Net‐Zero Transitions Through Finance: Heterogeneous Effects of Sustainable Finance Policies Across Economies and Policy Designs
金融を通じたネットゼロ移行：持続可能な金融政策の経済・政策デザインによる異質な効果 (AI 翻訳)
Chang Wang, Yuefang Guo, Daoping Wang, Frederik Dahlmann, Yueming (Lucy) Qiu, Xiaoyan Zhou, Shuai Shao, Wing Thye Woo, Yue Tang, Shiyi Chen
🤖 gxceed AI 要約
日本語
本研究は、64経済圏の1万超企業のデータを用い、持続可能な金融政策が企業のScope 1 GHG排出削減に与える効果を分析。促進型・インセンティブ型の政策が効果的であり、現行の政策ペースでは中期目標達成に不十分であることを示す。投資家を対象とした政策の重要性を強調。
English
This study uses data from over 10,000 firms in 64 economies to examine the effects of sustainable finance policies on Scope 1 GHG emission reductions. It finds that promotional and incentive-based policies are more effective than prudential or informational ones, and that current policy creation rates are insufficient to meet mid-term climate goals. The paper calls for policies targeting investors and support for developing countries.
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
日本はSSBJ・有報での気候関連開示義務化やトランジション・ファイナンスの推進を進めており、本論文の政策類型別効果の検証は、日本の政策設計に直接的な示唆を与える。特に投資家向け促進・インセンティブ政策の有効性は、今後のGX推進策の方向性を考える上で重要。
In the global GX context
The paper provides global evidence on which types of sustainable finance policies effectively reduce emissions. This is critical for the ongoing debate on transition finance, especially as jurisdictions like the EU, US, and Japan implement or refine their sustainable finance architectures. The finding that promotional and incentive-based policies targeting investors are most effective offers actionable insights for policymakers worldwide.
👥 読者別の含意
🔬研究者:Provides a rigorous empirical framework to evaluate heterogeneous effects of sustainable finance policies across economies and policy designs.
🏢実務担当者:Highlights that firms in carbon-intensive sectors may face stronger emission reduction pressures under promotional and incentive-based policies, informing corporate strategy.
🏛政策担当者:Demonstrates that scaling up promotional and incentive-based policies directed at investors is essential to meet climate targets, and that current policy pace is insufficient.
📄 Abstract（原文）
This paper examines the global effects of sustainable finance policies on firms' greenhouse gas (GHG) emission reductions. Drawing on a framework that distinguishes between the motives for implementing different sustainable finance policies and the relevant instruments used to achieve them, we analyze data from over 10,000 public firms in 64 economies over 2002–2021 using a quasi–difference‐in–difference‐in‐differences strategy. We find that countries with greater numbers of sustainable finance policies are associated with firm‐level Scope 1 GHG emission reductions in carbon‐intensive sectors. These effects are stronger/more pronounced in countries employing promotional (rather than prudential), as well as incentive‐based (rather than informational) types of sustainable finance policies. Additional scenario analysis further confirms our critical insights: Simply maintaining the 2010–2020 rate of new policy creation is insufficient. To meet midterm climate goals, the policy focus must shift toward a set of promotional and incentive‐based policies designed specifically to regulate investors. Our results speak to both the cumulative and differentiated nature of different sustainable finance policies and their effects on firms' nonfinancial performance, an understudied relationship. We call on policymakers to target their climate policies at investors and to provide support directly to developing countries.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.1002/bse.70631first seen 2026-05-06 00:31:59
gxceed は公開メタデータに基づく研究支援データセットです。要約・翻訳・解説は AI 支援で生成されています。 最終的な解釈・検証は利用者が原典資料に基づいて行うことを前提とします。