Exploring operational barriers and enabling conditions for green financing in the South African construction industry

Abstract

Green financing has emerged as an important mechanism for supporting environmentally sustainable construction by facilitating investment in projects that promote resource efficiency, climate resilience, and reduced environmental impacts. Despite growing policy attention, its effective utilisation within the South African construction industry remains constrained by a range of operational barriers. This study explores construction professionals’ perceptions of the operational barriers and enabling conditions associated with the utilisation of green financing for sustainable construction. A quantitative cross-sectional survey was conducted among 44 construction professionals from the public and private sectors in South Africa. Data were analysed using descriptive statistics, with Mean Item Scores and standard deviations used to rank respondents’ perceptions of the identified barriers and enabling conditions. Respondents perceived limited knowledge of green products and sustainable construction practices, inadequate sustainability-related education and training, and the high cost of green materials as the most significant operational barriers. The highest-ranked enabling conditions were long-term investment planning, increased awareness of green financing, the development of green financial products, and stronger collaboration among industry stakeholders. Based on these findings and the theoretical perspectives underpinning the study, a conceptual framework is proposed to synthesise the operational barriers and enabling conditions that may influence organisations’ preparedness to engage with green financing for sustainable construction. The study contributes to the sustainable finance and construction management literature by providing empirical evidence from the South African construction industry and advancing understanding of the organisational conditions associated with engagement with green financing. It also offers practical insights for strengthening organisational capability, knowledge development, institutional collaboration, and financial planning to support environmentally sustainable construction. The proposed framework provides a foundation for future research to empirically evaluate the conceptual relationships advanced in this study.

1 Introduction

The global construction industry plays a vital role in driving economic development, expanding infrastructure, and creating employment across both developed and emerging economies. Despite its economic significance, the sector is one of the largest consumers of natural resources and a major contributor to environmental degradation. According to the United Nations Environment Programme, the construction and operation of buildings account for approximately 37% of global energy-related carbon dioxide emissions, highlighting the sector’s significant contribution to climate change (UNEP, 2022). In addition to greenhouse gas emissions, construction activities generate substantial waste, consume large quantities of raw materials, and exert considerable pressure on natural ecosystems (Kibert, 2016). Consequently, sustainability has become a strategic priority within the construction industry, with increasing emphasis placed on reducing environmental impacts while maintaining economic viability and social responsibility. Sustainable construction, grounded in the principles of sustainable development (World Commission on Environment and Development, 1987), promotes resource efficiency, responsible material sourcing, reduced emissions, and life-cycle value throughout construction projects (Kibert, 2016). Achieving these sustainability objectives, however, often requires substantial upfront investment, advanced technologies, and enhanced organisational capabilities. These financial and operational requirements present considerable challenges, particularly in emerging economies where access to capital, technical expertise, and institutional support may be limited. Within this context, green financing has emerged as an important mechanism for mobilising financial resources towards environmentally sustainable investments. Green financing refers to financial instruments and investment flows that support projects generating measurable environmental benefits, including green bonds, green loans, sustainability-linked loans, and blended finance arrangements (Flammer, 2021; Inderst et al., 2012). These financial mechanisms facilitate investments in energy-efficient buildings, renewable energy technologies, sustainable construction materials, and climate-resilient infrastructure, thereby supporting the transition towards low-carbon development. Empirical evidence further suggests that green financing can enhance firms’ environmental performance, improve stakeholder confidence, and strengthen long-term organisational competitiveness (Eccles et al., 2014; Flammer, 2021). Although the availability of green financing instruments has increased globally, their successful adoption depends on considerably more than the existence of financial products. Research increasingly suggests that firms require adequate organisational capabilities, managerial commitment, technical knowledge, and institutional support to effectively access and implement green financing mechanisms (Aghimien et al., 2018; Darko and Chan, 2017). In many emerging economies, adoption continues to be constrained by limited awareness of green financing, inadequate technical expertise, underdeveloped financial markets, regulatory uncertainty, and weak collaboration between financial institutions and construction firms (Akomea-Frimpong et al., 2022; Taghizadeh-Hesary and Yoshino, 2020). Consequently, recent studies argue that improving organisational readiness and strengthening institutional support are fundamental to translating green finance policies into practical construction outcomes.

In the context of this study, green financing refers specifically to financial mechanisms that support environmentally sustainable construction projects. Accordingly, this study does not evaluate firms’ use of specific instruments such as green bonds or sustainability-linked loans. Instead, it investigates the organisational and operational conditions that construction professionals perceive as relevant to firms’ readiness to engage with green financing. Factors such as knowledge of green construction products and materials, organisational capabilities, managerial commitment, and market conditions are therefore examined because previous literature identifies them as relevant organisational considerations in sustainable construction and green financing (Aghimien et al., 2018; Darko and Chan, 2017; Teece et al., 1997). Organisations possessing stronger technical knowledge, greater internal capabilities, and more supportive organisational environments are generally better positioned to secure and implement green financing for environmentally sustainable construction initiatives. Within the South African construction industry, green financing presents significant opportunities for supporting sustainable infrastructure development while simultaneously addressing national environmental objectives. Nevertheless, its adoption remains limited. Existing research indicates that cost perceptions, limited technical expertise, institutional constraints, and weak collaboration between construction firms and financial institutions continue to impede the implementation of sustainable construction practices (Darko et al., 2017). Furthermore, limited awareness of green financing mechanisms among project managers and developers, together with the complexity of integrating sustainability considerations into project planning, procurement, and performance management, creates additional operational challenges. These constraints suggest that many firms lack the organisational readiness required to effectively utilise green financing despite the increasing availability of sustainable financial instruments. South Africa has introduced several initiatives to strengthen the country’s sustainable finance landscape, including the South African Green Finance Taxonomy developed by the IFC and National Treasury and the Johannesburg Stock Exchange (JSE) Sustainability Disclosure Guidance. The Green Finance Taxonomy provides a nationally consistent classification framework to facilitate the mobilisation of capital towards environmentally sustainable economic activities, while the JSE Sustainability Disclosure Guidance promotes improved sustainability-related reporting and transparency among listed companies, thereby supporting more informed investment decision-making (IFC & National Treasury, 2022; JSE, 2022).

