Resources Policy 78 (2022) 102839

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Resources Policy
journal homepage: www.elsevier.com/locate/resourpol

Green finance and sustainability development goals in Indonesian

Fund Village
Reza Ronaldo a, Tulus Suryanto b, *
a
College of Islamic Economics and Business (STEBI) Lampung, Indonesia
b
Faculty of Islamic Economic and Business, Universitas Islam Negeri (UIN) Raden Intan Lampung, Indonesia

A R T I C L E I N F O A B S T R A C T

Keywords: Sustainable development goals (SDG) achievement is a major challenge for the nations. Particularly, SDGs
Sustainable development goals related to environmental sustainability and economic sustainability are most challenging due to high pollution.
Indonesian fund village Thus, the study’s aim is to examine the role of green finance in SDGs through Village Funds in Indonesia. A
Green finance
survey questionnaire is designed for this purpose to examine the effect of green finance on environmental sus­
Green technology innovation
Green micro-enterprise
tainability and economic sustainability. Data is collected from the Indonesian government officials working on
Environmental sustainability Fund Village and officers involved in the distribution of Fund Village, and 220 valid responses were used in this
Economic sustainability study for data analysis. The smart-PLS has been used in the study to check the association and test the hy­
potheses. The results indicated that green finance has vital importance in achieving SDGs in terms of environ­
mental sustainability and economic sustainability. It is found that; green finance can promote green technology
innovation and green micro-enterprise, which further lead to achieve SDGs through environmental sustainability
and economic sustainability.

1. Introduction
Indonesia, the world’s fourth-most populous country Kurniawan
et al. (2021), having 270 million population according to the statistics
2019, has attained significant growth in economic development with the
influential rise in per capita gross-domestic-product (GDP) from $800 in
2000 to nearly $4000 in the year of 2018. This growth is achieved
through better improvement in business activities in all fields. An in­
crease in business operations in various industries has increased eco­
nomic growth through better revenue generation along with the
increase in income-generating opportunities as well as jobs. In line with
the increasing population, the economic development has increased
sufficiently Hamta et al. (2021); Ünübol and Topaloğlu (2020). The
movement in economic growth provided several opportunities for the
people to start business activities which led to the welfare of societies
(Signorelli et al., 2020).
Economic sustainability and environmental sustainability are
inversely related to each other, and when the country goes for economic
sustainability, then the country fails to manage the environmental sus­
tainability because high economic growth needs high usage of trans­
portation, industries, and other carbon emission producing activities.
Thus, for any country, it is necessary to maintain the environment, and
economic sustainability, which is essential elements, and appropriate
policies are needed to enhance the economic sustainability without
damaging the environmental sustainability and also need to examine
frequently. Therefore, environment and economic sustainability can be
achieved using green activities that do not produce high carbon emis­
sions to explore the economy, such as green finance and green tech­
nology and also the extensive need for the Indonesian economy. Thus,
the current study also investigates the impact of green finance, green
technology innovation, and green micro-enterprises on the environment
and economic sustainability is Indonesia (Hkikmat, 2021; Mazur, 2021;
Wolfe, 2021; Wulandari et al., 2021).
However, this has come at a cost, with unmanageable levels of
extraction of various resources along with the extensive use of resources
causing unsustainability in the environment. Particularly, the rise in the
use of motor vehicles and extensive reliance on various coal-burning
resources contributed negatively to the environment and increased the
probability of the disease in the air among the village residents in
Indonesia. The extensive use of coal and motor vehicles lead to adverse
effect on environmental health Lin et al. (2020); Rajsingh and Tripathi
(2020). Sustainable development goals (SDG) in Indonesia need a

* Corresponding author.
E-mail addresses: rezaronaldo@stebilampung.ac.id (R. Ronaldo), tulus@radenintan.ac.id (T. Suryanto).

