Institutionalizing Credibility: A Digital Transparency Blueprint for Sovereign Climate Finance in Emerging Markets
信頼性の制度化：新興市場におけるソブリン気候金融のためのデジタル透明性設計図 (AI 翻訳)
Luis Manuel Duran Cornelio
🤖 gxceed AI 要約
日本語
本論文は、ドミニカ共和国の初のソブリングリーンボンド（2024年6月、7.5億米ドル）を事例に、新興国における気候資金調達の成功要因と課題を分析。発行は15ベーシスポイントの「グリーニアム」を達成したが、NDC目標には176億米ドル以上の資金ギャップが存在。グリーンウォッシングリスクに対抗するため、「グリーンボンド影響トラッカー」というデジタルMRVプラットフォームを提案し、透明性の制度化を提唱している。
English
This paper analyzes the Dominican Republic's inaugural sovereign green bond (USD 750 million, June 2024) as a case study for climate finance in emerging markets. The bond achieved a 15-basis-point greenium but faces a USD 17.6 billion climate finance gap and greenwashing risks. It proposes a 'Green Bond Impact Tracker' digital MRV platform to institutionalize transparency and scale up climate financing.
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、グリーンボンド発行が増加しているが、ソブリン発行体としての事例は限られる。本論文の透明性フレームワークは、日本の地方自治体や政府系機関がグリーンボンドを発行する際の参考になる。また、SSBJや有報での気候関連開示が進む中、MRVのデジタル化は日本企業の開示実務にも示唆を与える。
In the global GX context
This paper contributes to the global discourse on sovereign green bonds and climate finance transparency. Its proposed digital MRV platform aligns with ISSB and TCFD recommendations for credible disclosure. For emerging markets, it offers a scalable model to attract international capital and meet Paris Agreement reporting requirements.
👥 読者別の含意
🔬研究者:Provides a detailed case study of a sovereign green bond greenium and a novel digital MRV framework for climate finance.
🏢実務担当者:Offers a blueprint for designing transparent green bond impact tracking systems that can enhance investor confidence and reduce greenwashing risk.
🏛政策担当者:Highlights the importance of institutionalizing transparency to scale up climate finance and meet NDC targets, with a concrete digital platform proposal.
📄 Abstract（原文）
The effective mobilization of large-scale capital for climate action represents a critical and defining challenge for emerging market economies (EMEs). This paper presents a comprehensive case study analysis of the Dominican Republic's inaugural sovereign green bond, a USD 750 million issuance in June 2024, examining its structure and performance as a potential model for sustainable finance (Global Green Growth Institute, 2025; World Bank, 2025). The analysis finds that the issuance was highly successful, achieving a notable 15-basis-point pricing advantage, or "greenium," attributable to a robust pre-issuance governance framework and strong international investor confidence (World Bank, 2025). However, this initial success is offset by two challenges: a national climate finance gap exceeding USD 17.6 billion required to meet its Nationally Determined Contribution (NDC) targets, and the pervasive global risk of "greenwashing," which threatens to erode investor trust and erase pricing advantages (Dominican Republic, 2020; Hong Kong Monetary Authority, 2022). This paper argues that to transition from a successful single transaction to a scalable national strategy, EMEs must institutionalize credibility through radical, technology-enabled transparency. It proposes the development of a "Green Bond Impact Tracker," a national digital platform for transparent monitoring, reporting, and verification (MRV) of bond proceeds and their environmental impacts. This proposed solution is presented as a strategic instrument designed to institutionalize transparency, proactively mitigate greenwashing risk, and thereby secure and expand the nation's access to preferential climate financing while simultaneously fulfilling international climate reporting obligations under the Paris Agreement's Enhanced Transparency Framework (UNFCCC, n.d.-b).
🔗 Provenance — このレコードを発見したソース
- openaire https://doi.org/10.20944/preprints202507.1035.v1first seen 2026-05-05 19:07:25
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。