Green Finance in the European Union and Romania: A Normative-Institutional Analysis of the EU Taxonomy and its Implications for Emerging Economies
欧州連合とルーマニアにおけるグリーンファイナンス：EUタクソノミーの規範的制度分析と新興経済への示唆 (AI 翻訳)
Cristina Onet
🤖 gxceed AI 要約
日本語
本論文は、グリーンファイナンスの概念的発展と制度化を分析し、規範的制度類型論を提案する。EUタクソノミー（規則2020/852）を情報、配分、変革機能を持つ規範的手段として検討し、ルーマニアの事例から、グリーンファイナンスが公的資金とEUの制度に依存し、民間部門の関与は限定的であることを示す。
English
This paper analyzes the conceptual evolution and institutionalization of green finance, proposing a normative-institutional typology. It examines the EU Taxonomy (Regulation 2020/852) as a normative instrument with informational, allocative, and transformative functions, and uses the case of Romania to highlight that green finance development is uneven and relies heavily on public funds and EU instruments, with limited private sector involvement.
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
日本でもグリーンファイナンスの枠組み（グリーンボンドガイドライン等）が整備されつつあり、EUタクソノミーの機能分析は、日本の制度設計や国際的な調和を検討する上で示唆に富む。特に、情報・配分・変革の三機能の枠組みは、日本のグリーン移行戦略の評価に応用可能。
In the global GX context
This paper contributes to the global understanding of green finance regulation by dissecting the EU Taxonomy's normative functions. Its typology offers a framework applicable to other jurisdictions, including emerging economies, and informs the ongoing debate on taxonomy design for sustainable finance.
👥 読者別の含意
🔬研究者:Provides a theoretical framework for analyzing green finance institutionalization, applicable across different regulatory contexts.
🏢実務担当者:Useful for compliance and strategy teams in EU-regulated entities, but less directly applicable to non-EU firms.
🏛政策担当者:Relevant for regulators designing or refining sustainable finance taxonomies, especially in emerging economies.
📄 Abstract（原文）
Green finance has become an essential component of modern financial systems, situated at the intersection of public policy, financial regulation, and sustainable investment practices. This paper analyzes the conceptual evolution and institutionalization of green finance, with a focus on the European Union framework and its implementation in Romania. The study provides an original theoretical contribution by proposing a normative-institutional typology of green financing. The paper establishes the functional dimension, the instrumental dimension, and the institutional-systemic dimension, which can be applied to the analysis of any emerging economy. The results highlight the transition of green finance from a restrictive, environmentally-focused approach to a systemic paradigm that integrates ESG criteria and supports the structural transformation of the economy. Special attention is given to the EU Taxonomy (Regulation (EU) 2020/852), analyzed as a normative instrument with informational, allocative, and transformative functions. Although it contributes to increased transparency and the reduction of greenwashing risks, its effectiveness in redirecting capital flows remains uncertain, in the context of compliance costs and the risk of over-regulation. The case of Romania shows a gradual but uneven development of green finance, supported mainly by public funds and European instruments, while private sector involvement remains limited.
🔗 Provenance — このレコードを発見したソース
- semanticscholar https://doi.org/10.2478/sbe-2026-0001first seen 2026-05-15 21:06:55
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