The ESG Premium in the Green Bond Market: A Literature Review Based on Global Issuance Data

Rui Kang ()
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Rui Kang: The University of Illinois Chicago, Business of Science

A chapter in Proceedings of the 2025 International Conference on Hybrid Commerce, Human Capital, and Economic Dynamics (ICHCH 2025), 2026, pp 469-478 from Springer

Abstract: Abstract This study systematically investigates the ESG premium in the global green bond market through bibliometric methods. The results show that the yield discount phenomenon, i.e., “green premium”, is common in green bonds, which is particularly significant in Europe, the United States, and other regions with sound ESG systems. Factors affecting the formation of the premium include third-party certification, disclosure quality, issuer credit rating, policy support, market liquidity, and investor preference. Among them, authoritative certification and high-quality disclosure can effectively improve investor trust and enhance the market recognition of green labels. This study not only enriches the theoretical system of green financial pricing mechanisms but also provides policy reference and empirical support for building a transparent and efficient green bond market. The results also indicate that disclosure transparency and policy consistency have the strongest explanatory power among influencing factors, suggesting that institutional quality remains the core driver of ESG premium formation.

Keywords: Green Bond; ESG Premium; Sustainable Finance (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-2-38476-585-0_53

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DOI: 10.2991/978-2-38476-585-0_53

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