ASEAN電力会社における排出原単位削減に対するグリーンファイナンスの影響
The Influence of Green Finance on Reducing Emission Intensity in Electric Utility Companies in ASEAN (原題)
O. Mawahib, W. Wibowo
🤖 gxceed AI 要約
日本語
ASEANの電力・エネルギー企業を対象に、グリーンファイナンス（グリーンローン・グリーンボンド）が排出原単位に与える影響を2015-2024年のパネルデータで実証分析。グリーンファイナンスは排出原単位を有意に低下させるが、レバレッジが高いと効果が減殺され、投資収益率が高いと効果が増強される。ESGスコアも排出削減に寄与する。
English
Using panel data from ASEAN electric utilities (2015-2024), this study finds that green finance (loans and bonds) significantly reduces emission intensity, but high leverage weakens this effect while strong investment returns enhance it. ESG scores also correlate with lower emissions, whereas state-owned enterprises show higher intensity.
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
日本のGX実践にとって、ASEANの電力セクターにおけるグリーンファイナンスの効果を実証した点が参考になる。日本企業がASEANで事業展開する際、資本構成や投資収益性がグリーンファイナンスの排出削減効果に影響することを示唆しており、SSBJ開示や移行ファイナンス戦略の立案に有用。
In the global GX context
This paper contributes to global climate finance literature by providing empirical evidence from ASEAN, a region critical for global decarbonization. It highlights that green finance effectiveness depends on firm-level financial health and governance, offering insights for investors and policymakers designing green finance frameworks in emerging markets.
👥 読者別の含意
🔬研究者:Provides empirical evidence on the conditional effectiveness of green finance in reducing emissions in ASEAN utilities.
🏢実務担当者:Highlights the importance of capital structure and investment returns when leveraging green finance for decarbonization.
🏛政策担当者:Suggests that green finance policies should consider firm leverage and profitability to maximize emission reductions.
📄 Abstract（原文）
Background: The decarbonization of electric utilities in ASEAN requires financing instruments that can reduce corporate carbon intensity without compromising energy security. Objective: This study examines whether green finance reduces emission intensity and whether leverage and return on investment condition this effect.Methods: The study uses secondary panel data from electric utility and energy companies in ASEAN during 2015–2024. Green finance is proxied by green loans and green bonds scaled by total assets and lagged by one year, while emission intensity is measured as emissions per unit of sales. The empirical model is estimated using panel regression, and model selection tests support the random-effects specification. Results: The results show that green finance has a negative and statistically significant effect on emission intensity. The interaction between green finance and leverage is positive and significant, indicating that higher debt weakens the emission-reducing effect of green finance. Conversely, the interaction between green finance and return on investment is negative and significant, indicating that stronger investment returns enhance the effectiveness of green finance. ESG scores are also associated with lower emission intensity, while state-owned enterprises tend to exhibit higher emission intensity. Conclusion: The findings imply that green finance is more effective when supported by a sound capital structure, adequate investment returns, and effective sustainability governance.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://inkubis.polteksci.ac.id/index.php/ink/article/download/285/465first seen 2026-08-28 05:16:06 · last seen 2026-09-07 05:15:19
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