GOVERNING GREEN: AN ANALYSIS OF INDIA'S REGULATORY ARCHITECTURE FOR SUSTAINABLE FINANCE
Prantik Ray, Disha Sharma
🤖 gxceed AI 要約
日本語
本論文は、インドにおけるグリーンファイナンスの規制枠組みを分析し、SEBIとRBIが主導するグリーン債、グリーン預金、ソブリングリーンボンドなどの制度を詳細に検討する。さらに、BRSRフレームワークなど開示制度の強化を通じてグリーンウォッシュ対策を論じる。分析の結果、規制環境は進歩的だが、グリーン定義の一貫性や二次市場流動性などの課題が残ることが示された。
English
This paper analyzes India's regulatory framework for green finance, examining SEBI's Green Debt Securities, RBI's Green Deposits, and Sovereign Green Bonds. It discusses combating greenwashing through enhanced disclosures like BRSR. Findings show progress but note challenges in definition consistency, secondary market liquidity, and capacity building.
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SSBJや有価証券報告書におけるサステナビリティ開示が進む中、インドのBRSR枠組みやグリーンボンド規制の動向は比較対象として参考になる。特に、2023年の改正で第三者検証が義務化された点は、日本の開示制度の強化にも示唆を与える。
In the global GX context
This paper contributes to global green finance scholarship by detailing India's unique regulatory architecture—a key emerging economy. It offers comparative insights for jurisdictions developing mandatory disclosure and green bond standards, especially the integration of blue and yellow bonds.
👥 読者別の含意
🔬研究者:Compare India's multi-regulator approach to green finance with other jurisdictions' frameworks.
🏢実務担当者:Understand evolving compliance requirements if operating or investing in Indian green instruments.
🏛政策担当者:Draw lessons on sequencing regulatory tools—green bonds, deposits, sovereign bonds—and tackling greenwashing.
📄 Abstract（原文）
Green finance is a critical catalyst for a sustainable transition with the dual mandate of developing economically and reducing climate change. India, which has very ambitious Nationally Determined Contributions (NDCs) under the Paris Agreement and aims to reach Net Zero emissions by 2070, has made a strong emphasis on developing a strong green finance ecosystem. This paper describes the dynamic regulatory framework governing green finance in India. It applies a doctrinal and analytical approach to deconstruct the major legal and regulatory tools that are used to define this landscape. The article follows the path of development of the early principles to the complex, multi-dimensional systems that have been developed by the two key financial regulators in the country,namely the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).The paper will concentrate on three critical spaces: the entire framework of Green Debt Securities (GDS) by the SEBI, with its highly important amendments in 2023, which made it mandatory to have third party verification and extended the taxonomy to include blue and yellow bonds; the landmark framework of Green Deposits by the RBI, which will move retail savings into green projects; and the strategic deployment of Sovereign Green Bonds by the Government of India to create a benchmark yield curve. The paper also examines how greenwashing can be combated by employing better disclosure systems, such as the Business Responsibility and Sustainability Reporting (BRSR) framework, to build trust among investors.The results show that although India has achieved a lot in building a progressive and strong regulatory environment, there is still a long way to go. They are the provision of consistency in defining what is meant by green projects, secondary market liquidity of green instruments, institutional capacity in verifying and reporting impact, and financing the transition of hard-to- abate sectors. The paper concludes by giving certain policy recommendations to address these barriers, saying the future of the Indian green finance market is in better enforcement of the regulations, innovative financial product development, and fair and equitable transition.
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.5281/zenodo.20443033first seen 2026-07-09 04:34:56
🔔 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。