The Limits of Green Finance: A Survey of Literature in the Context of Green Bonds and Green Loans

Gilchrist, David; Yu, Jing; Zhong, Rui

doi:10.3390/su13020478

Cited by 144 publications

(68 citation statements)

References 47 publications

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“…It analysed the publications on green finance, and their intellectual structure and networking. Gilchrist et al [7] concluded that environmentally responsible practices not only enhance shareholder value but also the value accrued to nonfinancial stakeholders. They provided an updated overview of research developments in relation to green bonds and syndicated loans.…”

Section: Research On Low-carbon and Sustainable Financingmentioning

confidence: 99%

An Empirical Test of Low-Carbon and Sustainable Financing’s Spatial Spillover Effect

Sun

et al. 2022

Energies

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In this paper, the panel data of 30 provinces in China from 2011 to 2019 are analyzed by the spatial measure model and the threshold regression model. The results show that the air quality level is positively correlated with green finance, but there is no spatial effect. The spatial effect of the three influencing factors, including the degree of openness, the level of infrastructure, and the level of education, is the crowding-out effect. At the same time, variables such as human resource level, air quality, and infrastructure construction level all have threshold effects in the relationship between green finance and economic development. The research conclusions suggested that local governments at all levels should formulate policies according to the actual situation to promote the development of provinces’ intensive, intelligent, and green development, and build a regionally-linked green finance development model, thereby promoting the improvement of green finance.

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Section: Research On Low-carbon and Sustainable Financingmentioning

confidence: 99%

An Empirical Test of Low-Carbon and Sustainable Financing’s Spatial Spillover Effect

Sun

et al. 2022

Energies

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“…Also, these authors point to the need to develop policies that would discourage the non-fulfillment of obligations by green bond issuers. In this context, it is also necessary to pay attention to the study by Gilchrist et al (2021) who draw attention to the fact that the criteria for evaluating issuers of green bonds are vague, and therefore this reduces the interest of such issuers to follow specific rules of corporate greenness, and does not allow policymakers to assess the effectiveness of achieving the SDGs correctly.…”

Section: Literature Reviewmentioning

confidence: 99%

Green bonds of supranational financial institutions: On the road to sustainable development

Versal

Sholoiko

2022

Investment Management and Financial Innovations

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The move to sustainable development and building a carbon-low economy needs funding. In this regard, a new direction in finance – green (sustainable) finance – has emerged. One of the green finance instruments is green bonds, first issued by supranational financial institutions. This paper aims to identify the features of green bond issues and implemented green projects by the World Bank (the WB) and the European Bank for Reconstruction and Development (the EBRD). Data were obtained from databases and reports of the WB, the EBRD, and the Climate Bonds Initiative. Data analysis was provided using statistical methods, particularly descriptive and comparative statistics. A positive trend in the issue of green bonds in the volumes and timing of the WB and the EBRD was revealed, despite the shift in emphasis caused by COVID-19. Renewable energy, energy efficiency, and clean transportation remain the primary directions of the WB, and the EBRD green projects amounted to more than 60% of total projects funding. The geography of green projects financed through the WB and the EBRD green bonds indicates that green projects are receiving significant funding from countries facing environmental challenges and demonstrating intent to green transition (the WB – China and India, the EBRD – Turkey, Poland, and Egypt). Supranational financial institutions were the first to come to the forefront of sustainable development funding and are now spearheading the creation of new financial instruments aimed at financing both green and social projects, leading to the emergence of sustainability bonds. Acknowledgment(s)The authors would like to thank the participants of the 1st International Conference on Sustainable Development (SDL 2021) for providing the valuable remarks and a fruitful discussion. This research received no specific grant from any funding agency in the public, commercial, or not-for-profit sectors.

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“…We identified a large topic about the main benefits of issuing green bonds. The advantages highlighted can be summarized as follows: (1) insurance against environmental risks; (2) a strong reputation and social trust; (3) lower cost of debt, pricing advantage; (4) diversification and a large investor base; (5) strong oversubscription; (6) pro-active messages to stakeholders; and (7) strengthened reputation (Bachelet et al 2019;Gilchrist et al 2021;CBI 2016;Wiśniewski and Zieliński 2019).…”

Section: Literature Reviewmentioning

confidence: 99%

“…Green finance has a different definition according to the priorities sets in developed and developing countries; for instance, coal finance is considered green in China while in Europe it is not (Gilchrist et al 2021). The European market has a leading role in terms of volume, followed by the Asia-Pacific and North American markets (Cheong and Choi 2020).…”

Section: Literature Reviewmentioning

confidence: 99%

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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The Limits of Green Finance: A Survey of Literature in the Context of Green Bonds and Green Loans

Cited by 144 publications

References 47 publications

An Empirical Test of Low-Carbon and Sustainable Financing’s Spatial Spillover Effect

An Empirical Test of Low-Carbon and Sustainable Financing’s Spatial Spillover Effect

Green bonds of supranational financial institutions: On the road to sustainable development

The Determinants of Green Bond Issuance in the European Union

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