https://doi.org/10.1016/j.resourpol.2022.102839
Received 16 December 2021; Received in revised form 25 May 2022; Accepted 10 June 2022
Available online 25 June 2022
0301-4207/© 2022 Published by Elsevier Ltd.
R. Ronaldo and T. Suryanto
low-carbon pathway that has the potential to promote growth while
improving the healthy environment, community welfare, and climate
resilience. Instability in environmental health sustainability leads to the
negative effect on the people, which also affects their income-generating
activities in Indonesian villages. Along with environmental sustain­
ability issues, economic sustainability issue is also rising among the
Indonesian villages. As the population of villages is increasing, the
economic activities are needed at more speed to fulfill the requirements
of people. Therefore, it is important to address the economic sustain­
ability among the Indonesian villages along with the environmental
sustainability as both these aspects are in line with SDG. To achieve the
SDG among Indonesian villages, it is important to achieve environ­
mental sustainability and economic sustainability
Jakavonytė-Staškuvienė (2021); Mattayaphutron et al. (2021); Rahti­
kawatie et al. (2021); Uludağ (2020); Villaseñor and Cervantes (2020).
To address the issues of environmental sustainability and economic
sustainability consistent with the SDGs, the Indonesian government is
providing financial resources for village communities which are known
as Village Fund having vital importance for the people to promote a
healthy environment and to promote livelihood opportunities. SDGs
promote the welfare of communities globally by reducing the level of
poverty through the promotion of various income-generating activities.
Additionally, these goals promote environmental sustainability by
reducing the substances which pollute the environment. To achieve
these goals, environmental sustainability and economic sustainability
are important in the Indonesian village. Thus, the village fund planned
by the Indonesian government has an important role in achieving SDGs
through economic and environmental sustainability. It is explained by
Permatasari et al. (2021) that the village fund has an important role in
enhancing environmental sustainability. Furthermore, a case study
conducted by Fauzi et al. (2013) described that economic independence
could be attained through village funds which leads to economic sus­
tainability. Therefore, both the SDGs can be attained through village
funds in Indonesia.
This study proposed that; proper utilization of financial resources
from village funds to enhance various activities related to green finance
may lead to better outcomes for environmental sustainability and eco­
nomic sustainability. Green finance is most important to address envi­
ronmental issues, as reported by the literature Nawaz et al. (2021);
Trigueros et al. (2020); Zhixia et al. (2018). Investment in various
village activities having no or minor effect on the environment can lead
to resolving environmental issues. Green financial activities can enhance
innovation in terms of green technology. Improvement in green tech­
nology innovation can enhance the environmental sustainability by
decreasing the level of pollution. Similarly, green finance led to the
green micro-enterprises among the villages which lead to both envi­
ronmental sustainability and economic sustainability. Thus, green
finance promotes through village funds has an important role in
achieving SDGs by reducing environmental issues and increasing eco­
nomic sustainability (Fakehy et al., 2021; Josaiman et al., 2021;
Mahonge, Nsenga, Itani, & Kurosaki, 2021; Stubbs-Richardson et al.,
2020; Tejeiro et al., 2020; Turfboer & Silvius, 2021).
Hence, this study has the objective of examining the role of green
finance in SDGs through Village Funds in Indonesia. Two important
SDGs are considered: environmental sustainability and economic sus­
tainability. This study proposed the positive role of village funds in
generating green finance leading to the achievement of SDGs among
Indonesian villages. The objective of this study is achieved by examining
the role of green finance in green technology innovation and green en­
terprise development, which further lead to environmental sustain­
ability and economic sustainability. Previous studies have presented the
SDGs Muller and Klerk (2020); Schmieg et al. (2018); Ugwuoke et al.
(2021); X. Wang, Yuen, Wong, and Li (2020). However, studies on the
achievement of SDGs through Indonesian village funds are very limited,
which requires more focus from researchers to achieve SDGs.
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Resources Policy 78 (2022) 102839
2. Framework development
Village fund in Indonesia is grounded on the financial resources
allotted to the community living in the certain village for the objective of
development in various activities. These funds are generally provided to
encourage sustainability among the various communities in relation to
the numerous aspects. The main objective of these village funds is based
to achieve the SDGs through financial resources. The SDGs are a
collection of 17 integrated global goals intended to be a "blueprint to
achieve a better and more sustainable future for all". These SDGs were
formulated in 2015 by the United Nations (US) and are expected to be
attained by the year 2030 (sssDatta et al., 2019; NEL & Masilela, 2020;
Suard, 2020).
Grounded on poverty reduction and improvement in prosperity, the
provision of economic opportunities to enhance the sustainable liveli­
hood and increase in the quality of environment are the major SDGs. The
environmental sustainability is the important element of people to
enhance the quality of life Jacob et al. (2009); Subiyakto et al. (2020);
Westhuizen and Ntshingila (2020); Yildiz and Kiliç (2018). Therefore,
along with the economic sustainability, this study considered environ­
mental sustainability as an important SDG. Indonesia led the research
consortium to discover the possibilities of low carbon, resulting in the
significant placement of green growth in development plan of Indonesia
for 2020–2024.
For the environmental sustainability, in 2017, Indonesia declared its
objective of combining low-carbon and green growth into its national
development plan. Reduction in carbon emission and promotion of
green growth are the important elements linked with green finance.
Thus, green finance is considered in this study to promote environ­
mental sustainability along with the economic sustainability. Several
previous studies are carried out on environmental sustainability and
economic sustainability Kihombo et al. (2021); Song et al. (2018); Tri­
gueros et al. (2020); Yalcin and Ramazanoglu (2020); Zhixia et al.
(2018), however, it is not addressed in combination with SDGs and
Indonesian village funds. Furthermore, this study proposed the impor­
tant role of green finance in green technology which is also not
addressed by the previous studies through village funds. Additionally,
this study considered green micro-enterprises which rarely studied in
literature. Hence, this study proposed a relationship between green
finance, green technology innovation, green micro-enterprises, envi­
ronmental sustainability, and economic sustainability by considering
