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環境移行のためのグリーンファイナンス設計：金融アーキテクチャ、情報開示、資本配分

Designing Green Finance for Environmental Transition: Financial Architecture, Information Disclosure, and Capital Allocation (原題)

Sofia Cabezon Wang, Sofia Cabezon Wang, Yuhe Zhu, Honghan Ma, Yaqing Ma, Zijie Pan

Global Media and Social Sciences Research Journal📚 査読済 / ジャーナル2026-08-15#トランジション・ファイナンスOrigin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.71465/gmssrj217
原典: https://doi.org/10.71465/gmssrj217

🤖 gxceed AI 要約

日本語

本論文は、グリーンファイナンスの効果を高めるための4層フレームワーク（プロジェクト適格性、リスク・リターン構造、情報設計、検証）を提案する。持続可能な債券市場のデータと上海・イランの事例を用いて、金融構造が資本配分に与える影響を分析し、ラベル付き金融と実際のインパクトの乖離を指摘する。

English

This paper proposes a four-layered framework (project eligibility, risk-return architecture, information design, verification) to enhance the effectiveness of green finance. Using sustainable debt market data and case studies from Shanghai and Iran, it analyzes how financial structure affects capital allocation and highlights the disconnect between labeled finance and actual impact.

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開示やトランジション・ファイナンスの実践が進む中、本論文のフレームワークは、開示と資本配分の連動を設計する上で示唆に富む。特に、サステナビリティ・リンク・ローンやグリーンボンドの実効性向上に役立つ。

In the global GX context

Globally, with ISSB and CSRD shaping disclosure, this paper offers a framework to align financial instruments with real environmental impact, addressing greenwashing concerns and informing transition finance policy.

👥 読者別の含意

🔬研究者:Provides a structured framework for analyzing green finance effectiveness and capital allocation.

🏢実務担当者:Offers guidance on designing credible green financial instruments and disclosure mechanisms.

🏛政策担当者:Highlights the need for harmonized taxonomies and verification to ensure market integrity.

📄 Abstract（原文）

Green finance can be measured by the number of issuances, but the environmental impact and effectiveness of the instruments and disclosures are important. In this paper, a four-layered framework that encompasses project eligibility, risk-return architecture, information design, and verification is put forward to explain the effect of financial structure on capital allocation. It brings together the evidence from sustainable-debt markets and two environmental-transition cases—industrial restructuring and air-quality improvement in Shanghai and desertification-control programmes in eastern Iran. Market data indicate the amount of aligned green, social and sustainability and sustainability-linked debt has reached USD 1 trillion or more in 2025 and global clean-energy investment has been about double that of fossil fuels. But labels alone don't guarantee that additionality and measurable impact will occur. Poor incentives, lack of harmonization of taxonomies, poor local reporting and neglect of local socioeconomic benefits can lead to a disconnection between labelled finance and actual impact. According to the framework, use-of-proceeds bonds can be applied to infrastructure projects, blended finance can be applied to projects that deliver public benefits in a diffuse manner and have weaker cash flows, and sustainability-linked products need to have well-defined, early, and binding targets. Information asymmetry can be minimized and integrity of the market can be enhanced through clear dashboards, comparable metrics, external verification, and adaptive covenants.

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