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日本のソブリン気候金融が移行債形式をとった理由：エコ発展国家における官僚的媒介

Why Japan’s sovereign climate finance took a transition-bond form: bureaucratic mediation in an eco-developmental state (原題)

Yukino Kobayashi, Jiun-Da Lin

Climate Policy📚 査読済 / ジャーナル2026-08-24#トランジション・ファイナンスOrigin: JP経営インパクト: 資金調達対象セクター: cross_sector
DOI: 10.1080/14693062.2026.2721208
原典: https://doi.org/10.1080/14693062.2026.2721208

🤖 gxceed AI 要約

日本語

本論文は、日本がGX国債を移行債として設計した理由を、エコ発展国家における官僚的媒介の観点から解明する。通商産業省と移行産業の連携が適格事業や移行経路を形成し、環境アクターの影響は限定的だった。移行債の信頼性には透明な排出削減経路とガバナンスが不可欠と論じる。

English

This article explains why Japan's GX sovereign bonds took a transition-labelled form, using a political economy lens. It shows how METI and transition-exposed industries shaped eligibility rules, while environmental actors had limited influence. It argues that credible transition bonds require transparent, time-bound decarbonization pathways and inclusive governance.

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

日本のGX国債は世界初のソブリン移行債であり、SSBJ開示や移行金融の実務に直結する。本論文は、適格性基準やロードマップの決定プロセスにおける政治力学を明らかにし、今後のGX政策や企業の移行計画策定に示唆を与える。

In the global GX context

Japan's sovereign transition bond is a global first, offering a model for financing emissions-intensive sectors. This paper provides critical insights for global transition finance frameworks, highlighting the importance of transparent eligibility criteria, interim targets, and governance safeguards to prevent greenwashing and carbon lock-in.

👥 読者別の含意

🔬研究者:Provides a novel political economy framework for understanding sovereign transition bond design and its distributive implications.

🏢実務担当者:Highlights the need for transparent transition pathways and robust reporting to ensure credibility of transition-labelled instruments.

🏛政策担当者:Offers lessons on governance and safeguards for transition bonds, emphasizing the inclusion of environmental actors and independent review.

📄 Abstract（原文）

This article explains why Japan organized its Green Transformation (GX) sovereign borrowing programme around a transition-labelled use-of-proceeds instrument despite its prior green-finance infrastructure and the international prevalence of sovereign green bonds. It develops a political economy account of instrument choice within an eco-developmental state. The article introduces accommodative instrument design as a process through which bureaucratic actors translate incumbent sectors’ conditional support for decarbonization into an instrument that combines a formal climate objective with gradual adjustment. The analysis draws on documentary evidence and process tracing of policy developments from 2017 through February 2024, including 21 semi-structured interview sessions with 18 participants. It finds that an alignment between the Ministry of Economy, Trade and Industry and transition-exposed industries helped shape eligible sectors and transition pathways. Environmental actors exerted less influence in the venues where the GX programme and its eligible uses were designed. The article contributes to distributive climate politics and policy-instrument scholarship by showing how mandate-differentiated agencies convert sectoral bargains into the rules of sovereign finance. Japan's sovereign transition bond illustrates how governments can mobilize climate finance for emissions-intensive sectors, but the credibility of this approach depends on whether eligible activities follow transparent, time-bound decarbonization pathways. Transition-bond design is distributive: the ministries and sectoral interests that control eligibility, roadmaps, financing, and accountability rules can shape which technologies and industries receive public support. Governance should therefore include environmental agencies, independent experts, and civil-society actors. For Japan and other jurisdictions financing incumbent sectors through transition-labelled instruments, safeguards should include transparent interim emissions targets, project-level allocation and impact reporting, independent review, and explicit tests against carbon lock-in.

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