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エネルギー転移の資金調達：新興市場におけるカーボンファイナンス採用のマクロ経済決定要因の評価

Financing the Energy Transition: Assessing the Macroeconomic Determinants of Carbon Finance Adoption in Emerging Markets (原題)

Fatma Nisa Demirel, İnci yıldız, Rumesya Yaman

Advanced Business Journal📚 査読済 / ジャーナル2026-11-05#気候金融Origin: Global経営インパクト: 資金調達対象セクター: finance
DOI: 10.65875/pr225654
原典: https://doi.org/10.65875/pr225654
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🤖 gxceed AI 要約

日本語

本論文は新興国におけるカーボンファイナンス（炭素価格・クレジット、グリーン債、気候基金、ブレンドファイナンス等）の採用を規定するマクロ経済・制度・金融条件を整理する。マクロ安定性、金融市場の深度、制度の質、貿易依存、エネルギー構造、国際気候資金アクセスを結びつける枠組みを提示し、比較パネルデータ設計を提案する。安定マクロ環境と透明な測定が信頼を高める一方、高金利・通貨変動・化石燃料依存・検証制度の弱さが採用を阻害し得ると論じる。

English

This article examines the macroeconomic, institutional, and financial conditions shaping carbon finance adoption in emerging markets, covering carbon pricing, green and sustainability-linked debt, climate funds, and blended finance. It develops a framework linking macroeconomic stability, financial depth, institutional quality, trade exposure, energy structure, and international climate-finance access, and proposes a comparative panel-data design. Stable conditions and credible institutions lower transaction costs and build confidence, while high interest rates, currency volatility, fossil-fuel dependence, and weak verification can undermine adoption or divert capital to low-integrity projects.

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

日本企業・金融機関がアジア新興国でトランジションファイナンスやJCM（二国間クレジット）を展開する際、相手国のマクロ・制度条件を評価する視点を提供する。SSBJ開示で求められる投融資先の気候リスク評価にも示唆がある。

In the global GX context

Speaks to the global transition-finance agenda (GFANZ, blended finance, MDB reform) by stressing that carbon finance scaling depends on macro credibility and institutional capacity, not financial innovation alone — relevant to ISSB/CSRD disclosure of financed emissions and transition-plan credibility in emerging markets.

👥 読者別の含意

🔬研究者:新興国カーボンファイナンスの決定要因をパネルデータで実証する際の理論枠組みと変数設計の出発点になる。

🏢実務担当者:新興国投融資のデューデリジェンスで、マクロ安定性・制度の質・検証体制を評価軸に加える根拠となる。

🏛政策担当者:炭素市場・グリーン債の普及にはマクロ政策の信認とMRV整備が不可欠である点を政策設計に反映すべき。

📄 Abstract（原文）

The transition toward low-carbon energy systems requires large and sustained investment, yet emerging markets face financing constraints that extend beyond the availability of climate-oriented instruments. This article examines the macroeconomic, institutional, and financial conditions associated with the adoption of carbon finance in emerging markets. Carbon finance is conceptualized broadly to include carbon pricing and crediting mechanisms, green and sustainability-linked debt, climate funds, blended finance, and other arrangements that connect capital allocation with emissions mitigation. Drawing on financial-development theory, institutional economics, the resource-mobilization perspective, and the political economy of energy transitions, the article develops a framework linking macroeconomic stability, financial-market depth, institutional quality, trade exposure, energy structure, and international climate-finance access to carbon finance adoption. It proposes a comparative panel-data research design for emerging and developing economies, with adoption measured through instrument presence, market activity, capital mobilized, and the sectoral allocation of proceeds. The synthesis suggests that stable macroeconomic conditions and deeper domestic financial markets can lower transaction costs and broaden the investor base, while credible institutions, transparent measurement, and predictable climate policy improve confidence in carbon-related assets. However, the relationships are conditional: high interest rates, currency volatility, fiscal constraints, fossil-fuel dependence, and weak verification systems can undermine adoption or redirect capital toward low-integrity projects. Carbon finance is therefore unlikely to scale through financial innovation alone. Its effectiveness depends on the interaction of macroeconomic credibility, institutional capacity, project pipelines, and a transition strategy that connects emissions reductions with productive investment and inclusive growth.

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