グリーンボンドにおけるSDGs省略と環境センチメント指標：緑洗浄およびESG論争の警告に向けて

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:AI×ESGの緑洗浄検出における指標設計とBERT活用の実証手法を学べる。

🏢実務担当者:自社サステナビリティ報告書の記述トーンとSDGs開示の省略リスクを点検する際の参考になる。

🏛政策担当者:グリーンボンド開示の信頼性監視や緑洗浄警告の仕組み設計に活用できる。

Green bonds are a cornerstone of sustainable finance, directing investment toward projects that support environmental objectives and the transition to a low-carbon economy. Yet, the growing risk of greenwashing threatens to undermine the credibility of such instruments. Greenwashing refers to situations where sustainability-related statements do not clearly and fairly reflect, (i.e., through the omission of material information), the underlying sustainability profile of an entity or financial product. The development of robust analytical tools to assess the credibility of issuers’ sustainability claims plays a key role in ensuring that green bond financing genuinely contributes to measurable environmental outcomes, rather than serving merely as a vehicle for reputational enhancement. These tools also support more effective supervision thereby helping to prevent the risk of misleading investors and weakening market trust. Leveraging a combination of dictionary-based techniques and domain specific BERT transformer models, we explore how the omission of Sustainable Development Goals (SDGs) content in corporate disclosure relates to the volume and tone of environmental and SDGs specific language in the sustainability reports of green bonds issuers. To this purpose, we developed two new metrics that allow to systematically assess the link between the disclosure and the risk of misleading sustainability claims and information omission. The first indicator, the Sustainable Development Goals Omission Index (SDGOI), shows that an opportunity-oriented tone in general environmental sentences is positively associated with SDGs omission, potentially representing a distinctive trait of greenwashing risk. Therefore, we introduced the Environmental Sentiment Metric (ESM), a novel indicator that quantifies opportunity-oriented environmental sentiment and connects it to greenwashing accusations and ESG controversies. We found that elevated ESM scores are significantly associated with higher ESG controversy levels and with greenwashing accusations, demonstrating its potential as an alert signal of disclosure credibility risks in the green bond market. Integrating these indicators into the infrastructure of sustainable finance can provide investors and regulators with analytical tools for assessing sustainability disclosures, while encouraging issuers to report transparently and accountably – thereby enhancing the effectiveness and integrity of capital markets.

• openaire https://doi.org/10.2139/ssrn.5983395first seen 2026-11-05 04:37:49