various literature gaps. This relationship is shown in Fig. 1.
3. Hypotheses development
This section provides the literature related to the association among
the green finance, green technology innovation, green micro-
enterprises, environmental sustainability and economic suitability in
the following subsections.
3.1. Environmental sustainability
Environmental sustainability can be described as the responsible
dealings with the environment to decrease the depletion or degradation
of various natural resources and permit for long-term environmental
quality Sarkodie et al. (2020). Environmental sustainability is the major
element of SDGs Parmentola, Petrillo, Tutore, and De Felice (2021);
Tomteberget and Larsson (2020); Vaio et al. (2021) which is considered
by the current study. In the current era of industrialization, the pro­
tection of environment is most important for the nations. As the growth
in business activities leading to the negative results for environmental
sustainability Abbasi et al. (2022). To promote human health, the clean
air, food and atmosphere is most important which is based on the
environmental performance. Sustainability means to the utilizations of
various natural resources in such a way to benefit the societies with no
side effects.
R. Ronaldo and T. Suryanto
Fig. 1. Theoretical framework.
3.2. Economic sustainability
Economic sustainability denotes to the activities that help economic
growth for longer period of time without negatively affecting social and
environment along with cultural aspects of the community. Economic
sustainability led to the stable resources of business activities Sadrid­
dinov et al. (2020); Youssoufou (2020) having no harm to the envi­
ronment. Therefore, it can be further explained as the ability of economy
to support business growth through increase in sales, employment op­
portunities, production, profitability etc. This study considered eco­
nomic sustainability as the second important SDG. In this study,
economic sustainability is connected with the people living in Indone­
sian villages where the government is providing Fund Village facilities.
3.3. Green finance
Green finance is any structured financial activity that’s been created
to ensure a better environmental outcome. Green finance encompasses
all the initiatives taken at national and international level by public and
private organizations to take care the living environment. Green finance
is vital as it encourages the flow of different financial instruments as well
as other related services to the development of sustainable business
models, investments in various projects, activities related to the trade
and environmental as well as various social projects. It is one of the
growing filed in the literature Ding (2019); (Hyung & Baral, 2019); Yu
et al. (2021); Zhu et al. (2017) due to its increasing importance for the
environment and business activities. With the increase in pollution,
environmental performance is decreasing Afsah and Ratunanda (2017)
which is a cause of increasing green finance activities and researchers
are focusing to promote green finance.
3.4. Green finance role on environmental and economic sustainability
There is significant connection between green finance and environ­
mental performance. The increase in green finance activities among the
organizations leading to the environmental sustainability. As the green
finance activities causes to decrease the environmental pollution which
has the ability to increase sustainability in the environment. Particu­
larly, people living in various villages of Indonesia require green finance
activities to decrease the level of pollution. The Fund village from the
government of Indonesia provide the opportunities to enhance envi­
ronmental performance through increase in the opportunities of green
finance. Literature also highlighted a positive relationship between
green finance and environment Li and Gan (2021); Zhou et al. (2020).
Although, previous studies have reported green finance and
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Resources Policy 78 (2022) 102839
environment, however, it is not addressed in relation to the Indonesian
Fund Village. Along with the effect of green finance on environmental
sustainability, it also has effect on economic sustainability. Economic
sustainability is one of the most influential elements among the Indo­
nesian villages. Because most of the villages have higher poverty rate
which is one of the hindrances to achieve SDGs. In this direction, eco­
nomic sustainability is another SDG Gyamfi et al. (2021); Khan et al.
(2021) which can be attained through economic sustainability. Various
financial resources provided by the Indonesian government through
Fund Village may increase the economic sustainability. Green financial
activities carried out by the village has the ability to enhance economic
sustainability. Therefore, green finance has an important relationship
with environmental sustainability and economic sustainability. Based
on the above literature, the present article has developed the following
hypotheses:
H1. Green finance has a positive relationship with environmental
sustainability.
H2. Green finance has a positive relationship with economic
sustainability.
3.5. Green finance role on green technology innovation and green micro
enterprise
Green technology innovation is the use of technology and science to
manufacture products as well as services having no harm to the envi­
ronment Umar et al. (2021a). The major objective of green technology is
based on to protect the environment from harmful substance and better
utilization of natural resources. Green technology products are items
which influence environmental awareness into their design and use
Umar et al. (2021b). This study is connected with the Indonesian Fund
Village; therefore, green technology innovation is taken as the intro­
duction of various products as well as services among these villages to
enhance the environmental performance along with the promotion of
economic sustainability. Green technology innovation is increasing
significantly Cai et al. (2020); Feng et al. (2021); Fernando et al. (2019)
due to the increase in environmental pollution. On the other hand, mi­
croenterprise is based on the business at small level, also known as a
microbusiness. Generally, it denotes to a small business that employs
few people. Green micro enterprise means the micro enterprise which
are environmentally friendly. Green finance has significant relationship
with both green technology innovation and green micro enterprise. In­
vestment is always required to introduce new technology; therefore,
green finance has major importance to bring innovation in technology.
As reported by Hyung and Baral (2019), green finance and green
R. Ronaldo and T. Suryanto
technology has relationship with each other’s. Therefore, green finance
through Fund Village can foster the green technology. Similarly, the
development of green micro enterprise also require investment which is
provided through green finance with the help of Fund Village. There­
fore, the above discussion exposed that green finance can bring green
technology innovation and also develop green micro-enterprises. Based
on the above literature, the present article has developed the following
hypotheses:
