Yang & Lei Gao & Yucheng Dong & Qi Liu, 2024. "Assessing the progress toward achieving energy‐ and climate‐related sustainable development goals under four global energy transition outlooks," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(4), pages 3695-3707, August.
    4. Ruolin Wang, 2024. "The Impact of Digital Inclusive Finance on Enterprise Internationalization," Advances in Economics, Business and Management Research, in: Radulescu Magdalena & Bootheina Majoul & Satya Narayan Singh & Abdul Rauf (ed.), Proceedings of the 2024 9th International Conference on Social Sciences and Economic Development (ICSSED 2024), pages 801-814, Springer.
    5. Liu, Hui & Chau, Ka Yin & Duong, Nam Tien & Hoang, Nguyen-Khai, 2024. "Fintech, financial inclusion, mineral resources and environmental quality. An economic advancement perspective from China and Vietnam," Resources Policy, Elsevier, vol. 89(C).
    6. Hoda M. Aboalsamh & Laith T. Khrais & Sami A. Albahussain, 2023. "Pioneering Perception of Green Fintech in Promoting Sustainable Digital Services Application within Smart Cities," Sustainability, MDPI, vol. 15(14), pages 1-13, July.
    7. Raymond Kwong & Man Lung Jonathan Kwok & Helen S. M. Wong, 2023. "Green FinTech Innovation as a Future Research Direction: A Bibliometric Analysis on Green Finance and FinTech," Sustainability, MDPI, vol. 15(20), pages 1-27, October.
    8. Nasir Khan & Mahwish Zafar & Abiodun Funso Okunlola & Zeman Zoltan & Magda Robert, 2022. "Effects of Financial Inclusion on Economic Growth, Poverty, Sustainability, and Financial Efficiency: Evidence from the G20 Countries," Sustainability, MDPI, vol. 14(19), pages 1-19, October.
    9. Siti Nurain Muhmad & Sadia Cheema & Akmalia Mohamad Ariff & Nik Fadhilah Nik Him & Siti Nasuha Muhmad, 2024. "Systematic literature review and bibliometric analysis of green finance and renewable energy development," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 7342-7355, December.
    10. Liu, Jiangtao & Zhang, Yi & Kuang, Jia, 2023. "Fintech development and green innovation: Evidence from China," Energy Policy, Elsevier, vol. 183(C).
    11. Chunli Du & Min Hu & Tao Wang & Mirakhimova Dilafruz Dilmurod Kizi, 2024. "Research on the Impact of Digital Inclusive Finance on Green Innovation of SMEs," Sustainability, MDPI, vol. 16(11), pages 1-19, May.
    12. Zhou, Guangyou & Zhu, Jieyu & Luo, Sumei, 2022. "The impact of fintech innovation on green growth in China: Mediating effect of green finance," Ecological Economics, Elsevier, vol. 193(C).
    13. Xiang Deng & Zhi Huang & Xiang Cheng, 2019. "FinTech and Sustainable Development: Evidence from China Based on P2P Data," Sustainability, MDPI, vol. 11(22), pages 1-19, November.
    14. Dynan, Karen E. & Elmendorf, Douglas W. & Sichel, Daniel E., 2006. "Can financial innovation help to explain the reduced volatility of economic activity?," Journal of Monetary Economics, Elsevier, vol. 53(1), pages 123-150, January.
    15. Mertzanis, Charilaos, 2023. "FinTech finance and social-environmental performance around the world," Finance Research Letters, Elsevier, vol. 56(C).
    16. Awais, Minahil & Afzal, Ayesha & Firdousi, Saba & Hasnaoui, Amir, 2023. "Is fintech the new path to sustainable resource utilisation and economic development?," Resources Policy, Elsevier, vol. 81(C).
    17. Thomas Puschmann & Christian Hugo Hoffmann & Valentyn Khmarskyi, 2020. "How Green FinTech Can Alleviate the Impact of Climate Change—The Case of Switzerland," Sustainability, MDPI, vol. 12(24), pages 1-30, December.
    18. Cristina Chueca Vergara & Luis Ferruz Agudo, 2021. "Fintech and Sustainability: Do They Affect Each Other?," Sustainability, MDPI, vol. 13(13), pages 1-19, June.
