Financing Transition in a Hydrocarbon Economy: The UAE Case
炭化水素経済における移行金融：UAEのケース (AI 翻訳)
Suzanna Elmassah, Mahmoud Elrefai
🤖 gxceed AI 要約
日本語
本論文は、UAEを事例に、炭化水素依存経済がネットゼロ公約から気候資金フローへの移行を可能にする金融・規制・制度の枠組みを分析する。国家主導の移行金融モデルを概念化し、制度・金融商品・政策整合性の3側面から評価。資本動員の迅速さや国際的地位向上を認めつつ、炭化水素拡大との緊張、規制の断片化、炭素価格シグナルの弱さ、開示の不均衡、SME向けグリーン金融の不足などの課題を指摘する。
English
This paper examines the UAE as a case of transition finance in a hydrocarbon-dependent economy, analyzing its financial, regulatory, and institutional architecture for moving from net-zero pledges to climate finance flows. It conceptualizes a state-led transition-finance model shaped by Gulf state capitalism and post-COP28 diplomacy, mapping institutions, instruments, and policy alignment. It finds rapid capital mobilization and strong international positioning, but also tensions with hydrocarbon expansion, fragmented regulation, weak carbon pricing, and limited SME access.
Unofficial AI-generated summary based on the public title and abstract. Not an official translation.
📝 gxceed 編集解説 — Why this matters
日本のGX文脈において
日本では、SSBJ開示義務化やGX経済移行債など移行金融の枠組み整備が進むが、本論文は国家主導の移行金融モデルの成功と課題を示し、日本の政策・制度設計に示唆を与える。特に、炭素価格シグナルの弱さや開示の不均衡は日本にも共通する課題であり、比較分析の材料となる。
In the global GX context
Globally, this paper contributes to transition finance scholarship by presenting the UAE as a benchmark for state-led, finance-centric models in hydrocarbon economies. It highlights coherence gaps—such as fragmented regulation and weak carbon pricing—that are relevant to other emerging economies and to global debates on aligning climate finance with decarbonization goals.
👥 読者別の含意
🔬研究者:Provides a conceptual framework for analyzing state-led transition finance in hydrocarbon-dependent economies, useful for comparative research.
🏢実務担当者:Highlights the role of sovereign wealth funds, green bonds/sukuk, and blended finance in mobilizing capital, offering insights for corporate finance teams in similar contexts.
🏛政策担当者:Identifies regulatory and institutional gaps in transition finance architecture, informing policy design for aligning finance with net-zero targets.
📄 Abstract（原文）
The objective of this paper is to examine the United Arab Emirates (UAE) as a test case of Gulf energy transition finance by analyzing how a hydrocarbon-dependent economy is constructing the financial, regulatory, and institutional architecture required to move from net-zero pledges to climate finance flows. Rather than treating climate finance as a set of isolated instruments, the paper conceptualizes the UAE’s approach as a state-led transition-finance model shaped by Gulf state capitalism, sovereign wealth accumulation, national oil company strategy, financial regulation, and post-COP28 climate diplomacy. Using a qualitative policy and institutional review, the paper maps the UAE’s transition-finance architecture across three interrelated dimensions: institutions and governance, financial instruments, and policy alignment. It examines the role of federal strategies such as Net Zero 2050 and the UAE Energy Strategy 2050, regulatory actors including the Central Bank of the UAE, the Securities and Commodities Authority (SCA), Abu Dhabi Global Market (ADGM), and Dubai Financial Services Authority (DFSA), and key financial mechanisms including green bonds and sukuk, sustainability-linked finance, sovereign wealth fund investments, national oil company decarbonization strategies, blended-finance platforms, and carbon-market mechanisms. The analysis finds that the UAE has developed a distinctive state-led, finance-centric model for financing the energy transition. This model enables rapid capital mobilization, de-risking of private investment, and strong international positioning, particularly following COP28 and the launch of ALTÉRRA. However, its effectiveness is constrained by unresolved tensions between net-zero ambition and hydrocarbon expansion, fragmented sustainable-finance regulation, limited carbon-pricing signals, uneven disclosure practices, underdeveloped domestic green capital markets, and restricted access to green finance for SMEs. The paper argues that the UAE’s climate-finance architecture is best understood neither as simple green diversification nor as symbolic climate positioning, but as an emerging Gulf model of transition finance: well-capitalized, and institutionally coordinated, yet structurally shaped by the same hydrocarbon rents and state-led governance logics it seeks to transform. By positioning the UAE as a benchmark, the paper contributes to debates on climate finance, state capitalism, and transition governance in hydrocarbon-dependent economies, while identifying the coherence gaps to be addressed for climate finance to support economy-wide decarbonization.
🔗 Provenance — このレコードを発見したソース
- openalex https://doi.org/10.3390/su18157792first seen 2026-08-05 04:49:54
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