H3. Green finance has a positive relationship with green technology
innovation.
H4. Green finance has a positive relationship with green micro-
enterprise.
3.6. Green technology innovation and green micro-enterprises role on
economic and environmental sustainability
Moreover, green technology innovation and green enterprise has
relationship with the environmental sustainability and economic sus­
tainability. Green technology adoption in business activities can foster
the environmental sustainability along with the improvement in eco­
nomic sustainability. Because the process of product manufacturing
could be designed in such a way to decrease the effect on environment
and also enhance the effective economic conditions. According to Dave
et al. (2019); Fernando and Wah (2017), green technology improves the
environmental performance. Similarly, green micro enterprise has pos­
itive role to promote environmental performance along with economic
sustainability. Small business activities with no harm to the environment
has positive role to enhance environmental sustainability. Therefore,
environmental sustainability can be promoted through green technology
innovation and green micro enterprise, and these factors also enhance
the economic sustainability. Furthermore, green technology innovation
and green micro enterprise has crucial role to promote economic sus­
tainability. To achieve the SDGs, economic sustainability of people
living in Indonesian villages require to start micro enterprises. The green
aspect of these micro enterprise and green technology implementation
can lead to the positive effect on economic sustainability as well as
environment. As it is reported by Holt (2012), green micro enterprises
are important to foster economic activity and to improve the environ­
mental health. Thus, the green technology innovation adoption and the
development of the green micro-enterprises could increase economic
and environmental sustainability. Based on the above literature, the
present article has developed the following hypotheses:
H5. Green technology innovation has a positive relationship with
environmental sustainability.
H6. Green technology innovation has a positive relationship with
economic sustainability.
H7. Green micro-enterprise has a positive relationship with environ­
mental sustainability.
H8. Green micro-enterprise has a positive relationship with economic
sustainability.
3.7. Mediating role of green technology innovation and green micro-
enterprises
Green finance brings technological innovation in the processes that
reduce carbon emissions and protect the environment and also enhance
the economic sustainability of the country Raza, Shahbaz, Amir-ud-Din,
Sbia, and Shah (2018); Umar et al. (2020a). In addition, a study by Umar
et al. (2020b) also exposed that technological innovation can be pur­
chased using green finance, and this can enhance environmental and
economic sustainability. Moreover, green finance is specially developed
for the green activities in the organization, such as green innovation
adoption that improve the economic condition without damaging the
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Resources Policy 78 (2022) 102839
environment L. Wang et al. (2021); Zhang et al. (2021). On the other
hand, green finance has also used in the development of green
micro-enterprises that also improve the economic sustainability without
producing high carbon and do not affect the environmental sustain­
ability Goodell and Goutte (2021); Kirikkaleli et al. (2021). A study by
Umar et al. (2021c) also exposed that green micro-enterprises can be
developed using green finance because the green finance is specially
created for green activities, and these enterprises could improve the
economic sustainability and reduce the environmental degradation.
Finally, green finance is the only solution for the development of green
enterprises that enhance economic sustainability and reduce environ­
mental degradation Aloui et al. (2018); Zhang et al. (2021). Thus, green
finance brings green technology innovation adoption and also helps to
develop green micro-enterprises that could increase economic and
environmental sustainability. Based on above literature, the present
article has developed the following hypotheses:
H9. Green technology innovation mediates the relationship between
green finance and environmental sustainability.
H10. Green technology innovation mediates the relationship between
green finance and economic sustainability.
H11. Green micro enterprise mediates the relationship between green
finance and environmental sustainability.
H12. Green micro enterprise mediates the relationship between green
finance and economic sustainability.
4. Research methodology
The current study designed a survey questionnaire to examine the
relationship between green finance, green technology innovation, green
micro-enterprise, environmental sustainability, and economic sustain­
ability. The questionnaire is designed by considering the already
revealed scale items by previous studies. Green finance is measured
through four scale items by considering the waste management, green
establishment investment, investment in recycling and green
manufacturing. Environmental sustainability is measured by using five
items by considering energy consumption reduction from businesses,
reduction in carbon emission and client environment risk. The scale
items for green finance are considered from Zheng et al. (2021). Green
technology innovation is measured by using five scale items adapted
from Jun et al. (2019). It is measured through five items; “green tech­
nology can provide better environmental performance, green technol­
ogy can provide higher economic benefits, green technology can
enhance our company’s reputation, integrating green practices within
the company’s existing system is easy, green technology can provide
higher social benefits.” Green micro enterprises are examined by
considering the green activities by the micro enterprises and their focus
towards environmental sustainability. Community sustainable devel­
opment goals are considered by using environmental sustainability and
economic sustainability. Environmental sustainability is measured
through environmental performance and economic sustainability is
measured by using the measures related to the economic activities of
community. These measures are adapted from Abbas and Sağsan (2019).
The scale was divided in to three sections. The first section was
considered to collect the information related to the demographic profile
of respondents such as age, education, income, marital status etc. The
second section was based on the scale items related to SDGs which
included environmental sustainability and economic sustainability.
Both the economic sustainability and environmental sustainability are
considered as dependent variables. The third section was based on the
independent variables and mediating variables. Independent variable is
green finance and mediating variable is green technology innovation
and green micro enterprise. Thus, third section was based on the scale
items related to the green finance, green technology innovation and
green micro enterprise. The pre-test of the questionnaire is carried out to
R. Ronaldo and T. Suryanto Resources Policy 78 (2022) 102839

