Green Bonds

Dirk Bezemer and Chris Stumphius
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Chris Stumphius: University of Groningen

No 2024004-GEM, Research Report from University of Groningen, FEB Research Institute (FEBRI)

Abstract: Financial development supports productive investment, but financialization may undermine it. We extend this insight to the energy transition, where sustainable finance is hoped to reduce emissions, but must do soin a financialized credit system and corporate environment. We analyze the green bond market in a global sample of 147 corporates across 10 industries over 2010-2020. In a matched-firm analysis we examine the effect of green bond issuance on a firm’s environmental performance post-issuance in terms of greenhouse gas emissions and energy intensity. Different from earlier findings, green-bond issuers in this sample do not significantly improve their environmental performance post-issuance, neither in the full sample nor within industries. There are large differences between industries which suggest entry points to improve the effectiveness of green bonds.

Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:gro:rugfeb:2024004-gem

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