Green Sukuk and Climate Finance: Evidence from Indonesia
グリーンスクークと気候金融：インドネシアのエビデンス (AI 翻訳)
Adam Latif, Zaäfri A. Husodo, Nur Dhani Hendranastiti
🤖 gxceed AI 要約
日本語
グリーンスクーク（イスラム環境債）が気候資金のギャップを埋める手段かを分析。インドネシアの政府グリーンスクークプログラムと1990-2025年の世界のスクークデータを用い、ESG認証が約50ベーシスポイント（インドネシアでは80-150bp）の利回り差（グリーニアム）を生むことを示す。これは資本コスト低減と価値整合投資の両立可能性を示唆。
English
This paper examines whether green sukuk (Islamic bonds for green projects) can bridge faith-based finance and global green capital markets. Using Indonesia's sovereign green sukuk program and a global dataset of 5,391 sukuk issues (1990-2025), it finds a significant 'greenium' of ~50 bps globally and 80-150 bps for Indonesia, indicating ESG certification lowers capital costs while mobilizing value-aligned investment.
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
本論文はイスラム金融とグリーンファイナンスの接点を実証。日本のグリーンボンド市場やASEANでの投資判断にも示唆を与えるが、日本固有の文脈（SSBJ等）への直接的な関連性は限定的。
In the global GX context
This paper provides evidence on the 'greenium' in Islamic green bonds, contributing to the global discussion on transition finance and ESG certification. It offers insights for sovereign and corporate issuers in Muslim-majority economies and for international investors seeking diversified green assets.
👥 読者別の含意
🔬研究者:Empirical evidence on greenium in sukuk markets, with a novel dataset spanning 35 years.
🏢実務担当者:For green bond/sukuk issuers: ESG certification can reduce borrowing costs by 50-150 bps.
🏛政策担当者:For regulators in Islamic finance: shows the viability of green sukuk as a climate finance tool.
📄 Abstract（原文）
The accelerating climate crisis demands unprecedented levels of sustainable investment, yet global climate-finance flows remain far below what is required to meet the Paris-aligned transition. In Muslim-majority economies, this gap is compounded by the limited suitability of conventional debt instruments under Islamic law. This paper investigates whether green sukuk-Islamic bonds whose proceeds finance environmentally sustainable projects-can serve as an effective bridge between faith-based finance and the global green-capital market. Using Indonesia's sovereign green sukuk program as an institutional laboratory and a novel global dataset of 5,391 sukuk issues from 1990 to 2025, we estimate pooled ordinary leastsquares regressions to quantify the yield differential ("greenium") between ESG-certified and conventional sukuk. The results reveal a statistically and economically significant greenium of roughly 50 basis points globally and 80-150 basis points for Indonesian issuances, implying that ESG certification lowers the cost of capital while mobilizing value-aligned investment.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.2139/ssrn.6169811first seen 2026-05-14 21:23:12
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