Structural and specific barriers to the development of a green bond market in Brazil

Yamahaki, Camila; Felsberg, Annelise Vendramini; Köberle, Alexandre C.; Gurgel, Angelo; Stewart-Richardson, Janaína

doi:10.1080/20430795.2020.1769985

Cited by 19 publications

(15 citation statements)

References 16 publications

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“…A higher level of deficits leads to an increased need for alternative sources of funding. Our result confirms the conclusions of the interviews obtained by Yamahaki et al (2020) regarding the importance of the fiscal balance in developing the green bond market. Also, Balima and Combes (2019) had obtained similar results.…”

Section: Regression Resultssupporting

confidence: 90%

“…Fiscal balance is an essential determinant of the bond market. Using a semi-structured interview with representatives of the Brazilian market, Yamahaki et al (2020) reveal that fiscal balance may also influence the development of the green bond market. Previous studies disclose that if fiscal balanced improves, bond financing will decrease (Ahwireng-Obeng and Ahwireng-Obeng 2019).…”

Section: Data Descriptionmentioning

confidence: 99%

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The Determinants of Green Bond Issuance in the European Union

Dan

Tiron-Tudor

2021

JRFM

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Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014–2019. The results reveal that rating, ESG index; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market.

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Section: Regression Resultssupporting

confidence: 90%

Section: Data Descriptionmentioning

confidence: 99%

The Determinants of Green Bond Issuance in the European Union

Dan

Tiron-Tudor

2021

JRFM

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“…The existence of a core journal in sustainable finance and its leading position indicates the growing significance of sustainable finance and investment practices. The Journal of Sustainable Finance and Investment covers a range of topics, such as socially responsible investment, ESG ratings, clean energy, sustainable valuation, green bonds, climate risk management, and renewable energy (Aydın & Rainer, 2020; Burchi & Włodarczyk, 2020; D’Orazio & Löwenstein, 2020; Kanamura, 2020; Riedl, 2020; Wang et al, 2022; Yamahaki et al, 2020). However, recent research in the journal has focused on sustainable stock market indices, sustainable investing, and climate risk (Kaur & Chaudhary, 2022; Rubtsov & Shen, 2022; Shanmugam et al, 2022).…”

Section: Findings and Discussionmentioning

confidence: 99%

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

2022

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Given the scarcity of comprehensive review studies in the literature, this bibliometric analysis thrives on taking a scientific approach to delivering quantitative and qualitative information on the ever-evolving field of ESG. Utilizing the performance analysis and science mapping techniques which includes citation analysis, co-word analysis, the study reports a holistic overview of 693 (ESG) papers from 1991 to 2020. The paper aims to provide a unified perspective on the evolution and further identify future research directions in this field. The findings point to the most important countries, authors, studies, and top journals in this field. Results show that published articles on ESG gained momentum after 2006; however, an exponential rise is being observed in the past 5 years, with research focusing on sustainable finance, sustainable development, ESG, and CSR with themes extending to risk management, stakeholder engagement, and portfolio construction, among others. Furthermore, the research identifies how the practice of ESG reporting affects many variables such as financial performance, social performance, environmental performance, and sustainability score. The findings also indicate that the field of ESG is still evolving, with numerous unexplored themes. The work is novel and relevant on the pretext that it uses the Scopus and Web of Science databases for bibliometric mapping, whereas previous studies have used the Scopus database but have lacked a robust methodology, so the findings of this study provided strong support for identifying emerging paradigms in the ESG literature.

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“…The higher initial capital costs of green projects is, however, a major obstacle (Hwang et al, 2017). Low‐carbon projects tend to rely more on newer technologies that are still immature and expensive (Fay et al, 2015), so the initial investments in green projects are much higher compared to conventional projects (Yamahaki et al, 2020). According to an estimation of the International Energy Agency, the world will require USD 1 trillion per year to finance low emissions projects, and public funding alone will not be sufficient 2 .…”

Section: Introductionmentioning

confidence: 99%

“…This study aims to identify and prioritize those factors that challenge the development of green bonds in India through a multi‐dimensional analysis using BWM, while also suggesting suitable strategies to mitigate these challenges based on the opinions of a group of experts. The niche literature on green bond markets has studied the prospects of such markets in different countries, including Chang (2019) on Singapore, Tu et al (2020) on Vietnam, Yamahaki et al (2020) on Brazil and Ngwenya and Simatele (2020) on the African sub‐continent. However, the literature remains silent on Indian markets, and no study has focused on the factors affecting the green bond market in India.…”

Section: Introductionmentioning

confidence: 99%

Sustainable development of the green bond markets in India: Challenges and strategies

Bansal

Mani

Gupta

et al. 2022

Sustainable Development

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Green bonds have emerged as a useful and powerful financial strategy to mitigate the financial problems of low-carbon projects. India, which is a significant contributor to global warming, is facing serious challenges in increasing the market for and acceptability of green bonds. This study identified different challenging factors influencing the development of green bond markets in India and suggests suitable strategies to overcome these challenges. The key factors responsible for the development of green bond markets were identified by an extensive literature review and critical examination through experts' opinion. The best worst method (BWM) was used to rank challenges and strategies based on the priority (or weights) provided by the industry experts. The results indicate that the lack of clear risk profiling and legislative support involved in green bonds are the most crucial challenges for the Indian green bond market, followed by lack of market knowledge and lack of demand among investors for green bonds. Among the strategies, standardization emerged as the most notable to promote green bond in emerging economies. This study extends the literature by providing comprehensive insights into the challenges restricting the growth of the green bond market and develops a detailed understanding of the different strategies to overcome those challenges. This study also provides a roadmap for policymakers to restructure the green bond market and to help fulfill India's commitment to the Paris Agreement.

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Structural and specific barriers to the development of a green bond market in Brazil

Cited by 19 publications

References 16 publications

The Determinants of Green Bond Issuance in the European Union

The Determinants of Green Bond Issuance in the European Union

Understanding the Evolution of Environment, Social and Governance Research: Novel Implications From Bibliometric and Network Analysis

Sustainable development of the green bond markets in India: Challenges and strategies

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