examine the suitability of the questionnaire. For this purpose, this study
collected data from 100 respondents. After the collection of data from
respondents, the reliability and validity were examined. Partial Least
Square (PLS) is used to check the reliability and validity. To examine the
reliability, composite reliability (CR) is considered and to check the
validity, convergent validity and discriminant validity is considered.
Results of the pre-test shows that; questionnaire is suitable to collect
data from respondents for the current study.
Data collection is made through the survey questionnaire which is
designed by using previous studies. Data is collected from the Indone­
sian government officials working on Fund Village and officers involved
in the distribution of Fund Village. For data collection, this study
considered 400 questionnaires and distributed among the respondents.
For the questionnaire distribution, the current study used simple
random sampling. Hence, by using simple random sampling, the current
study distributed400 questionnaires among the Indonesian government
officials working on Fund Village and officers involved in the distribu­
tion of Fund Village. While distribution of questionnaires, the objective
of the study was clearly explained to the respondents, and it was insured
that they are agreed to respond to the survey. Data collection process
took fifty days in which the remainders were sent to the respondents.
Finally, this survey ends up with the 220 valid respondents. De­
mographic information of respondents revealed that; most of the re­
spondents have age between 30 and 40. Government officials working
on Fund Village have majorly belong to the married employees along
with the master’s degree holders with the higher percentage. Further­
more, most of the respondents are male and less respondents are female.
Finally, this study examined the data by using preliminary data ana­
lysisBabagana et al. (2019). Data statistics are highlighted in Table 1. In
this process, this study examined the errors related to the missing value
and outlier along with the normality of the data. All these errors are
important to remove to get original results. Data statistics shows that
data is free from any case of error.
5. Findings
Findings of the study are based on the statistical tool; Partial Least
Square (PLS) Joseph F Hair et al. (2013); Joe F. Hair, Sarstedt, Hopkins,
and Kuppelwieser (2014); Joseph F Hair et al. (2012) which is used to
examine the relationship between green finance, green technology
innovation, green micro-enterprise, environmental sustainability, and
economic sustainability. However, before to examine the relationship
between variables, this study examined the reliability and validity of the
data. In this process, confirmatory factor analysis (CFA) is carried out
which is given in Fig. 2. Factor loadings is highlighted in Table 2. Green
technology innovation scale is consisted of five items. All the items have
factor loadings between 0.669 and 0.792 which is acceptable. Green
finance measured through four items with factor loadings between
0.713 and 0.815. Green micro enterprise has factor loadings between
0.723 and 0.873. Furthermore, environmental sustainability has factor
loadings between 0.669 and 0.842. Finally, economic sustainability is
examined by using five items with factor loadings between 0.762 and
0.867. This study considered 0.6 as a minimum criterion for factor
loadings. All the items have achieved the minimum threshold level.
Additionally, to address the convergent validity (CR), this study exam­
ined composite reliability (CR) and average variance extracted (AVE).
According to literature, CR must be above 0.7 and AVE must be above
0.5 J. Hair, Hollingsworth, Randolph, and Chong (2017). Results of CR
and AVE shows that; green finance, green technology innovation, green
micro-enterprise, environmental sustainability, and economic sustain­
ability have achieved the minimum threshold level which achieved the
convergent validity (see Fig. 3). Furthermore, discriminant validity
Henseler et al. (2015) is achieved with the help of Heterotrait Monotrait
ratio of correlations (HTMT). HTMT is highlighted in Table 3.
The next step of PLS is structural model which is used to examine the
relationship between variables García-Fernández, Martelo-Landroguez,
Vélez-Colon, and Cepeda-Carrión (2018); Henseler et al. (2014). In
this step, the effect of green finance is examined on green technology
innovation. This hypothesis is supported because the t-value is above
1.96. The effect of green finance is examined in relation to the green
micro enterprise which is significant. Furthermore, the effect of green
finance is examined on economic sustainability and environmental
sustainability. Green finance has significant effect on economic sus­
tainability and environmental sustainability. Additionally, green tech­
nology innovation has significant effect on environmental sustainability.
Moreover, it has significant effect on economic sustainability. This sec­
tion also examined the direct effect of green micro enterprise on envi­
ronmental sustainability. Results shows that green micro enterprise has
positive effect on environmental sustainability. Additionally, the direct
effect of green micro enterprise is examined in relation to the economic

