A Multidisciplinary Literature Review of Academic Research on the Green Bond Market

Journal of Environmental Investing, 2020

30 Pages Posted: 10 Nov 2020

See all articles by Lionel Mok

Lionel Mok

Hong Kong University of Science & Technology (HKUST)

Aneil Tripathy

Brandeis University

Grégoire Lunven

Chinese University of Hong Kong

Date Written: September 12, 2020

Abstract

Climate finance is the mobilization of public and private capital toward climate mitigation and adaptation. Green bonds are one of a growing number of financial products used to facilitate climate finance investments. The green bond market has grown rapidly since the European Investment Bank’s inaugural issue in 2007. In November 2018, the total outstanding volume of green bond issues crossed the $500 billion threshold, with an additional $148 billion in green bonds issued since the beginning of 2019. As the bridge between scientists, policymakers, and the private sector, the field encompassing green bonds and other financial instruments could be critical to meeting the targets of the Paris Agreement under the United Nation’s Framework Convention on Climate Change (UNFCCC). And as that happens, it will become increasingly clear that this field will require a vast array of expertise and perspectives. This paper adopts an interdisciplinary approach to map the burgeoning field of literature on green bonds and climate finance more broadly. We situate the green bond market within the development of climate finance by outlining the role that scientific research plays in developing green bond guidelines and standards. We examine this trend from an anthropological and economic-history approach, before delving into the policy research that is emerging in the climate finance and green bond field. This provides the context for an analysis of the rapidly growing body of legal research on the green bond market, including a reflection on the legal ramifications of a pricing difference between vanilla and green bonds. Finally, we propose areas for further research in each of our respective disciplines of anthropology, policy, and law.

Keywords: green bonds, climate finance, law, policy, anthropology

JEL Classification: G3, O16, Q01, Q2, Q3, Q4, Q54, Q56

Suggested Citation

Mok, Lionel and Tripathy, Aneil and Lunven, Grégoire, A Multidisciplinary Literature Review of Academic Research on the Green Bond Market (September 12, 2020). Journal of Environmental Investing, 2020, Available at SSRN: https://ssrn.com/abstract=3691631

Lionel Mok

Hong Kong University of Science & Technology (HKUST) ( email )

Kowloon
Hong Kong

Aneil Tripathy (Contact Author)

Brandeis University ( email )

MA
United States

Grégoire Lunven

Chinese University of Hong Kong ( email )

Hong Kong
85246443757 (Phone)

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