Achieving the goals of the 2030 agenda for sustainable development requires substantial investment and depends on the ability to attract private capital to complement public resources. Venture Capital (VC) investments have traditionally focused on sectors such as technology, healthcare, and clean energy, which align closely with the enhancement of sustainable development, and VC investors can accelerate progress toward sustainability by providing expertise and mentorship to startups working on sustainable solutions. This study aims to contribute to the literature on the intersection between finance and sustainability by investigating whether higher VC investments are associated with a higher level of achievement of the Sustainable Development Goals (SDGs). Using a panel data fixed effect model on a sample covering more than 100 countries, we find that a higher level of VC activity is associated with stronger SDGs' performances, with this effect being primarily driven by economic factors. We document heterogeneous effects related to the round of investments as well as the organizational form of VC investors and the industry and country of the VC‐backed companies.

中文翻译：

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风险投资是否有助于实现可持续发展目标？


实现2030年可持续发展议程目标需要大量投资，并取决于吸引私人资本补充公共资源的能力。风险投资（VC）传统上侧重于技术、医疗保健和清洁能源等与加强可持续发展密切相关的领域，风险投资投资者可以通过为致力于可持续解决方案的初创公司提供专业知识和指导来加速可持续发展的进展。本研究旨在通过调查较高的风险投资是否与较高水平的可持续发展目标 (SDG) 实现相关，为有关金融与可持续发展之间交叉点的文献做出贡献。使用涵盖 100 多个国家的样本的面板数据固定效应模型，我们发现较高水平的风险投资活动与较强的可持续发展目标绩效相关，这种效应主要由经济因素驱动。我们记录了与投资轮次、风险投资者的组织形式以及风险投资支持的公司的行业和国家相关的异质效应。