School of Economics and Management, Nanchang University, Nanchang, China.
Adnan Kassar School of Business, Lebanese American University, Beirut, Lebanon.
Environ Sci Pollut Res Int. 2023 Nov;30(55):117981-117997. doi: 10.1007/s11356-023-30014-9. Epub 2023 Oct 24.
Green bonds are adopted to exclusively finance or refinance green projects and thus is an important policy instrument for sustainable development. The development of these eco-friendly projects benefits the reduction of carbon emission. What impacts do green bonds have on carbon emission intensity and how? This issue needs to be revealed, including the dynamic spatial interactive rules and regional heterogeneity. This is especially true for China, with its vast territory and a short history of green bonds. Different with existing literature, this paper collects the data of the amount of green bond issued in each province in China rather than the policy dummy variable of green bond. The spatio-temporal interactions of both the impact of green bonds and the related mechanisms are studied. A dynamic spatial Durbin model (DSDM) combined with a STIRPAT (Stochastic Impacts by Regression on Population, Affluence and Technology) model reveals the negative impacts of green bonds on carbon emissions and the spatio-temporal interactions. On this basis, the mediation model is introduced to clarify the three impact mechanisms of green bonds and find the predominant role of technology mechanism. In addition, different characteristics in spatial interactive rules and impact mechanisms of green bonds are found in various regions of China. Finally, the study proposes some policy recommendations on how to effectively reduce carbon emissions with green bonds.
绿色债券专门用于为绿色项目提供融资或再融资，因此是可持续发展的重要政策工具。这些环保项目的发展有利于减少碳排放。绿色债券对碳排放强度有何影响？这一问题亟待揭示，包括动态空间相互作用规律和区域异质性。对于中国来说，这一点尤为重要，因为中国地域广阔，绿色债券历史较短。与现有文献不同的是，本文收集了中国各省发行的绿色债券数量数据，而不是绿色债券的政策虚拟变量。本文研究了绿色债券的影响及其相关机制的时空相互作用。一个动态空间杜宾模型（DSDM）与 STIRPAT（人口、富裕和技术的随机影响回归模型）相结合，揭示了绿色债券对碳排放的负面影响和时空相互作用。在此基础上，引入中介模型来阐明绿色债券的三个影响机制，并发现技术机制的主导作用。此外，在中国的不同地区发现了绿色债券在空间相互作用规则和影响机制方面的不同特征。最后，本研究提出了一些关于如何利用绿色债券有效减少碳排放的政策建议。