Despite the growing body of literature on green finance and sustainable construction, important knowledge gaps remain. Existing studies have primarily focused on the environmental benefits of green buildings, sustainable construction technologies, or broader macroeconomic trends in green finance. Comparatively little attention has been devoted to understanding the operational conditions that construction organisations perceive as facilitating or constraining the effective utilisation of green financing, particularly within developing-country contexts. This gap is especially evident in South Africa, where previous research has largely concentrated on sustainable construction practices and environmental performance while providing limited insight into the operational conditions surrounding green financing within the construction sector. As a result, there remains limited understanding of how internal organisational capabilities interact with financial mechanisms to support sustainable construction. Addressing this gap is important because improving organisational readiness may enhance firms’ ability to access green financing and successfully implement environmentally sustainable construction projects.

Accordingly, this study contributes to the sustainable finance and construction management literature by exploring construction professionals’ perceptions of the operational barriers and enabling conditions associated with the utilisation of green financing within the South African construction industry. Rather than measuring the adoption of specific green financing instruments or organisations’ actual utilisation of green financing, the study identifies and ranks the operational conditions that respondents perceive to be most important for supporting green-finance-supported sustainable construction. Drawing on these descriptive findings and relevant theoretical perspectives, the study proposes a theoretically informed conceptual framework that synthesises the identified operational barriers and enabling conditions as propositions for future empirical investigation. In doing so, the study provides practical insights for construction firms, financial institutions, policymakers, and researchers seeking to strengthen the operational environment supporting green financing within the South African construction sector.

2 Literature review

2.1 Green financing and sustainable construction

Green financing has evolved from a niche environmental investment mechanism into a central component of sustainable development and climate policy. Increasing international commitments to decarbonisation, together with growing investor demand for environmentally responsible investment, have accelerated the development of specialised financial instruments designed to support sustainable infrastructure and low-carbon economic transitions (Flammer, 2021; Inderst et al., 2012). Financial instruments such as green bonds, green loans, sustainability-linked loans, and blended finance arrangements enable organisations to mobilise capital for environmentally responsible investments while simultaneously supporting long-term financial performance. More recently, sustainability-linked lending and environmental, social, and governance (ESG)-aligned financing have further expanded the scope of green finance by linking financial incentives to measurable sustainability performance, thereby encouraging organisations to integrate environmental objectives into broader corporate and project decision-making (Flammer, 2021). Construction projects are typically characterised by long investment horizons, substantial upfront capital requirements, multiple stakeholder interests, and extended payback periods. These characteristics increase the importance of financing mechanisms capable of supporting sustainability investments while managing financial risk (Darko and Chan, 2017; Kibert, 2016). Although green financing has been widely promoted as a mechanism for accelerating sustainable infrastructure development, previous studies argue that the availability of financial instruments alone does not guarantee widespread implementation. Rather, studies suggest that the effectiveness of green financing depends on organisations’ ability to develop financially viable sustainable projects, demonstrate environmental performance, and satisfy the requirements associated with sustainability-oriented financing mechanisms (Flammer, 2021; Inderst et al., 2012). Research suggests that organisations implementing sustainability-oriented financial strategies may experience improved environmental performance, stronger stakeholder confidence, enhanced corporate reputation, and greater long-term competitiveness (Eccles et al., 2014; Flammer, 2021). Although green financing and sustainable construction are closely related, they represent distinct concepts. Green financing refers to the financial mechanisms used to support environmentally sustainable projects, whereas sustainable construction refers to the implementation of environmentally responsible construction practices, materials, and technologies (Darko and Chan, 2017; Kibert, 2016). In practice, however, the two concepts are closely interconnected because the feasibility of obtaining green financing may be associated with the environmental performance and sustainability characteristics of construction projects (Inderst et al., 2012; Taghizadeh-Hesary and Yoshino, 2020). Accordingly, increasing attention has been directed towards understanding the organisational conditions that influence construction firms’ preparedness to engage with green financing. Studies examining sustainable construction have identified organisational knowledge, technical capability, management commitment, and broader market conditions as important considerations in the implementation of sustainability-oriented initiatives (Aghimien et al., 2018; Darko and Chan, 2017). These perspectives align with organisational readiness theory and dynamic capabilities theory, which emphasise the importance of organisational capabilities, leadership support, and the ability to respond to changing environmental conditions (Teece, 2007; Weiner, 2009). Although green financing offers significant opportunities for supporting sustainable construction, its implementation remains uneven across countries and industries (Taghizadeh-Hesary and Yoshino, 2020; UNEP, 2022). Consequently, there is growing interest in understanding the organisational and operational conditions that may influence firms’ engagement with sustainable financing mechanisms.

