Factors Favoring the Adoption of Green Finance by Financial Institutions In Dakar: An Exploratory Study

As with any organization, financial institutions, particularly in Dakar, play a crucial role in low-income and emerging economies by mobilizing capital and investing in climate change mitigation. Drawing on neo-institutional theory, this exploratory study aims to understand and identify the factors that may influence the adoption of green finance by banks in Dakar. To achieve this, interviews were conducted with five (5) bank CEOs and three (3) solar energy stakeholders (bank clients), and the data were analyzed using thematic categorical content analysis. The findings, based on the interviewees’ responses, reveal that top management support, proactive institutional strategies, capacity building, incentive policies, market share development, allocation of funds to green projects, and the digitization of banking services are likely to influence the adoption of green finance by banks in Dakar. Furthermore, the direct involvement of monetary and regulatory authorities, through the development of specific regulations that encourage financial institutions to adopt green finance, is essential.