Sovereign Green Bonds as a Catalyst for Strengthening India's Climate Finance Strategy
インドの気候資金戦略強化の触媒としてのソブリングリーンボンド (AI 翻訳)
Mahima M Naik
🤖 gxceed AI 要約
日本語
本論文は、インドが2022年に導入したソブリングリーンボンド（SGrB）の枠組みを概念的にレビューし、シグナリング理論やグリーニアムなどの理論を用いて、SGrBが気候資金調達の触媒として機能するメカニズムを分析する。2023年の初回発行以降の経験を検討し、スケールアップにおける課題と政策提言を示す。今後の実証研究のための理論的基盤を提供する。
English
This conceptual paper reviews India's Sovereign Green Bond framework introduced in 2022 and its debut issuance in 2023. Drawing on signalling theory, Pigouvian welfare economics, stakeholder theory, and the greenium concept, it develops an integrative model linking sovereign green bonds to institutional credibility, investor diversification, and cost-of-capital effects. It identifies benefits and structural challenges for scaling the instrument and emphasizes the need for a national green taxonomy and robust MRV systems. The paper lays theoretical groundwork for a subsequent empirical study.
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
本論文はインドのソブリングリーンボンドに焦点を当てているが、日本の機関投資家がESG投資の一環としてインドのグリーンボンドに関心を持つ背景や、日本のグリーントランジション戦略におけるソブリングリーンボンドの可能性を考察する上で参考となる。また、日本でもグリーンボンド発行が進んでおり、本論文で議論されるグリーニアムやシグナリング効果は日本の文脈にも示唆を与える。
In the global GX context
This paper contributes to the global discourse on sovereign green bonds as a climate finance instrument, particularly for emerging economies. It situates India's experience within comparative global practice and offers insights applicable to other countries developing green bond frameworks. The discussion of greenium, investor diversification, and credibility signalling is relevant to the broader transition finance literature.
👥 読者別の含意
🔬研究者:Provides a conceptual framework linking sovereign green bonds to climate finance mobilization, useful for researchers studying green bond mechanisms and emerging market climate finance.
🏢実務担当者:Offers insights for corporate and institutional investors evaluating sovereign green bond opportunities and for policymakers designing green bond frameworks.
🏛政策担当者:Highlights the need for a national green taxonomy and robust MRV systems for scaling sovereign green bonds, relevant for climate finance policymakers.
📄 Abstract（原文）
ABSTRACT India faces one of the largest climate investment gaps among major economies, with cumulative financing requirements for a net-zero transition by 2070 estimated at anywhere between USD 2.5 trillion and well over USD 10 trillion depending on the scope of sectors and time horizon considered (Government of India, 2015; Climate Policy Initiative, 2024). Against this backdrop, the Government of India introduced its Sovereign Green Bond Framework in November 2022 and issued its debut Sovereign Green Bonds (SGrBs) in January 2023, positioning the instrument not merely as a fundraising tool but as a signalling and market-development mechanism within the country's broader climate finance architecture. This paper undertakes a conceptual review of the role of SGrBs in strengthening India's climate finance strategy. Drawing on Signalling Theory, Pigouvian welfare economics, Stakeholder Theory, and the asset-pricing literature on the green bond "greenium," the paper develops an integrative conceptual model linking sovereign green bond issuance to institutional credibility, investor-base diversification, and cost-of-capital effects, which together shape the pace and credibility of climate finance mobilisation. The paper reviews India's issuance experience since 2023, situates it within comparative global sovereign practice, and identifies the principal benefits and structural challenges associated with scaling the instrument. It concludes by outlining directions for future research and policy, emphasising the need for a robust national green taxonomy, deeper domestic institutional investor participation, and credible monitoring, reporting, and verification systems. This conceptual paper is intended as a theoretical foundation for a companion empirical study examining the measurable outcomes of India's sovereign green bond programme. Keywords: Sovereign Green Bonds, Climate Finance, Greenium, India, Reserve Bank of India, Sustainable Finance, Signalling Theory, Net Zero
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.55041/isjem08217first seen 2026-07-15 05:43:52
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