2.2 Operational barriers to green financing adoption

Although green financing has expanded considerably over the past decade, its adoption within the construction industry remains uneven across countries, industries and organisations. Existing literature offers several explanations for this variation, with researchers attributing slow adoption to financial, institutional, organisational, and market-related constraints (Flammer, 2021). One perspective attributes uneven adoption primarily to financial barriers, including high upfront investment costs, uncertainty regarding long-term financial returns, and the limited availability of specialised financing mechanisms (Flammer, 2021). From this perspective, organisations may be reluctant to pursue sustainable construction projects when the financial benefits are perceived as uncertain or realised only over extended investment horizons. A second perspective emphasises institutional barriers, including regulatory complexity, fragmented policy implementation, inconsistent sustainability standards, and weak collaboration between financial institutions and construction firms (Taghizadeh-Hesary and Yoshino, 2020). These institutional constraints are particularly relevant in South Africa. Although recent initiatives, including the South African green finance taxonomy, have strengthened the national sustainable finance landscape by providing a common classification framework for environmentally sustainable economic activities, the practical integration of green financing within the construction sector remains constrained by uneven institutional capacity, limited market maturity, and varying organisational capabilities (International Finance Corporation and National Treasury, 2022). Furthermore, financing for sustainable construction continues to be influenced by fragmented implementation across government departments, financial institutions, and industry stakeholders, limiting firms’ ability to access and utilise green financing mechanisms effectively. Despite these policy developments, empirical evidence examining how construction firms perceive the organisational conditions necessary to engage with green financing remains limited within the South African context. Consequently, there is limited understanding of how construction professionals perceive the operational barriers and enabling conditions that may influence organisations’ preparedness to utilise green financing, highlighting an important knowledge gap addressed by this study.

A growing body of literature, however, suggests that organisational capability and managerial readiness may play an even more significant role than external financial or institutional factors. Building on this perspective, research suggests that many firms may experience difficulties utilising available green financing opportunities because of the lack of technical expertise, managerial knowledge, organisational structures, and internal capabilities required to evaluate and implement sustainability-oriented financial mechanisms (Aghimien et al., 2018; Darko and Chan, 2017). Operational barriers extend beyond technical knowledge to include project planning capability, procurement practices, interdepartmental coordination, organisational learning, management support, and the availability of sustainability expertise. Within construction organisations, these barriers frequently manifest as inadequate knowledge of green financing mechanisms, insufficient technical expertise, limited sustainability training, resistance to organisational change, and weaknesses in project planning and procurement processes (Darko and Chan, 2017; Unegbu et al., 2025). These organisational conditions may make it more difficult for firms to integrate financial planning with sustainability objectives, particularly where environmental and financial decision-making are undertaken separately. Consequently, organisations may perceive green financing as administratively complex and operationally demanding, even where suitable financing mechanisms are available (Krastev and Krasteva-Hristova, 2024; Unegbu et al., 2025). Activities such as life-cycle cost analysis, environmental performance assessment, and evaluation of long-term investment returns require specialised knowledge that many organisations currently lack. As a result, firms may experience difficulties in integrating financial and sustainability considerations into routine project management practices. Market-related conditions are also identified in the literature as relevant considerations when organisations evaluate sustainable construction investments. High costs of sustainable construction materials, limited availability of environmentally preferable products, and weak market demand for green construction may reduce the financial attractiveness of projects seeking green financing. Although these factors do not directly represent financial barriers, they may be perceived as reducing the attractiveness of pursuing sustainability-linked financing opportunities (Darko and Chan, 2017). Collectively, the literature suggests that financial, institutional, organisational, and market-related conditions may be relevant to organisations’ preparedness to engage with green financing. Understanding these perceptions is therefore an important step towards identifying the organisational conditions that may facilitate greater utilisation of green financing mechanisms. Although the literature identifies numerous operational barriers, it also recognises several organisational and institutional practices that may facilitate engagement with green financing. These enabling conditions are discussed in the following section.

2.3 Enabling conditions for green financing adoption

Although the literature identifies numerous barriers to green financing, it also recognises several organisational and institutional conditions that may facilitate construction firms’ engagement with sustainable financing mechanisms. Rather than attributing successful implementation solely to the availability of financial resources, previous studies identify organisational capability, financial innovation, institutional collaboration, and supportive policy environments as important conditions associated with the utilisation of green financing in sustainable construction (Aghimien et al., 2018; Darko and Chan, 2017; Flammer, 2021; Taghizadeh-Hesary and Yoshino, 2020). One stream of the literature emphasises the importance of organisational capability in supporting engagement with green financing. Knowledge development, organisational learning, and capacity building are frequently identified as important organisational conditions because they improve firms’ understanding of sustainability requirements, green financing mechanisms, and environmental performance expectations (Aghimien et al., 2018; Cohen and Levinthal, 1990). Previous studies further suggest that structured training programmes, technical assistance, and awareness initiatives may assist organisations in evaluating sustainability-oriented investment opportunities and navigating the administrative requirements associated with green financing (Darko and Chan, 2017). These findings indicate that organisational capability is widely recognised as an important consideration in the implementation of sustainable construction initiatives. A complementary perspective focuses on financial innovation as an enabling condition. The continued development of green bonds, green loans, sustainability-linked loans, ESG-aligned financing, and sustainable banking services has expanded the range of financial mechanisms available to support environmentally sustainable construction projects (Flammer, 2021; Inderst et al., 2012; Taghizadeh-Hesary and Yoshino, 2020). However, previous studies also suggest that the availability of these financial instruments alone may be insufficient to encourage broader utilisation where organisations lack the technical expertise or organisational capacity required to identify, evaluate, and implement suitable financing opportunities (Darko and Chan, 2017; Flammer, 2021).

