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Financial Eco-Innovation as a Mechanism for Fostering the Development of Sustainable Infrastructure Systems

Juan David González-Ruiz (), Sergio Botero-Botero () and Eduardo Duque-Grisales ()
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Juan David González-Ruiz: Department of Finance, School of Economics and Finance, Universidad EAFIT, Carrera 49 No. 7 Sur-50, Medellín, Colombia
Sergio Botero-Botero: Departamento de Ingeniería de la Organización, Facultad de Minas, Universidad Nacional de Colombia, Avenida 80 No. 65-223, Medellín, Colombia
Eduardo Duque-Grisales: Facultad de Ingeniería, Institución Universitaria Pascual Bravo, Calle 73 No. 73A-226, Medellín, Colombia

Sustainability, 2018, vol. 10, issue 12, 1-19

Abstract: This paper aims to propose a financial framework based on mezzanine-type debt for financing Sustainable Infrastructure Systems (SIS). In our analysis, an exploratory-type methodology based on a post-positivist approach for describing the financial eco-innovation in the sustainable infrastructure context is used and consequently, the essential framework’s theory is developed, as well as the characteristics and schemes for its functioning. Moreover, the theoretical foundations of financial eco-innovations are analyzed. It was concluded that researchers could benefit from this framework by acquiring a better knowledge of how a mezzanine-debt type could work together sustainability criteria. This paper is expected to contribute to expanding the existing knowledge and expanding funding knowledge frontiers for SIS, as well as contributes to providing a foundation for new research topics. The originality of the proposed framework is intended to establish new ways in order to close the gap between the development of SIS and financing sources using the incorporation of sustainability criteria in the financing process. Thus, the importance of this work is based on the fact that it can be used as an academic support for producing practical solutions.

Keywords: sustainable infrastructure systems; project finance; public-private partnerships; eco-innovation; mezzanine (search for similar items in EconPapers)
JEL-codes: Q Q0 Q2 Q3 Q5 Q56 O13 (search for similar items in EconPapers)
Date: 2018
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