Unraveling the influence of green bonds on environmental sustainability and paving the way for sustainable energy projects in green finance

The acceleration of renewable energy has emerged as a cornerstone strategy in mitigating climate change and advancing the sustainable stewardship of our natural resources. Nonetheless, financing renewable energy projects remains a challenging issue. In this context, green bonds have surfaced as a promising financial instrument to propel renewable energy projects forward and foster sustainable resource development. This study endeavors to evaluate the transformative impact of green bonds on renewable energy investments in China. Leveraging the fuzzy analytical hierarchy process (AHP) and the fuzzy weighted aggregates sum product assessment (WASPAS) methods, we delve into the Chinese landscape to dissect the correlation between green bonds and renewable energy investment outcomes. Through extensive literature review, we have identified several factors, comprising nuanced sub-factors, alongside distinctive investment strategies pertinent to the effective utilization of green bonds in the renewable energy sector. The fuzzy AHP analysis reveals that financial, environmental, and regulatory are the most influential factors. Employing the fuzzy WASPAS method, our findings emphasize the transformative potential of green bonds in significantly accessing to capital of renewable energy projects in the context of Chinese. This research sheds light on the pivotal role green bonds play in driving sustainable natural resource development through substantial investments in renewable energy projects.