Institutional collaboration has also been identified as an important enabling condition within the literature. Collaboration among construction firms, financial institutions, government agencies, professional bodies, and industry associations may facilitate knowledge exchange, improve access to technical expertise, and increase awareness of available green financing mechanisms (Taghizadeh-Hesary and Yoshino, 2020). Similarly, supportive policy frameworks and regulatory initiatives have been recognised as important components of the broader institutional environment that encourages sustainable finance and environmentally responsible investment (Flammer, 2021; Inderst et al., 2012). Within the South African context, recent initiatives such as the South African Green Finance Taxonomy have strengthened the national sustainable finance landscape by providing a consistent framework for identifying environmentally sustainable economic activities (International Finance Corporation and National Treasury, 2022). These developments have contributed to improving policy alignment with international sustainable finance practices. Nevertheless, empirical evidence examining how construction professionals perceive the organisational conditions that may facilitate engagement with green financing remains limited within the South African construction industry. Consequently, there is limited understanding of the organisational, operational, and institutional conditions that construction professionals perceive as important for supporting the utilisation of green financing. Collectively, the literature identifies organisational capability, financial innovation, institutional collaboration, and supportive policy environments as important enabling conditions associated with green financing for sustainable construction. However, relatively little empirical research has examined how these conditions are perceived within the South African construction industry. Addressing this gap provides the basis for the present study and informs the theoretical perspectives discussed in the following section.

2.4 Organisational Readiness and Dynamic Capabilities theory

This study is theoretically informed by organisational readiness theory and dynamic capabilities theory because both provide useful perspectives for understanding the organisational conditions that may support engagement with green financing. Rather than explaining the adoption of specific green financial instruments, these theories help interpret how organisational capabilities, knowledge, and managerial practices may shape firms’ preparedness to utilise green financing when implementing sustainable construction projects. Organisational readiness theory proposes that successful organisational change depends on the extent to which organisations possess the collective commitment, resources, knowledge, and capability necessary to implement new initiatives (Weiner, 2009). Organisations that exhibit higher levels of readiness are generally considered better positioned to respond to new organisational challenges and opportunities. Within the context of sustainable construction, this perspective suggests that factors such as knowledge, managerial support, organisational capacity, and technical competence may represent important organisational conditions associated with preparedness to engage with sustainability-oriented initiatives. In the present study, these concepts provide a theoretical lens for interpreting the operational barriers and enabling conditions identified by construction professionals rather than variables that were directly measured. Dynamic Capabilities Theory complements this perspective by emphasising an organisation’s ability to adapt to changing environments through the development, integration, and reconfiguration of internal resources and capabilities (Teece, 2007; Teece et al., 1997). The theory argues that organisations strengthen long-term competitiveness by developing capabilities such as organisational learning, knowledge management, strategic decision-making, and cross-functional coordination that enable them to respond effectively to emerging opportunities and environmental change (Winter 2003). These capabilities are conceptually relevant to sustainable construction because implementing environmentally responsible projects frequently requires organisations to integrate financial, technical, and sustainability considerations into existing organisational processes. Taken together, organisational readiness theory and dynamic capabilities theory provide the conceptual foundation for interpreting the operational barriers and enabling conditions examined in this study. They support the development of the proposed conceptual framework by suggesting that organisational knowledge, managerial capability, financial planning, and institutional support may be relevant considerations in firms’ preparedness to engage with green financing. However, because this study relied on descriptive statistics and did not directly measure organisational readiness, dynamic capabilities, or green financing adoption, these theoretical relationships should be interpreted as conceptually informed propositions for future empirical testing rather than empirically validated relationships.

2.5 Green financing adoption in South Africa and the research gap

South Africa has made important progress in strengthening its sustainable finance landscape through initiatives such as the South African Green Finance Taxonomy and the Johannesburg Stock Exchange (JSE) Sustainability Disclosure Guidance, which encourages improved sustainability-related disclosure and transparency among listed companies (International Finance Corporation and National Treasury, 2022; Johannesburg Stock Exchange, 2022). Collectively, these initiatives provide an institutional foundation for promoting environmentally sustainable investment and supporting the transition towards more sustainable infrastructure development. However, the extent to which construction organisations are engaging with green financing mechanisms, and the organisational conditions that support such engagement, remain insufficiently understood. Although the literature on green finance and sustainable construction has expanded considerably, existing research has primarily focused on sustainable building technologies, environmental performance, green building certification, policy development, and broader financial market trends. Comparatively fewer studies have examined the organisational and operational conditions that construction professionals perceive as important for engaging with green financing, particularly within emerging economy contexts. This gap is especially evident in South Africa, where empirical evidence examining construction professionals’ perceptions of the barriers and enabling conditions associated with green financing remains limited. Accordingly, this study addresses this gap by identifying and evaluating the operational barriers and enabling conditions that construction professionals perceive as influencing organisations’ engagement with green financing for sustainable construction. Guided by organisational readiness theory and dynamic capabilities theory, the study develops a theoretically informed conceptual framework that synthesises these perceived barriers and enabling conditions. Because the study relies on descriptive evidence, the proposed framework should be interpreted as a conceptual representation of relationships suggested by the literature and respondents’ perceptions rather than a statistically validated model. The framework therefore provides a foundation for future studies seeking to empirically examine these relationships using inferential analytical approaches.

