The green bond market: a potential source of climate finance for developing countries
The green bond market: a potential source of climate finance for developing countries
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DOI：
10.1080/20430795.2018.1498617
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发表时间：
2019-01-01
影响因子：
4.3
通讯作者：
Banga, Josue
中科院分区：
文献类型：
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作者：
Banga, Josue
本文探讨了绿色债券在为发展中国家动员适应和缓解资金方面的潜力。在理论方法的基础上，报告确定了过去几年绿色债券市场的关键驱动因素，以及阻碍发展中国家挪用绿色债券市场的障碍。结果表明，在投资者日益增强的气候意识的支持下，绿色债券的兴起在发达国家和新兴国家是一个事实。然而，在发展中国家，市场仍处于起步阶段，其全部潜力似乎被低估了。缺乏适当的绿色债券管理体制安排、发行绿色债券的最低规模问题以及与发行绿色债券相关的高昂交易成本，是发展中国家发展绿色债券的主要障碍。为了应对这些挑战，本文建议有效利用多边开发银行和国家开发银行作为地方绿色债券管理的中介机构。此外，地方政府被要求向地方绿色债券发行人提供担保，旨在弥补与发行绿色债券相关的交易成本。
This paper examines the potential of green bonds in mobilizing adaptation and mitigation finance for developing countries. Building upon a theoretical approach, it identifies the key drivers of the green bond market over the last few years and the barriers that impede its appropriation by developing countries. The results suggest that the rise of green bonds is a fact in developed and emerging countries, backed by an increasing climate-awareness from investors. However, in developing countries, the market remains incipient, and its full potential seems to be underappreciated. The lack of appropriate institutional arrangements for green bond management, the issue of minimum size, and high transactions costs associated with green bond issuance, are the key barriers to the development of green bonds in developing countries. In order to cope with these challenges, this paper suggests an efficient use of multilateral and national development banks as intermediary institutions for local green bond management. Furthermore, local governments are required to provide local green bond issuers with guarantees aimed at covering the transaction costs associated with green bond issuance.