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Can Green Bonds Finance a Low-Carbon Transition in a Developing Region? Evidence from Henan, China

グリーンボンドは発展途上地域の低炭素移行を資金調達できるか?中国河南省の事例 (AI 翻訳)

Huifen Pan, Bufang Zhang

Journal of Transition Economics and Financeプレプリント2025-12-01#トランジション・ファイナンスOrigin: CN
DOI: 10.1142/s3082844925500198
原典: https://doi.org/10.1142/s3082844925500198

🤖 gxceed AI 要約

日本語

本論文は、中国河南省を事例に、グリーンボンドが発展途上地域の低炭素移行の資金調達に有効かを検討。統計分析と実証ケーススタディを通じて、グリーンボンド発行の現状、多面的メリット、リスクを分析。結果、グリーンボンドは産業構造転換に一定の資金を提供できるが、石炭・鉄鋼などの高汚染産業のグリーン転換には課題が残る。地域のグリーン金融システム最適化と持続可能な発展への実践的示唆を提供。

English

This paper examines whether green bonds can finance low-carbon transitions in developing regions, using Henan, China as a case study. Through statistical analysis and empirical case studies, it assesses the current status, multidimensional benefits, and risks of green bond issuance in Henan. The findings show that green bonds can provide some financing for industrial transition, but challenges remain for high-pollution sectors like coal and steel. The study offers practical recommendations for optimizing regional green finance systems and advancing sustainable development.

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

本論文は中国河南省のグリーンボンド事例を分析しており、日本企業の中国展開やグリーンボンド投資戦略に示唆を与える。また、グリーンボンドのリスク管理や効果測定の課題は、国内市場にも参考となる。

In the global GX context

This paper provides a case study from a developing region in China, contributing to global discussions on green bonds as a tool for low-carbon transition. It highlights structural challenges in transitioning fossil-fuel-dependent economies, informing international climate finance and disclosure frameworks such as those under ISSB.

👥 読者別の含意

🔬研究者:This paper offers empirical evidence on green bond effectiveness in a specific regional context, contributing to the literature on green finance and transition finance.

🏢実務担当者:Corporate sustainability teams can learn about practical challenges and opportunities of using green bonds for industrial transition, particularly in high-pollution sectors.

🏛政策担当者:Regulators can gain insights into the role of green bonds in regional development and the importance of balancing economic and environmental goals.

📄 Abstract(原文)

Driven by policy guidance and market demand, China’s green bonds have developed rapidly, emerging as a crucial tool for advancing green finance and underpinning the nation’s low-carbon economic transition. This study focuses on Henan — a densely populated province in Central China with important industrial and agricultural production. To address a core question: Can green bonds finance low-carbon transitions in developing regions? Henan plays a vital role in China’s industrial and agricultural economy, yet it grapples with structural challenges: its economy remains dominated by traditional industries, while social development faces substantial environmental pressure — particularly as high-pollution sectors (e.g., coal, steel) encounter difficulties in shifting to green practices. To alleviate the financing of bottlenecks which hinder its industrial low-carbon transition, Henan has actively explored green bond issuance, seeking to balance and synergize economic, social and environmental benefits. Employing statistical analysis and empirical case studies, this research examines three key dimensions of Henan’s green bond development: its current status, multidimensional benefits and existing risks. The findings not only provide theoretical support and practical recommendations for optimizing Henan’s green financial system but also offer fresh insights for regional sustainable development and industrial low-carbon transitions. Ultimately, this study contributes to the realization of China’s “Beautiful China” initiative and the implementation of the new “green” development philosophy, while shedding light on the viability of green bonds as a low-carbon financing tool for developing regions.

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