3 Research methods

3.1 Research design and sampling

This study adopted a quantitative research approach, grounded in the positivist paradigm, to investigate construction professionals’ perceptions of the operational barriers and enabling conditions influencing green financing adoption within the South African construction industry. A quantitative approach was considered appropriate because the study sought to measure respondents’ perceptions systematically and to identify the relative importance of different organisational factors using numerical data (Bryman, 2016; Creswell and Cresswell, 2018). Consistent with this approach, a cross-sectional survey design was employed to collect data from respondents at a single point in time, providing a snapshot of prevailing perceptions regarding green financing adoption (Van Heerden, 2018). The target population comprised construction professionals involved in project planning, procurement, engineering, architecture, quantity surveying, project management, construction management, health and safety, and related operational functions within the South African construction industry. Participants were drawn from both public sector organisations and private construction and consulting firms because these professionals contribute to decisions that influence sustainable construction practices and the potential utilisation of green financing mechanisms. Direct experience with green financing was not a prerequisite for participation, as the study aimed to capture industry-wide perceptions of the organisational barriers and enabling conditions influencing engagement with green financing across organisations at different stages of sustainability maturity. A purposive sampling strategy was employed because it enabled the selection of respondents possessing professional knowledge relevant to the study objectives (Etikan et al., 2016). As participant recruitment relied on professional networks, industry associations, and the purposive identification of eligible professionals through LinkedIn, no comprehensive sampling frame or known population size was available. Consequently, the study did not seek to produce statistically generalisable estimates of the wider construction industry but rather to obtain informed perceptions from professionals occupying roles associated with construction project delivery and organisational decision-making. Questionnaires were distributed electronically via email to construction professionals across Gauteng, Limpopo, Northwest, Mpumalanga, the Eastern Cape, and the Western Cape. Potential participants were initially identified through the researcher’s professional networks, relevant industry associations, and professional networking platforms such as LinkedIn. LinkedIn was used solely to identify and approach eligible professionals; the questionnaire link was not posted publicly. Interested individuals who met the inclusion criteria were invited to provide their email addresses, after which the questionnaire was sent directly to them. A total of 72 individually documented email invitations were issued, of which 44 completed questionnaires were returned, representing a response rate of 61%. Table 1 presents the demographic and professional characteristics of the respondents, including their age, educational qualifications, professional discipline, organisation category, years of industry experience, and construction project experience in green or sustainable construction projects.

3.2 Questionnaire development and data collection

Data was collected using a structured questionnaire administered electronically through Google Forms, which is widely recognised as an appropriate instrument for measuring perceptions and attitudes in quantitative research (Dillman et al., 2016). The questionnaire was developed following a review of the literature on green financing, sustainable construction, and organisational factors influencing green financing adoption. Questionnaire items were selected to capture respondents’ perceptions of green financing awareness, operational barriers, perceived benefits, and organisational enabling conditions identified in previous studies. The questionnaire design was further informed by organisational readiness theory and dynamic capabilities theory provide, which guided the inclusion of items relating to organisational capability, knowledge, management support, and enabling practices associated with green financing adoption (Teece, 2007; Teece et al., 1997; Weiner, 2009). The present analysis focuses on questionnaire items measuring respondents’ perceptions of the operational barriers and enabling conditions influencing organisations’ engagement with green financing. The questionnaire also collected demographic and professional information, including respondents’ educational qualifications, professional discipline, years of industry experience, employment sector, construction project experience, and involvement in sustainable construction projects. The operational barriers and enabling conditions were measured using a five-point Likert scale ranging from 1 = Strongly disagree to 5 = Strongly agree, allowing respondents to indicate the extent to which they agreed that each factor influenced organisations’ engagement with green financing. The questionnaire was distributed electronically via email to construction professionals across six South African provinces. Participation was voluntary, and respondents completed the questionnaire anonymously. Electronic distribution enabled the researcher to reach participants in different geographical locations while reducing the time and cost associated with data collection. Ethical approval for this study was obtained from the University of Johannesburg Ethics Committee prior to data collection. Participation was voluntary, informed consent was obtained from all participants before completion of the questionnaire, and respondents were assured of anonymity and confidentiality throughout the study.

3.3 Data analysis

The collected data were coded and analysed using IBM SPSS Statistics Version 28. Consistent with the descriptive objective of the study, descriptive statistical techniques were employed to identify and rank construction professionals’ perceptions of the operational barriers and enabling conditions influencing organisations’ engagement with green financing. Responses obtained from the five-point Likert scales were analysed at the individual item level using Mean Item Scores (MIS) and standard deviations. The MIS was used to determine the relative importance of each operational barrier and enabling condition, while the standard deviation was used to assess the level of agreement among respondents and to distinguish between items with similar mean scores (Privitera, 2016). The internal consistency of the questionnaire constructs analysed in this study was assessed using Cronbach’s alpha (Gliem and Gliem, 2003). The operational barriers construct achieved a Cronbach’s alpha coefficient of 0.747, while the enabling conditions construct recorded a coefficient of 0.686. Although the latter is marginally below the conventional threshold of 0.70, values above 0.60 are generally regarded as acceptable for exploratory research and newly developed measurement instruments (Hair et al., 2019; Taber, 2018). Consequently, both constructs were considered sufficiently reliable for descriptive analysis. Both constructs were therefore considered sufficiently reliable for the descriptive analysis. Reliability was assessed separately for each questionnaire construct, while the statistical analysis focused on individual questionnaire items within each construct rather than combining items into composite scales. Because the study aimed to identify and rank perceived operational barriers and enabling strategies rather than test theoretical relationships or develop predictive models, descriptive statistical techniques were considered appropriate.