Table 1
Data statistics.
No. Missing Mean Median Min Max SD Kurtosis Skewness

GF1 1 0 1.733 1 1 5 0.996 2.082 0.633

GF2 2 0 2.491 2 1 5 1.432 − 1.07 0.653
GF3 3 0 2.298 2 1 5 1.045 0.699 0.927
GF4 4 0 2.348 2 1 5 1.339 − 0.273 0.941
GTI1 5 0 2.553 2 1 5 1.337 − 0.822 0.484
GTI2 6 0 2.137 2 1 5 1.123 − 0.697 0.631
GTI3 7 0 2.329 2 1 5 1.355 − 0.411 0.941
GTI4 8 0 2.031 2 1 5 1.187 0.487 1.199
GTI5 9 0 2.248 2 1 5 1.261 0.033 0.965
GME1 10 0 2.404 2 1 5 1.302 − 0.693 0.7
GME2 11 0 2.087 2 1 5 1.166 0.532 1.135
GME3 12 0 2.13 2 1 5 1.247 − 0.386 0.895
GME4 13 0 2.05 2 1 5 1.056 0.843 1.177
GME5 14 0 2.211 2 1 5 1.258 − 0.323 0.898
ES1 15 0 2.155 2 1 5 0.982 − 0.208 0.637
ES2 16 0 2.385 2 1 5 1.41 − 0.702 0.794
ES3 17 0 1.957 2 1 5 0.955 0.465 0.953
ES4 18 0 2 2 1 5 1.028 0.679 1.109
ES5 19 0 2.453 2 1 5 1.387 − 0.742 0.724
ECS1 20 0 2.311 2 1 5 1.176 0.1 0.88
ECS2 21 0 1.925 2 1 5 1.013 1.156 1.274
ECS3 22 0 2.019 2 1 5 1.139 0.316 1.032
ECS4 23 0 2.168 2 1 5 1.143 0.661 1.075
ECS5 24 0 2.286 2 1 5 1.297 − 0.18 0.954

Note: GF = Green Finance; GTI = Green Technology Innovation; GME = Green Micro-Enterprise; ES = Environmental Sustainability; ECS = Economic Sustainability.

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R. Ronaldo and T. Suryanto Resources Policy 78 (2022) 102839

Fig. 2. Measurement Model

Note: GF = Green Finance; GTI = Green Technology Innovation; GME = Green Micro-Enterprise; ES = Environmental Sustainability; ECS = Economic Sustainability.

Fig. 3. Structural Model

Note: GF = Green Finance; GTI = Green Technology Innovation; GME = Green Micro-Enterprise; ES = Environmental Sustainability; ECS = Economic Sustainability.

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R. Ronaldo and T. Suryanto Resources Policy 78 (2022) 102839

Table 2 to investigate the role of green finance in SDGs through Village Funds in
Factor loadings, CR and AVE. Indonesia. A survey was used to achieve the purpose of the study by
Constructs Items Loadings Alpha CR AVE using a questionnaire. Data was obtained from Indonesian government
officials working on Fund Village and officers involved in the distribu­
Economic Sustainability ECS1 0.867 0.882 0.914 68
ECS2 0.864 tion of Fund Village, which is assessed through statistical tool, namely;
ECS3 0.8 Smart PLS. In this process, 12 hypotheses are proposed which include
ECS4 0.762 eight direct hypotheses and four indirect hypotheses.
ECS5 0.827 While examining the direct hypotheses, the relationship between
Environmental Sustainability ES1 0.782 0.848 0.892 0.624
ES2 0.835
ES3 0.782
Table 4
ES4 0.699
Direct effect results.
ES5 0.842
Green Finance GF1 0.749 0.77 0.853 0.593 β M SD T P
GF2 0.815 Statistics Values
GF3 0.713
Green Finance - > Economic 0.121 0.118 0.034 3.584 0
GF4 0.799
Sustainability
Green Micro-Enterprise GME1 0.873 0.834 0.883 0.602
Green Finance - > 0.137 0.148 0.059 2.33 0.02
GME2 0.723
Environmental
GME3 0.77
Sustainability
GME4 0.781
Green Finance - > Green 0.677 0.677 0.062 10.874 0
GME5 0.723
Micro-Enterprise
Green Technology Innovation GTI1 0.669 0.792 0.857 0.546
Green Finance - > Green 0.714 0.718 0.054 13.179 0
GTI2 0.686
Technology Innovation
GTI3 0.789
Green Micro-Enterprise - > 0.612 0.609 0.081 7.53 0
GTI4 0.792
Economic Sustainability
GTI5 0.751
Green Micro-Enterprise - > 0.661 0.663 0.062 10.64 0
Note: GF = Green Finance; GTI = Green Technology Innovation; GME = Green Environmental
Micro-Enterprise; ES = Environmental Sustainability; ECS = Economic Sustainability
Sustainability. Green Technology Innovation 0.168 0.174 0.069 2.399 0.017
- > Economic Sustainability
Green Technology Innovation 0.222 0.228 0.092 2.422 0.016
sustainability. It is found that, green micro enterprise has significant - > Environmental
effect on economic sustainability. Finally, all the hypotheses are sup­ Sustainability
ported. Results of the direct hypotheses are given in Table 4.
Furthermore, indirect effect is highlighted in Table 5. The indirect
effect is reported by following the instructions of Preacher and Hayes Table 5
(2004, 2008). The indirect effect of green technology innovation and Indirect effect results.
green micro enterprise is examined. The indirect effect of green tech­ β M SD T P
nology innovation is examined between green finance and environ­ Statistics Values
mental sustainability as the t-value is 7.73 which is above 1.96. Green Finance - > Green Micro- 0.414 0.413 0.07 5.927 0
Furthermore, the indirect effect of green technology innovation is Enterprise - > Economic
examined between green finance and economic sustainability. This in­ Sustainability
direct effect between green finance and economic sustainability is not Green Finance - > Green 0.12 0.125 0.067 1.779 0.076
Technology Innovation - >
significant because the t-value is less than 1.96. Additionally, the indi­ Economic Sustainability
rect effect of green micro enterprise is examined between green finance Green Finance - > Green Micro- 0.447 0.449 0.058 7.73 0
and environmental sustainability. This indirect effect is significant Enterprise - > Environmental
because the t-value achieved minimum threshold level. Finally, the in­ Sustainability
Green Finance - > Green 0.159 0.165 0.072 2.208 0.028
direct effect of green micro enterprise is examined between green
Technology Innovation - >
finance and economic sustainability which is significant. Finally, this Environmental Sustainability
study examined predictive relevance (Q2) to ensure the quality of the
model. Predictive relevance (Q2) must not be less than zero to achieve
the minimum quality of the model. It is shown in Table 6 which high­
Table 6
lighted that environmental sustainability has predictive relevance (Q2) Predictive relevance (Q2).
0.326 and economic sustainability has predictive relevance (Q2) 0.451.
SSO SSE Q2 (=1-SSE/SSO)

