녹색채권 시장 성장의 결정요인 분석: 기후변화 요인을 중심으로
Determinants of Green Bond Issuance - Focusing on Climate Change Factors -
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초록
기후변화 등 환경 위험에 대응한 투자 자금 조달을 위해 그린(green) 라벨이 붙은 녹색채권이 이용되고 있다. 녹색채권은 2007년 최초 발행된 이후 최근 그 규모가 빠르게 증가하고 있다. 녹색채권 시장에 대한 학문적 연구가 희소한 상황 에서 본 연구는 국별 녹색채권 시장 성장의 결정요인을 분석한다. 이를 위해 데이터스트림(Datastream)이 제공하는 2014-2020년 개별 녹색채권 발행 자료 를 국가별로 집계하여 165개국의 패널 자료 분석을 진행하였다. 특히 본 논문은 기후변화 노출도와 준비도 등 기후변화 요인이 녹색채권시장 성장에 미치는 영 향에 주목하였다. 실증분석 결과 기후변화 위험 노출도와 녹색채권 발행 규모 사이에 유의한 양의 관계가 있음을 확인하였다. 본 분석결과는 환경 위험에 비례 하여 녹색자금이 조달되고 있다는 점에서 녹색채권이 단순히 그린워싱 수단이 아니라 기후변화 대응에 실제로 기여할 수 있음을 시사한다.
Abstract
Since the first issuance of green bonds in 2007, the green bond market has grown rapidly. However, there are few studies on green bonds. Through empirical analysis, this paper attempts to understand the significant factors of green bond market growth. In the empirical analysis, individual green bond issuance data were obtained from Datastream, and 165-country panel data, including green bonds and non-issued countries, were constructed. In particular, this paper focused on the impact of climate change factors such as exposure or readiness to climate change on the growth of the green bond market. The analysis showed a significant positive relationship between the exposure to climate change risk and the issuance size of green bonds. This analysis reveals that green bond issuance is closely related to climate change risks. In other words, it suggests that green bonds can contribute to the response to climate change, not just a greenwashing tool or a temporary outcome.
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