4 Results and discussion

This section presents the empirical findings relating to construction professionals’ perceptions of the operational barriers and enabling conditions influencing organisations’ engagement with green financing. The findings are presented using descriptive statistics, including Mean Item Scores (MIS), standard deviations, and ranking, to identify the operational factors perceived to be most influential. The sample comprised construction professionals employed by contractors (54.5%), consulting firms (27.3%), and government organisations (18.2%), representing disciplines such as quantity surveying, engineering, project management, architecture, and related construction professions. Although respondents reflected diverse professional and organisational backgrounds, most (65.9%) indicated that they had not previously participated in green or sustainable construction projects. This finding suggests that green financing and sustainable construction remain at a relatively early stage of adoption within the South African construction industry. Consequently, the results should be interpreted as reflecting construction professionals’ perceptions of the operational barriers and enabling conditions influencing green financing adoption rather than evaluations based on extensive implementation experience. Consistent with the exploratory design and purposive sampling approach adopted in this study, the findings provide descriptive insights into industry perceptions and should not be interpreted as statistically generalisable to the broader South African construction industry.

4.1 Operational barriers

This study examined respondents’ perceptions of the operational barriers influencing green financing adoption within the South African construction industry. Table 2 presents the ranked operational barriers based on their mean item scores and standard deviations.

The findings indicate that construction professionals assigned higher importance to knowledge- and organisation-related barriers than to purely financial constraints in relation to organisations’ engagement with green financing (Table 2). The highest-ranked barriers were lack of sufficient knowledge about green products (MIS = 4.27), lack of sustainable educational training (MIS = 4.23), and perceptions of high green material prices (MIS = 4.20). These findings suggest that respondents perceive deficiencies in knowledge, sustainability training, management support, and organisational commitment as important constraints affecting organisations’ engagement with green financing. The prominence of these knowledge- and organisation-related barriers is consistent with previous studies, which identify inadequate technical expertise, limited sustainability training, and organisational factors as important constraints affecting the adoption of sustainable construction practices (Aghimien et al., 2018; Darko and Chan, 2017). These findings also support the Organisational Readiness perspective discussed earlier, which suggests that organisations require appropriate knowledge, skills, and internal capabilities before new organisational practices can be successfully implemented (Weiner, 2009). Organisational factors also featured prominently among the identified barriers. Respondents ranked low commitment to sustainability (MIS = 4.16), lack of sustainable policies (MIS = 3.95), and poor management support (MIS = 3.86) among the important operational constraints. These findings suggest that respondents perceive management commitment, organisational leadership, and supportive internal policies as important organisational factors that may influence firms’ engagement with green financing. This observation aligns with Dynamic Capabilities Theory, which emphasises the importance of organisational capabilities and managerial decision-making in enabling organisations to respond effectively to changing external environments (Teece, 2007). Market-related barriers were also evident. Perceptions of high green material prices (MIS = 4.20), low supply of green materials (MIS = 3.95), and low demand for green products and materials (MIS = 3.61) indicate that respondents perceive market conditions as influencing the attractiveness of sustainable construction investments. Although these barriers were generally ranked lower than knowledge-related barriers, they suggest that external market conditions may influence organisations’ engagement with green financing. The findings indicate that respondents assigned importance to knowledge-related, organisational, and market-related conditions in relation to organisations’ engagement with green financing. Rather than viewing financial investment alone as the principal constraint, respondents assigned greater importance to organisational factors such as knowledge, sustainability training, management support, and organisational commitment, together with broader market conditions that may influence organisations’ engagement with green financing.

4.2 Enabling conditions for organisations’ engagement with green financing

Respondents also evaluated a range of strategies perceived to facilitate organisations’ engagement with green financing within the South African construction industry. Table 3 presents the ranked strategies based on their Mean Item Scores (MIS) and standard deviations.

The findings indicate that respondents assigned the greatest importance to long-term investment strategies, the creation of green financing awareness, the development of green financial products, collaboration, and green banking as strategies for strengthening organisations’ engagement with green financing. Collectively, these highly ranked strategies suggest that respondents perceive financial planning, improved awareness, financial innovation, and collaboration as important mechanisms for supporting organisations’ engagement with green financing. Unlike the operational barriers presented in Table 2, which identify constraints limiting organisations’ preparedness to engage with green financing, these strategies represent practical organisational and industry-level interventions that respondents believe could improve engagement with green financing within the South African construction industry. Long-term investment strategies emerged as the highest-ranked strategy (MIS = 4.18), suggesting that respondents perceive long-term financial planning as an important mechanism for supporting environmentally sustainable construction projects. This finding indicates that organisations require financial planning approaches that accommodate the longer investment horizons often associated with sustainable construction initiatives. Previous studies similarly argue that long-term financing structures are essential for mobilising capital towards sustainable infrastructure and reducing investment uncertainty associated with green projects (Inderst et al., 2012; Taghizadeh-Hesary and Yoshino, 2020). The creation of green financing awareness was ranked second (MIS = 4.05), highlighting the importance respondents attach to improving knowledge and understanding of available green financing opportunities. This finding directly complements the barriers identified in Section 4.1, where insufficient knowledge and limited sustainability training emerged as the most significant constraints. Together, these findings indicate that respondents regarded awareness creation as an important enabling condition in relation to organisational preparedness to engage with green financing. Similar observations have been reported by Aghimien et al. (2018) and Darko and Chan (2017) who identify education, knowledge dissemination, and professional training as important enablers of sustainable construction practices. Respondents also assigned relatively high importance to the development of green financial products (MIS = 3.98), collaboration among industry stakeholders (MIS = 3.95), and strengthened green banking services (MIS = 3.93). These findings suggest that respondents perceive greater cooperation between construction firms, financial institutions, investors, and other stakeholders as important for improving access to financing mechanisms that support sustainable construction. Previous research likewise emphasises that collaboration and financial innovation contribute to expanding sustainable investment opportunities by improving access to specialised financial products and reducing information asymmetry between market participants (Inderst et al., 2012; Taghizadeh-Hesary and Yoshino, 2020).