6. Discussion Economic Sustainability 805 441.743 0.451

Environmental Sustainability 805 542.6 0.326
Green Finance 644 644
This study proposed a relationship between green finance, green Green Micro-Enterprise 805 598.475 0.257
technology innovation, green micro-enterprises, environmental sus­ Green Technology Innovation 805 596.688 0.259
tainability, and economic sustainability. This relationship is examined

Table 3
HTMT.
Economic Sustainability Environmental Sustainability Green Finance Green Micro-Enterprise Green Technology Innovation

Economic Sustainability
Environmental Sustainability 0.869
Green Finance 0.785 0.571
Green Micro-Enterprise 0.843 0.86 0.831
Green Technology Innovation 0.868 0.766 0.807 0.736

7
R. Ronaldo and T. Suryanto
green finance and environmental sustainability is examined through
hypothesis 1. Results indicated a positive relationship between green
finance and environmental sustainability which shows that the increase
in green finance can increase the environmental sustainability. These
results are also connected with the previous studies. As the literature
also proved the positive effect of green finance on environment Zhu et al.
(2017). Similarly, hypothesis 2 is also supporting the relationship be­
tween green finance and economic sustainability. The funds provided by
the Indonesian government for the welfare of villages has the ability to
produce economic opportunities for the people which lead to the posi­
tive effect to enhance income. Therefore, it is found that, green finance
has important role to achieve both SDGs; environmental sustainability
and economic sustainability. The direct effect of green finance is
examined in relation to the green technology innovation. This rela­
tionship found the influence of green finance on green technology
innovation indicating the increase in green finance activities can in­
crease the green technology. Hence, these results supported hypothesis
3. Previous studies also proved a positive relationship between green
finance and green technology or green innovation Feng et al. (2021);
Hyung and Baral (2019); Yu et al. (2021). Hypotheses 4 is based on the
relationship between green finance and green micro enterprises which
proved a positive effect of green finance on green micro enterprise.
According to these results, increase in green finance through fund
village can increase the development of green micro enterprises.
Therefore, the funds providing by the Indonesian government to the
villages can increase the development of green micro enterprises. Thus,
the green finance has vital role to enhance the green technology and
green business activities through green micro enterprises through fund
village. Hypothesis 5 and hypothesis 6 shows the effect of green tech­
nology innovation on environmental sustainability and economic sus­
tainability. Results proved the positive relationship between green
technology innovation and environmental sustainability which shows
the better introduction of green technology can increase the environ­
mental sustainability. These results are in line with other investigations
on green technology and environmental sustainability. As Fores (2019)
proved that green technology has positive effect on environmental
performance. Similarly, green technology innovation has positive effect
on economic sustainability. People living in the Indonesian villages can
foster their business activities with the help of green technology inno­
vation which has dual benefits as it enhances the environmental health
along with the livelihood opportunities. Literature also shows the pos­
itive role of green technology in economic development. Furthermore,
hypothesis 7 and hypothesis 8 shows the effect of green micro enter­
prises on environmental sustainability and economic sustainability.
According to these results, green micro enterprises have positive role to
sustain the environmental health. Development of green micro enter­
prises has the potential to influence positively the environmental sus­
tainability. Therefore, fund village by the Indonesian government has
influential role to promote environmental performance. Similarly, it has
positive role to influence economic conditions of the people living in
villages because this study proved that positive effect of green micro
enterprises on economic sustainability. Thus, green micro enterprises
have important role to promote environmental sustainability and eco­
nomic sustainability in Indonesia through Fund Village.
Moreover, to address the indirect effect, this study proposed four
hypotheses. The indirect effect of environmental sustainability and
economic sustainability is considered. Hypothesis 9 proposed to
examine the indirect effect of green technology innovation between
green finance and environmental sustainability. This indirect effect is
significant which indicates that green technology innovation as medi­
ating variable reflect the positive effect of green finance on environ­
mental sustainability. Therefore, along with the direct effect, green
technology innovation also has indirect effect to promote SDGs in
Indonesia. On the other hand, the indirect effect of green technology
innovation is not supported between green finance and economic sus­
tainability which is reflected in hypothesis 10. Furthermore, it is found
8
Resources Policy 78 (2022) 102839
that, hypothesis 11 is significant which considered the mediating role of
green micro enterprise between green finance and economic sustain­
ability. It shows that, green micro enterprise transfers the positive effect
of green finance on economic sustainability. Therefore, community
development among the villages can be promoted through Fund Village
by promoting the green micro enterprises. Finally, the last hypothesis 12
