低炭素経済への移行資金調達と銀行の持続可能性達成におけるグリーンボンドの役割の評価

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

🔬研究者:Provides causal evidence on green bonds and bank ESG, useful for transition finance research.

🏢実務担当者:Banks can use findings to justify green bond issuance as part of sustainability strategy.

🏛政策担当者:Supports policies for green bond disclosure and verification to enhance banking sustainability.

This study investigates the causal impact of green bond issuance on banking sustainability and its contribution to financing the transition toward a low-carbon economy. The research problem arises from the lack of clear empirical evidence on whether green bond issuance merely reflects pre-existing sustainability orientation or actively improves banks' ESG performance. Using a global panel dataset covering approximately 113 banks and 1,243 bank-year observations during 2015-2025, the study employs a Dynamic Panel Data (DPD) framework and an Instrumental Variables Two-Stage Least Squares (IV-2SLS) estimator to address endogeneity, reverse causality, dynamic persistence, and unobserved heterogeneity. ESG data were obtained from Refinitiv Eikon, while green bond issuance, GDP per capita, and CO₂ emissions data were collected from World Bank databases. The results indicate that green bond issuance has a positive and statistically significant causal effect on banking ESG performance. The findings also show that bank size and profitability improve sustainability performance, while higher country-level CO₂ emissions are negatively associated with bank ESG scores. The study recommends strengthening green bond disclosure, external verification, and regulatory incentives to support sustainable banking and the low-carbon transition

• openalex https://doi.org/10.33899/tanra.v45i151.62514first seen 2026-09-03 05:06:48