By comparison, regulatory frameworks (MIS = 3.43), technical assistance (MIS = 3.45), and capacity-building programmes (MIS = 3.55) received comparatively lower rankings. Although respondents recognised these interventions as beneficial, the findings suggest that they place greater emphasis on organisational and financial strategies that can be implemented more directly within project and organisational environments. This may reflect practitioners’ preference for practical interventions capable of producing more immediate improvements in organisations’ engagement with green financing. A descriptive correspondence can be observed between the operational barriers presented in Table 1 and the strategies identified in Table 2. Knowledge-related barriers correspond closely with respondents’ prioritisation of awareness creation, while organisational barriers relating to management commitment and sustainability preparedness are reflected in the emphasis placed on long-term investment planning, collaboration, and the development of specialised green financial products. This pattern suggests that respondents place relatively greater importance on strategies that correspond to the operational constraints they rated highly. The findings indicate that respondents assigned relatively high importance to financial planning, knowledge enhancement, organisational commitment, and institutional collaboration as conditions relevant to engagement with green financing. Taken together, these strategies represent a set of conditions that respondents considered relevant to organisational preparedness to engage with green financing. Consistent with the Organisational Readiness and Dynamic Capabilities perspectives underpinning this study, the findings indicate that respondents placed relatively high importance on organisational knowledge, managerial support, and collaboration with financial and industry stakeholders as conditions relevant to engagement with green financing initiatives (Aghimien et al., 2018; Darko and Chan, 2017; Inderst et al., 2012).

5 Proposed conceptual framework

The conceptual framework presented in Figure 1 was developed through the integration of the empirical findings with the theoretical perspectives underpinning this study, organisational readiness theory and dynamic capabilities theory. While the descriptive analysis identified the operational barriers and strategies perceived by construction professionals, the framework synthesises these findings into a broader conceptual representation of organisational factors that may be relevant to firms’ preparedness to engage with green financing. Accordingly, the framework should be interpreted as a theoretically informed synthesis of the empirical findings rather than a statistically validated causal model. Organisational readiness forms the central organising construct within the framework. Consistent with organisational readiness theory, the framework proposes that organisations are better positioned to engage with green financing when they possess the necessary knowledge, managerial commitment, organisational support, and financial preparedness required to evaluate and pursue sustainable financing opportunities (Weiner, 2009). Dynamic capabilities theory further suggests that organisations require the ability to recognise emerging opportunities, mobilise resources, and adapt organisational practices in response to changing environmental and market conditions (Teece, 2007; Teece et al., 1997). Together, these perspectives provide the theoretical foundation for interpreting the potential relevance of operational barriers and enabling conditions to organisational preparedness to engage with green financing.

FIGURE 1

The framework organises the identified barriers into three complementary dimensions based on the patterns observed in the descriptive findings and the theoretical perspectives informing the study. The first reflects deficiencies in organisational knowledge and professional capacity, suggesting that organisations may lack the expertise required to understand and evaluate green financing opportunities (Aboelmaged and Hashem, 2019; Weiner, 2009). The second captures organisational and managerial factors associated with leadership commitment, strategic priorities, and internal support for sustainability initiatives. The third represents external market conditions that influence the commercial feasibility of environmentally sustainable construction projects (Darko and Chan, 2017). Collectively, these dimensions highlight the potential relevance of internal capabilities and the broader market environment to organisations’ preparedness to engage with green financing. Similarly, the strategies identified by respondents can be organised into three complementary dimensions that strengthen organisational readiness. The first emphasises financial preparedness through long-term investment planning and the availability of appropriate financing mechanisms, thereby improving organisations’ capacity to pursue sustainable construction initiatives (Inderst et al., 2012; Taghizadeh-Hesary and Yoshino, 2020). The second focuses on strengthening organisational knowledge and capability through awareness creation, capacity building, technical assistance, and professional learning opportunities, all of which contribute to organisations’ preparedness to engage with green financing (Daily et al., 2007; Weiner, 2009). The third highlights collaboration and institutional support as conditions identified in the literature and reflected in respondents’ perceptions as relevant to engagement with green financing. Such collaboration facilitates the sharing of knowledge, expertise, and resources while creating a more supportive institutional environment for sustainable construction practices (Hart, 1995; Teece, 2007).

The framework therefore positions organisational readiness as a central conceptual construct for interpreting the potential relevance of the identified operational barriers and enabling conditions to engagement with green financing. The framework proposes that operational barriers may be associated with lower levels of organisational preparedness, while organisational strategies may represent conditions associated with greater preparedness. In line with the proposed framework, organisations demonstrating higher levels of organisational readiness are likely to be better prepared to engage with green financing opportunities within the construction sector. The proposed framework represents the principal theoretical contribution of this study by translating descriptive empirical findings into an integrated organisational perspective on green financing within the South African construction industry. Rather than viewing the identified barriers and strategies as isolated operational factors, the framework proposes how these categories may be conceptually related to organisations’ preparedness to engage with green financing. Although the framework is grounded in empirical evidence and established theory, it remains conceptual in nature and should not be interpreted as demonstrating causal relationships. Future studies employing inferential analytical techniques, such as exploratory factor analysis, regression analysis, or structural equation modelling, could be undertaken to examine and refine the proposed relationships.

