Affiliation:
1. Columbia University, NBER, and ECGI , USA
Abstract
Abstract
This paper examines the relationship between green bonds (that is, bonds whose proceeds are committed to financing green projects) and carbon emissions at the aggregate level. Using data for US states, I find that the issuance of $1,000 of green bonds per capita is associated with a subsequent decrease in state-level emissions by 0.9–1.4 per cent. I obtain similar magnitudes using cross-country data. These results are stronger for green bonds that are certified by independent third parties, suggesting that certification is an important governance mechanism in the green bond market.
Publisher
Oxford University Press (OUP)
Subject
Management, Monitoring, Policy and Law,Economics and Econometrics
Reference18 articles.
1. ‘How Much Should We Trust Differences-in-differences Estimates?’;Bertrand;Quarterly Journal of Economics,2004
2. Impact Investing in Disadvantaged Urban Areas;Boulongne,2023
3. Green Bonds and Carbon Emissions: Exploring the Case for a Rating System at the Firm Level;Ehlers;BIS Quarterly Review,2020
Cited by
1 articles.
订阅此论文施引文献
订阅此论文施引文献,注册后可以免费订阅5篇论文的施引文献,订阅后可以查看论文全部施引文献
1. Climate change, complexity, and policy design;Oxford Review of Economic Policy;2023-11-01