Green Bonds: A Tool Against Climate Change

Han Wang and Elaine Laing

Chapter 1 in Handbook of Environmental and Green Finance:Toward a Sustainable Future, 2024, pp 3-35 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter aims to analyze the development of the green bond market from industry and academic perspectives. We provide an overview of green bonds, focusing on definitions, international green bond market frameworks, and risks and benefits for market participants. We raise awareness about the harmonization of green bond definitions and standards, the enhancement of green issuers’ information disclosure quality, and transparency in the market. A comprehensive survey of the green bond empirical literature pertinent to both investors and issuers is provided, highlighting five research streams: (i) the drivers of green bond market/issuances, (ii) the impact of green bond issuances on issuers’ performances, (iii) the existence of green bond premium, (iv) the determinants of green bond yields/premium, and (v) the correlations and diversification associated with the green bond market, contributing to comparisons across multi-divisional green studies. This chapter concludes with suggestions for future research directions.

Keywords: Green and Impact Bonds; Green Banking and Financing; Green Finance in Europe; ESG Performance; Climate Change; Climate Justice; Green Mortgages; Sustainable Transition; Renewable Energies; Green Transition in The EU (search for similar items in EconPapers)
JEL-codes: Q01 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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