Rethinking Green Finance
グリーンファイナンスの再考 (AI 翻訳)
Dong Lou, Mingxin Xu, Jun Yuan
🤖 gxceed AI 要約
日本語
本稿はグリーンファイナンスの経済的基盤と実践をレビュー。気候外部性に対処するには公共政策が不可欠だが、政策の不安定性や国際協調の難しさが課題。投資家によるダイベストメントやエンゲージメントは構造的障壁があり、ESGと実体経済の連携が弱い。持続可能性連鎖債などの移行関連ツールに有望性を見出し、グリーンファイナンスは政策と技術革新の補完物であると主張。
English
This paper reviews the economic foundations of green finance and its practice. It finds that public policy is essential but faces swings and coordination issues. Private investment through divestment and engagement faces hurdles like heterogeneous preferences and weak ESG-real economy links. Transition-focused tools like sustainability-linked bonds show promise, and green finance should complement policy and innovation, not replace them.
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
日本ではGX推進に向けたトランジション・ファイナンスのガイドラインが策定されており、本稿の指摘（ESGと実体経済の乖離、サステナビリティ連動債の有効性）は日本の政策実務に示唆を与える。
In the global GX context
This review informs global discussions on the role of green finance in the climate transition, particularly as regulators like ISSB and CSRD advance disclosure standards. It cautions against over-reliance on private investment and underscores the need for policy complementarity.
👥 読者別の含意
🔬研究者:Critically examines assumptions behind green finance and offers a framework for future empirical work.
🏢実務担当者:Highlights limitations of current ESG investing and suggests focusing on transition-linked instruments.
🏛政策担当者:Emphasizes that green finance cannot replace strong public policy and international coordination.
📄 Abstract（原文）
Abstract This paper reviews the economic foundations of green finance and how it works in practice. Public policy is essential for addressing climate externalities, but its impact is often limited by policy swings and the difficulty of coordinating across countries. These gaps have raised expectations for private investors, yet common channels such as divestment and engagement face structural hurdles: heterogenous investor preferences, fiduciary constraints, and weak links between ESG metrics and real economic outcomes. Recent research finds that sustainable investing tends to shift portfolios more than it cuts emissions. Transition‐focused tools, including sustainability‐linked bonds, show more promise. Overall, we argue that green finance is most effective as a complement to public policy and technological innovation, not a substitute for them.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.1111/ajfs.70030first seen 2026-05-14 21:27:03
🔔 こうした論文の新着を逃したくない方は キーワードアラート に登録（無料・3キーワードまで）。
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。