shows the indirect effect of green micro enterprise between green
finance and environmental sustainability which is significant. Hence,
green micro enterprise development can achieve both SDGs by pro­
moting economic sustainability and environmental sustainability in
Indonesia.
7. Conclusion
Finally, it is concluded that; Fund Village has important role to
achieve SDGs in Indonesia. Fund Village provide the opportunities to
invest in green finance which has key contribution to promote SDGs.
Increase in green finance can increase the environmental sustainability
and economic sustainability with the help of green technology innova­
tion and green micro enterprise development. Green finance can achieve
the SDGs by promoting green technology innovation and green micro
enterprises. Thus, green finance is playing a pivotal role to attain SDGs
by enhancing environmental sustainability and economic sustainability.
7.1. Implications of the study
Results of the current study added the significant contribution to the
literature. Particularly, this study has significant contribution to the
field of green finance, environmental sustainability and economic sus­
tainability. This study filled the important literature gap in the filed of
SDGs in Indonesia. As this study examined the relationship between
green finance, green technology innovation, green micro-enterprises,
environmental sustainability, and economic sustainability which is a
vital relationship to contribute to the literature having vital theoretical
implications. This relationship is rarely addressed by the previous
studies; therefore, the uniqueness of this relationship is important for the
literature in the concerned filed. This study filled the literature gap by
considering the Indonesian Fund Village which is an important element
to achieve SDGs in Indonesia, however, it was rarely considered among
previous studies in relation to the SDGs through green finance. This
study has important implications because the framework of the current
study is based on the various relationships which are examined first time
in the literature. For instance, this study introduced the unique element
of green micro enterprise which is rarely addressed in previous studies.
Most importantly, it is not addressed through green micro enterprise.
Additionally, the relationship between green micro enterprise with
environmental sustainability and economic sustainability is first time
considered by the current study. Additionally, this study proved the
mediating role of green technology innovation and green micro enter­
prise between green finance and SDGs. Hence, this study extended the
knowledge in the concerned filed and provided several theoretical
implications.
Number of theoretical implications of the current study leading to
the important practical implications. As results of this study are more
important for the Indonesian government to achieve SDGs. This study
reported the positive role of green finance to achieve SDGs. Therefore,
Indonesian government should encourage the Fund Village to invest in
green finance activities because it has dual benefits which lead to the
economic sustainability as well as environmental sustainability. The
focus of government on the green finance activities can promote income
generating activities in villages and can enhance the environmental
performance by decreasing pollution. With the increase in business ac­
tivities, the pollution is increasing having negative effect on environ­
mental health. Therefore, this study suggested the government to
increase environmental sustainability through green finance. Addition­
ally, this study suggested that Indonesian government should introduce
R. Ronaldo and T. Suryanto
new technological innovation through Fund Village. The introduction of
new technology can decrease the environmental pollution and increase
the economic sustainability. Furthermore, another practical implication
is based on the development of green micro enterprise. The management
of villages should promote green micro enterprise through Fund Village
which has the potential to achieve SDGs by increasing the economic and
environmental sustainability. The current article also recommended that
the regulators focus on developing the policies related to enhancing the
green finance that brought the innovation and developed the green
enterprises and leads the country towards economic and environmental
sustainability.
7.2. Study limitations and future directions
This study has examined important relationship between variables
which contributed to the various fields such as green finance and SDGs,
however, apart from significant contribution, this study has few limi­
tations which could be the directions for future researchers. First, the
current study only considered two SDGs; economic sustainability and
environmental sustainability, however, various other SDGs are not
considered. For instance, social sustainability is also an important SDG.
Therefore, future studies should consider social sustainability while
examining green finance and SDGs in relation to the Fund Village.
Second, the current study considered green technology and green micro
enterprise, however, to promote these two elements, green investment is
required. Thus, future studies should include green investment to
facilitate green technology innovation and green micro enterprise.
Third, green micro enterprise is one of the rarely used variable in
literature, although it has major importance to promote environmental
performance, however, this study considered green micro enterprise in
relation to the Fund Village, this should be used in various other models
to promote environmental health.
Data availability
Data will be made available on request.
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