    19. Christian Haddad & Lars Hornuf, 2019. "The emergence of the global fintech market: economic and technological determinants," Small Business Economics, Springer, vol. 53(1), pages 81-105, June.
    20. Anzhong Huang & Luote Dai & Yineng Xiao, 2025. "Achieving Sustainable Development Through Green Finance: A Case Study of High‐Emission Industries," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(4), pages 5269-5281, August.
    21. Chen, Liang & Ma, Rui & Li, Jing & Zhou, Fengjiao, 2024. "Revolutionizing sustainable economic growth in China: Harnessing natural resources, green development, and fintech for a greener future," Resources Policy, Elsevier, vol. 92(C).
    22. Li, Bo & Du, Jianguo & Yao, Tianhang & Wang, Quanding, 2023. "FinTech and corporate green innovation: An external attention perspective," Finance Research Letters, Elsevier, vol. 58(PD).
    23. Huang, Jiacheng & Ma, Li, 2024. "Substantive green innovation or symbolic green innovation: The impact of fintech on corporate green innovation," Finance Research Letters, Elsevier, vol. 63(C).
    24. Croutzet, Alexandre & Dabbous, Amal, 2021. "Do FinTech trigger renewable energy use? Evidence from OECD countries," Renewable Energy, Elsevier, vol. 179(C), pages 1608-1617.
    25. Thomas Puschmann & Valentyn Khmarskyi, 2024. "Green fintech: Developing a research agenda," Corporate Social Responsibility and Environmental Management, John Wiley & Sons, vol. 31(4), pages 2823-2837, July.
    26. Gao, Qiang & Sun, Mengyuan & Chen, Lu, 2024. "The impact of digital inclusive finance on agricultural economic resilience," Finance Research Letters, Elsevier, vol. 66(C).
    27. Tran Thi Kim Oanh & Le Quoc Dinh, 2024. "Digital financial inclusion, financial stability, and sustainable development: Evidence from a quantile‐on‐quantile regression and wavelet coherence," Sustainable Development, John Wiley & Sons, Ltd., vol. 32(6), pages 6324-6338, December.
    28. Gregor Dorfleitner & Diana Braun, 2019. "Fintech, Digitalization and Blockchain: Possible Applications for Green Finance," Palgrave Studies in Impact Finance, in: Marco Migliorelli & Philippe Dessertine (ed.), The Rise of Green Finance in Europe, chapter 0, pages 207-237, Palgrave Macmillan.
    29. Marc Ringel & Saranda Mjekic, 2023. "Analyzing the Role of Banks in Providing Green Finance for Retail Customers: The Case of Germany," Sustainability, MDPI, vol. 15(11), pages 1-24, May.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Anna Iwona Piotrowska & Dariusz Piotrowski, 2025. "Green FinTech: A Consumer Awareness Study," Sustainability, MDPI, vol. 17(8), pages 1-18, April.
    2. Tiwari, Sunil & Cheong, Calvin W.H. & See Mey, Loy & Saji, T.G., 2024. "Does fintech really matter for energy, economy and environment? From the lenses of SDG-7, SDG-8, SDG-13, COP27 and COP28," Resources Policy, Elsevier, vol. 98(C).
    3. Wang, Yulin & Han, Mo & Liu, Kai, 2024. "Towards sustainable path: Measuring the effectiveness of natural resource utilization, renewable energy resources, fintech, environmental investments, and research & development," Resources Policy, Elsevier, vol. 93(C).
    4. Huang, Xirong & Dong, Jichang & Li, Xiuting, 2025. "Fintech, technological innovation and regional economic growth: Theoretical modeling and empirical evidence," China Economic Review, Elsevier, vol. 91(C).
    5. Zhang, Hui & Fahlevi, Mochammad & Aljuaid, Mohammed & Beşer, Nazife Özge & Cabas, Meral & lominchar, Jose, 2024. "A machine learning and quantile analysis of FINTECH and resource efficiency in achieving sustainable development in OECD countries," Resources Policy, Elsevier, vol. 92(C).
