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Integrated Management of Air-Quality Monitoring Processes as a Framework for Disclosure Quality in Green Bond Markets

グリーンボンド市場における開示品質のフレームワークとしての大気質監視プロセスの統合管理 (AI 翻訳)

Venera-Stanca Nicolici, Ahmed Adjal, Ioana Ionel, Eugenia Grecu

International Journal of Financial Studies📚 査読済 / ジャーナル2026-07-02#green_financeOrigin: EU経営インパクト: 資金調達対象セクター: finance
DOI: 10.3390/ijfs14070168
原典: https://doi.org/10.3390/ijfs14070168
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🤖 gxceed AI 要約

日本語

グリーンボンド市場における開示品質向上のため、大気質監視と金融インセンティブを連携した4段階ライフサイクルモデルを提案。EUグリーンボンド基準（EuGB）に基づく開示品質スコア（DQS）を開発し、EuGB準拠債券はICMA原則準拠より高い開示品質を示すことを実証。発行後の検証強化の必要性を指摘。

English

This paper proposes an integrated management framework linking air-quality monitoring with financial incentives across the green bond lifecycle. It develops a Disclosure Quality Score (DQS) based on the European Green Bond Standard, finding that EuGB-aligned bonds achieve significantly higher disclosure quality (mean DQS 15.4/16) compared to ICMA-aligned bonds (11.4/16). The study highlights the need for lifecycle-wide verification beyond issuance to reduce greenwashing risks and information asymmetry in green bond markets.

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

本論文は、EUグリーンボンド基準（EuGB）とICMA原則の開示品質比較を通じて、ライフサイクル全体の検証の重要性を指摘。日本でもグリーンボンド発行が増加する中、SSBJやグリーンボンドガイドラインの実効性向上に示唆を与える。

In the global GX context

This paper contributes to the global discussion on green bond credibility by proposing a lifecycle verification framework and a Disclosure Quality Score. It provides empirical evidence that European Green Bond Standard bonds outperform ICMA-aligned bonds in disclosure quality, offering insights for regulators and market participants seeking to reduce greenwashing.

👥 読者別の含意

🔬研究者:Provides a replicable framework and DQS for studying green bond disclosure quality and verification gaps.

🏢実務担当者:Corporate sustainability teams can use the lifecycle model to strengthen their green bond reporting and post-issuance verification.

🏛政策担当者:Regulators can consider the DQS and lifecycle verification requirements to enhance green bond standards and reduce greenwashing.

📄 Abstract（原文）

In the last 10 years, the global green bond market has reached an estimated value of USD 6.8 trillion. However, credibility concerns persist due to greenwashing risks and issues regarding the reporting system. The current measurement, reporting, and verification systems (MRV) have high uncertainty levels of 10–30%, and so they contribute to information asymmetries and fuel investor skepticism when allocating capital to green bond instruments. The scope of this study is to develop an integrated management approach that links air quality and greenhouse gas monitoring with financial incentives throughout the lifecycle of green bonds. The central contribution is a four-phase lifecycle model covering issuance, allocation, monitoring, and impact reporting, which systematically identifies where greenwashing risks and verification gaps arise across the investment cycle. Methodologically, the study combines qualitative content analysis, a novel Disclosure Quality Score (DQS) instrument, based on the Regulation (EU) 2023/2631, four documentary case studies, and an advanced verification framework. The content analysis shows that regulatory and market-performance studies dominate the literature, while integrated lifecycle verification frameworks remain less explored. The DQS uses eight indicators, applied to a matched sample of green bonds, in accordance with the European Green Bond Standard (EuGB) and the ICMA Green Bond Principles (GBP). The results demonstrate that bonds issued under the EuGB present higher disclosure quality (mean DQS = 15.4/16) compared to GBP-aligned bonds (mean DQS = 11.4/16). Case studies show strong issuance-stage disclosure, but weak post-issuance verification. The framework enables lifecycle-wide accountability by reducing information asymmetry. The proposed lifecycle framework and DQS instrument offer a replicable model for improving disclosure quality and ESG performance standards, with direct implications for sustainable investment screening and ESG fund selection. Overall, the findings show that improving green bond credibility requires moving beyond issuance-focused disclosure toward lifecycle-wide verification.

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