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Analyzing the Characteristics of Green Bond Markets to Facilitate Green Finance in the Post-COVID-19 World

Sustainability, 2021-05, Vol.13 (10), p.5719 [Peer Reviewed Journal]

2021 by the authors. Licensee MDPI, Basel, Switzerland. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (https://creativecommons.org/licenses/by/4.0/). Notwithstanding the ProQuest Terms and Conditions, you may use this content in accordance with the terms of the License. ;ISSN: 2071-1050 ;EISSN: 2071-1050 ;DOI: 10.3390/su13105719

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  • Title:
    Analyzing the Characteristics of Green Bond Markets to Facilitate Green Finance in the Post-COVID-19 World
  • Author: Taghizadeh-Hesary, Farhad ; Yoshino, Naoyuki ; Phoumin, Han
  • Subjects: Alternative energy sources ; Bonding ; Clean technology ; Climate change ; Climate change research ; Climate effects ; Comparative studies ; COVID-19 ; Econometrics ; Fossil fuels ; Heterogeneity ; Least squares ; Public participation ; Public sector ; Sustainability ; Taxation
  • Is Part Of: Sustainability, 2021-05, Vol.13 (10), p.5719
  • Description: The COVID-19 pandemic and the global recessions have reduced the investments in green projects globally that would endanger the achievement of the climate-related goals. Therefore, the post-COVID-19 world needs to adopt the green financial system by introducing new financial instruments. In this regard, green bonds—a type of debt instrument aiming to finance sustainable infrastructure projects—are growing in popularity. While the literature does not contest their effectiveness in fighting climate change, research highlights the high level of risks and low returns associated with this instrument. This study analyzes the green bond markets in different regions with a focus on Asia and the Pacific. It aims to fill the gap in the literature by conducting a comparative study of the characteristics, risks, and returns of green bonds based on the region. The study is based on theoretical background and empirical analysis using the data retrieved from Bloomberg New Energy Finance and the Climate Bonds Initiative. The empirical results are based on several econometrics tests using panel data analysis estimation methods, namely pooled ordinary least squares and generalized least squares random effects estimator. Our findings prove that green bonds in Asia tend to show higher returns but higher risks and higher heterogeneity. Generally, the Asian green bonds market is dominated by the banking sector, representing 60% of all issuance. Given that bonds issued by this sector tend to show lower returns than average, we recommend policies that could increase the rate of return of bonds issued by the banking sector through the use of tax spillover. In the era of post-COVID-19, diversification of issuers, with higher participation from the public sector and de-risking policies, could also be considered.
  • Publisher: Basel: MDPI AG
  • Language: English
  • Identifier: ISSN: 2071-1050
    EISSN: 2071-1050
    DOI: 10.3390/su13105719
  • Source: GFMER Free Medical Journals
    Coronavirus Research Database
    ROAD: Directory of Open Access Scholarly Resources
    ProQuest Central
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