    6. Yadav, Sanjeev & Samadhiya, Ashutosh & Kumar, Anil & Luthra, Sunil & Pandey, Krishan Kumar, 2024. "Nexus between fintech, green finance and natural resources management: Transition of BRICS nation industries from resource curse to resource blessed sustainable economies," Resources Policy, Elsevier, vol. 91(C).
    7. Khan, Imran & Khan, Inayat & Ikram, Rana Muhammad Adnan & Ali, Mohammad Ajmal, 2024. "Integrating FinTech with Industry 4.0 for sustainable mineral resource management: Exploring the interplay of technology, regulation, and economic dynamics," Resources Policy, Elsevier, vol. 92(C).
    8. Wang, Shubin & Li, Jiabao & Zhao, Erlong, 2024. "Exploring the role of financial technologies and digital trade in shaping trade-adjusted resource consumption in E7 countries," Resources Policy, Elsevier, vol. 88(C).
    9. Xiao, Anran & Xu, Zeshui & Skare, Marinko & Xiao, JingLin & Qin, Yong, 2024. "Unlocking the potential of FinTech: A pathway to sustainable resource management in the EU," Resources Policy, Elsevier, vol. 98(C).
    10. Phemelo Tamasiga & Helen Onyeaka & El houssin Ouassou, 2022. "Unlocking the Green Economy in African Countries: An Integrated Framework of FinTech as an Enabler of the Transition to Sustainability," Energies, MDPI, vol. 15(22), pages 1-28, November.
    11. Yang, Xiaodong & Razzaq, Asif, 2024. "Does Fintech influence green utilization efficiency of mineral resources? Evidence from China's regional data," Resources Policy, Elsevier, vol. 99(C).
    12. Massimo Arnone & Angelo Leogrande, 2024. "The Sustainability Of The Factoring Chain In Europe In The Light Of The Integration Of Esg Factors," Working Papers hal-04629337, HAL.
    13. Shu, Xiaoyang & Usman, Muhammad & Ahmad, Paiman & Irfan, Muhammad, 2024. "Analyzing the asymmetric FinTech services under natural resources, and renewable energy in the future environmental performance: New insights from STIRPAT model framework," Resources Policy, Elsevier, vol. 92(C).
    14. Taskin, Dilvin & Dogan, Eyup & Madaleno, Mara, 2022. "Analyzing the relationship between energy efficiency and environmental and financial variables: A way towards sustainable development," Energy, Elsevier, vol. 252(C).
    15. repec:osf:osfxxx:753gf_v1 is not listed on IDEAS
    16. Teng, Mingming & Shen, Minghao, 2023. "Fintech and energy efficiency: Evidence from OECD countries," Resources Policy, Elsevier, vol. 82(C).
    17. Han, Zhanbing & Heng, Yixin, 2024. "Do fintech and trade diversification discard the natural resource dependency in MENA countries?," Resources Policy, Elsevier, vol. 89(C).
    18. Qin, Lu & Aziz, Ghazala & Hussan, Muhammad Wasim & Qadeer, Afifa & Sarwar, Suleman, 2024. "Empirical evidence of fintech and green environment: Using the green finance as a mediating variable," International Review of Economics & Finance, Elsevier, vol. 89(PA), pages 33-49.
    19. Sadiq, Muhammad & Paramaiah, Ch & joseph, Robinson & Dong, Ziguang & Nawaz, Muhammad Atif & Shukurullaevich, Nizomjon Khajimuratov, 2024. "Role of fintech, green finance, and natural resource rents in sustainable climate change in China. Mediating role of environmental regulations and government interventions in the pre-post COVID eras," Resources Policy, Elsevier, vol. 88(C).
    20. Guo, Yulian & Wang, Feilan & Li, Ping, 2024. "The interplay of Fintech, natural resources, globalization, and environmental sustainability in China: A BARDL investigation," Resources Policy, Elsevier, vol. 88(C).
    21. Qian Liu & Yiheng You, 2023. "FinTech and Green Credit Development—Evidence from China," Sustainability, MDPI, vol. 15(7), pages 1-23, March.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:wly:sustdv:v:34:y:2026:i:s2:p:797-810. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://onlinelibrary.wiley.com/journal/10.1002/(ISSN)1099-1719 .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.