6 Practical and research implications

The findings of this study have important implications for construction firms, financial institutions, policymakers, higher education institutions, and researchers seeking to strengthen organisations’ preparedness to engage with green financing within the South African construction industry. Collectively, the findings indicate that respondents considered organisational capabilities, managerial commitment, and institutional conditions important alongside the availability of financial resources when considering engagement with green financing. Instead, organisations must also strengthen their internal capabilities, managerial commitment, and the institutional conditions that support sustainable investment. From a managerial perspective, the prominence of knowledge- and organisation-related barriers indicates that construction firms should prioritise the development of internal capabilities that support informed financial and sustainability-related decision-making. Respondents identified inadequate knowledge of green products, limited sustainability training, and weak management commitment as some of the most significant barriers influencing organisations’ engagement with green financing. These findings are consistent with Weiner’s (2009) organisational readiness theory, which argues that organisations are more likely to implement new initiatives when they possess both the commitment and capability required for change. Similarly, Teece (2007) emphasises that organisations must continually develop and reconfigure their internal capabilities to respond effectively to evolving market conditions. Construction firms should therefore invest in staff development, sustainability training, and awareness programmes while ensuring that sustainability objectives are embedded within organisational policies and strategic decision-making. These findings support the consideration of staff development, sustainability training, and awareness programmes as potential areas for organisational investment. The findings also highlight important implications for financial institutions and industry stakeholders. Respondents ranked long-term investment strategies, green financial products, green banking, and collaboration among the most important strategies for strengthening organisations’ engagement with green financing. These findings align with Inderst et al. (2012), who argue that specialised financing mechanisms are essential for mobilising long-term investment towards sustainable infrastructure, and with Taghizadeh-Hesary and Yoshino (2020), who emphasise that innovative green financial instruments can reduce investment constraints and improve access to sustainable finance. Expanding financing products that respond to the operational realities of construction firms, while strengthening collaboration between financial institutions, industry bodies, and construction organisations, may therefore improve firms’ ability to pursue environmentally sustainable construction projects.

The study also has important policy implications. Although respondents assigned relatively lower rankings to regulatory frameworks and government incentives than to organisational strategies, they nevertheless recognised that institutional support contributes to strengthening organisations’ engagement with green financing. Previous studies similarly suggest that inadequate sustainability awareness, limited institutional support, and weak policy implementation continue to constrain sustainable construction practices (Aghimien et al., 2018; Darko and Chan, 2017). These findings suggest that policymakers should continue developing supportive regulatory frameworks, targeted financial incentives, and public-private partnerships that encourage investment in sustainable construction. At the same time, industry-wide awareness campaigns and professional training initiatives could help address the knowledge- and capacity-related barriers identified in this study, which may provide additional support for organisations seeking to engage with green financing. The findings further suggest that higher education institutions, professional councils, and industry training providers have an important role in strengthening the competencies required to support sustainable finance within the construction sector. Given that respondents consistently identified deficiencies in knowledge and professional capacity as key barriers, academic programmes and continuing professional development initiatives should place greater emphasis on sustainable construction, green financing mechanisms, environmental risk management, and sustainability-related decision-making. As Daily et al. (2007) argue, developing environmental knowledge and organisational competencies is fundamental to improving organisations’ ability to respond to sustainability challenges. Strengthening these competencies may therefore better prepare current and future construction professionals to operate within an increasingly sustainability-oriented construction industry. This study provides several directions for future research. The proposed conceptual framework represents a theoretically informed synthesis of the operational barriers and organisational strategies identified by construction professionals and offers a foundation for further empirical investigation. Finally, this study provides a foundation for future research on organisational preparedness for green financing within the construction sector.

7 Conclusion

This study examined construction professionals’ perceptions of the operational barriers and organisational strategies influencing organisations’ engagement with green financing within the South African construction industry. Drawing on a quantitative survey of construction professionals, the study identified the operational factors perceived to constrain and strengthen organisations’ preparedness to engage with green financing and synthesised these findings into a theoretically informed conceptual framework grounded in organisational readiness theory and dynamic capabilities theory. The findings indicate that respondents rated knowledge-related, organisational, and market-related conditions as important considerations in relation to organisations’ preparedness to engage with green financing. Respondents identified deficiencies in knowledge, sustainability training, management commitment, and organisational support as more influential barriers than financial investment alone, highlighting the importance respondents assigned to organisational capabilities in relation to firms’ preparedness to engage with green financing. At the same time, long-term investment planning, increased awareness of green financing, the availability of specialised financial mechanisms, and stronger collaboration among construction firms, financial institutions, and other industry stakeholders were identified as the most important organisational strategies for strengthening engagement with green financing.

The main contribution of this study lies in extending the discussion of green financing beyond the availability of financial instruments to emphasise the organisational conditions that influence firms’ preparedness to engage with sustainable financing opportunities. By integrating the empirical findings with organisational readiness theory and dynamic capabilities theory, the study proposes a conceptual framework that organises the perceived operational barriers and organisational strategies around organisational readiness as a theoretically relevant construct for future research on green financing. In doing so, the study contributes to the growing body of knowledge on sustainable finance within the construction sector while providing practical insights for construction firms, financial institutions, and policymakers seeking to strengthen organisational preparedness for sustainable investment. The findings should be interpreted in light of several limitations. The study employed purposive sampling and a relatively small sample of construction professionals, and the findings therefore reflect informed industry perceptions rather than statistically generalisable evidence. In addition, many respondents had limited direct experience with green financing, indicating that the results primarily capture perceived operational conditions rather than implementation experiences. Building on these findings, future research should examine the proposed conceptual framework across different organisational, sectoral, and institutional contexts to determine whether the operational barriers and organisational strategies identified in this study remain consistent under different market and regulatory conditions. Comparative studies involving construction firms, financial institutions, and policymakers would further enhance understanding of the organisational and institutional factors that shape engagement with green financing and support the continued refinement of the proposed framework.

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