Do green bonds lower the cost of capital in emerging market? Evidence from Indian Market
グリーンボンドは新興市場で資本コストを下げるか？インド市場からの証拠 (AI 翻訳)
Vinetia Catherine, Vinusree Jr, Deon Bablu Thomas, Rahul Pacheri
🤖 gxceed AI 要約
日本語
本論文は、インドを含む新興国においてグリーンボンド発行が資本コストに与える影響を分析。グリーンボンドに付与される利回りディスカウント（グリーニアム）の有無とその規模を、中国・ブラジル等のデータを用いて検証。規制・制度の違いがグリーンボンドの資金調達優位性に与える影響を考察し、インド向けの政策提言を行う。最終的に、インドではグリーンボンドのグリーニアムが限定的であり、税制・開示・流通市場の整備が必要と結論づける。
English
This paper analyzes the impact of green bond issuance on the cost of capital in emerging markets, with a focus on India. It reviews the existence of a greenium (yield discount) using empirical evidence from China, Brazil, Southeast Asia, and Kenya. The study finds that structural barriers such as currency hedging costs, regulatory fragmentation, and greenwashing risk limit cost benefits in India. Policy recommendations include taxonomy harmonization, enhanced disclosure, sovereign benchmark issuances, and blended finance mechanisms.
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
インドのグリーンボンド市場の課題（グリーニアムの不在、規制断片化）は、日本が新興国におけるグリーンファイナンスの実態を理解し、自国の投資家や企業が海外グリーンボンドに投資する際の参考となる。特に、日本ではSSBJに基づく開示が進むが、海外のグリーンボンド評価には独自の視点が必要。
In the global GX context
This study contributes to the global debate on the greenium in emerging markets, a key topic for transition finance and climate-aligned investment. It highlights that the cost-of-capital benefits of green bonds are not automatic and depend on market infrastructure and regulation—relevant for ISSB, EU Green Bond Standard, and emerging market taxonomy development.
👥 読者別の含意
🔬研究者:Provides a structured review of greenium determinants in emerging markets, useful for empirical research on green bond pricing.
🏢実務担当者:Offers actionable insights for corporate treasurers in emerging markets considering green bond issuance, emphasizing the need for strong disclosure and market development.
🏛政策担当者:Presents policy recommendations (taxonomy, disclosure, sovereign benchmarks) that can guide regulators in building effective green bond markets, applicable to India and beyond.
📄 Abstract（原文）
With the global financial system becoming more entangled in climate risk, developing economies are growing the application of sustainable finance tools to help them finance low-carbon transitions. Green bonds have become one of the instruments of raising capital that aligns with climate. India, in its turn, has a large financing gap in fulfilling its Nationally Determined Contributions (NDCs) within the framework of the Paris Agreement, as well as a system of constant fiscal pressure. The purpose of this paper is to offer a conceptual and comparative review on whether the issuance of green bonds lowers the cost of capital in India and other related developing economies. The paper looks into the existence of the so-called greenium, a yield discount on environmentally labelled bonds, and its effects on the cost of debt and the weighted average cost of capital (WACC). The analysis uses empirical evidence in China, Brazil, Southeast Asia and Kenya to determine the yield differentials in diverse regulatory and institutional environments. It constructs secondary data on bond spreads, investor demand and liquidity in the market to determine whether green certification implies quantifiable financing benefits. The theoretical framework combines the signalling theory, the stakeholder theory, and the resource based view to show how the issuance of green bonds can minimise information asymmetry, increase the reputational capital, and facilitate long-term management of risk. The mechanisms have the potential to reduce perceived credit risk and enhance the efficiency of capital structure. Nonetheless, the paper finds that structural obstacles can restrict cost benefits in new markets such as a high currency hedging cost, fragmentation of the regulatory landscape, lack of depth in the secondary market, variable taxonomies, and a risk of greenwashing. It ends with policy suggestions on what India should do to ensure that India has a robust domestic system of green bonds and to improve the cost of capital efficiency, including taxonomy harmonisation, higher disclosure standards, sovereign benchmark issuances and blended finance mechanisms.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2139/ssrn.6356158first seen 2026-06-29 08:56:50
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