GX & Decarbonization Research

Qing Wang, Shuyang Wen, Manlu Yang

Using Chinese A-share firms (2008-2022), we show that faster green transition predicts higher financial fragility, measured by lower Z-scores and distance-to-default. The effect operates through leverage buildup and higher volatility. Discl…

B Sai Deepthi B Sai Deepthi

This paper analyzes the impact of ESG performance on the cost of capital for Adani Green Energy Limited under India's Net-Zero 2070 policy framework using DCF valuation. It finds that improved ESG ratings reduce the cost of capital, thereby…

Nicola Del Sarto

This paper shows that sovereign credit ratings do not uniformly price carbon transition risk. Using 145 countries from 2002-2024, it finds that rating agencies penalize CO2 emissions only in countries with strong institutional quality; in w…

World Bank

This working paper from the World Bank Group outlines the development of Armenia's green taxonomy, adopted as a first step toward green investment and finance. It presents objectives, principles, and consultation process, and recommends ena…

Farrux Turdiniyoz ugli Zokirov

This paper examines the role of financial capital in accelerating green technology R&D and deployment. Using IEA and BNEF data, it shows how public and private investments bridge the commercialization gap for clean energy, modernize grids, …

Jose Tiago Sousa

This paper critically examines Green Bonds and Sustainability-Linked Bonds within Ecological Modernization Theory, identifying tensions such as greenwashing, economic-environmental decoupling, and equity issues. It argues that effectiveness…

Kamar Mansouri

This paper examines how monetary policy affects green vs brown finance. It finds that a 100bp rate hike reduces green investment three times more. Market-neutral balance sheet expansions create a structural 'brown bias' by lowering costs fo…

Sanjar Mirzaliev

This paper empirically shows that China's Green Finance Reform and Innovation Pilot Zones (GFRIPZ) stimulate corporate green investments, including clean energy, using a difference-in-differences approach. Mechanisms include restricting fin…

Dirk Roethig

With the global green bond market exceeding €600 billion in 2024, this analysis by Dirk Roethig (VERDANTIS Impact) examines how sustainability-linked bonds, social bonds, and blended finance are accelerating capital markets' transformation …

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This paper presents a taxonomy that forms the basis for policy recommendations to increase the bankability of not-yet-bankable firms and projects. The taxonomy is designed to help phase out carbon investments and facilitate funding for deca…

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This paper discusses the paramount importance of transition finance in enabling a broad and resilient decarbonization pathway towards net zero emissions across all economic sectors, focusing on financing mechanisms for the green transition.

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This study constructs a unique dataset of EU Climate Benchmarks, covering $264 billion as of December 2025. It analyzes the performance of Paris-Aligned Benchmarks and examines whether decarbonization delivers returns or trade-offs for inve…

O. Lobonţ, Claudiu Brândaș, Anastasia Doraș Lisnic +2

This study constructs a composite index to compare EU member states' green finance performance, integrating eight indicators (green investment share of GDP, renewable energy share, environmental taxes, GHG intensity, etc.) using the entropy…

Xi Chen, Chunai Ma, Wanting Wu +1

This study develops a signaling game model to analyze how green M&A affects market value directly and through green credit allocation. Using Chinese A-share listed company data from 2013-2023, it finds that green M&A is associated with high…

Flammer C.

This study examines the impact of green bonds on carbon emission reductions, analyzing issuer-level data and highlighting the importance of use-of-proceeds tracking.

Judith Clifton, Daniel Díaz‐Fuentes, Marcos Fernández-Gutiérrez +1

Analyzes regional distribution of EIB climate finance under the European Green Deal, finding that larger cities tend to receive more climate finance per capita, posing challenges to the just transition goal of leaving no one behind.

Xiangyu Wang, Shudi Zuo, Xuejing Wu +3

This paper analyzes the spatial impact of digital inclusive finance on green transition in China, revealing uneven effects across regions.

Guomin Li, Shangwen Shi

Using China's Dual Carbon target as a policy shock, this study finds that the low-carbon transition significantly increases accounting conservatism among high-carbon-emission firms via financing constraints and media attention. Heterogeneit…

Kumari M.

This paper uses quantile regression to analyze the impact of economic policy uncertainty (EPU) from emerging and developed economies on green bond markets. It finds that rising EPU negatively affects green bond markets, with heterogeneity a…

Ahmed N.

This paper analyzes the Reserve Bank of India's (RBI) green finance initiatives, including green bond frameworks and environmental risk assessments. It highlights the role of central banks in emerging economies for climate action and discus…