Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China.
Research Institute of Economics and Management, Southwestern University of Finance and Economics, Chengdu, China; Social Protection Department, Ministry of Economy and Finance of the Republic of Uzbekistan, China.
J Environ Manage. 2024 Jul;364:121485. doi: 10.1016/j.jenvman.2024.121485. Epub 2024 Jun 15.
The effectiveness of green finance in driving clean energy and environmental sustainability in the current era is receiving attention. Therefore, this study proposes an empirical framework highlighting the effects of green bonds (GB) on clean energy investment (CEI), clean energy investment efficiency (CEE) and environmental sustainability of 29 green bond issuing countries between 2014 and 2022. Using system and difference GMM approaches, this study finds that (i) green bond issuance drives clean energy investment. (ii) Green bonds sufficiently enhance the selected countries' environmental quality. These results supplement the promotion of green bonds in increasing the transfer of funds towards renewable energy projects by reducing reliance on fossil fuels. (iii) Using Driscoll & Kraay, Fully Modified-OLS, and changing the dependent variable, this study further supported the idea that green bonds effectively promote the CEE and environmental sustainability of the chosen countries. (iv) Similarly, this study conducted income heterogeneity, showing that green bonds improve high- and middle-income countries' CEI and environmental quality. (v) Finally, the results indicate that resource consumption escalates CO emissions by declining the CEI. Technological innovations increase CEI, whereas they do not mitigate CO emissions directly, hinting at the requirement for a comprehensive approach. Therefore, inclusive policies on green bond frameworks, robust incentives, and rigorous environmental criteria should be implemented to attract investment in clean energy development and ensure the environmental sustainability of the selected countries.
在当前时代，绿色金融在推动清洁能源和环境可持续性方面的有效性正受到关注。因此，本研究提出了一个实证框架，强调了绿色债券（GB）对清洁能源投资（CEI）、清洁能源投资效率（CEE）和 29 个绿色债券发行国家在 2014 年至 2022 年期间环境可持续性的影响。本研究采用系统和差分 GMM 方法，发现：（i）绿色债券发行推动了清洁能源投资。（ii）绿色债券充分提高了所选国家的环境质量。这些结果补充了通过减少对化石燃料的依赖，促进绿色债券增加向可再生能源项目转移资金，以提高清洁能源投资的说法。（iii）使用 Driscoll 和 Kraay、完全修正最小二乘法和改变因变量，本研究进一步支持了绿色债券有效促进所选国家 CEE 和环境可持续性的观点。（iv）同样，本研究进行了收入异质性分析，表明绿色债券提高了高收入和中等收入国家的 CEI 和环境质量。（v）最后，结果表明，资源消耗通过降低 CEI 来加剧 CO 排放。技术创新增加了 CEI，而它们不能直接减轻 CO 排放，这表明需要采取综合方法。因此，应该实施关于绿色债券框架的包容性政策、强有力的激励措施和严格的环境标准，以吸引对清洁能源开发的投资，并确保所选国家的环境可持续性。
