ABSTRACT

Many economies, especially in Asia, implement different policies to incentivize the issuance of corporate green bonds. However, there is a lack of empirical evidence on the effectiveness of green bond policies. This study examines the impact of a broad range of green bond policies on the issuance of corporate green bonds in 56 green-bond-issuing economies, including 11 economies in Asia, from January 2010 to June 2020. Using the difference-in-difference specification within the multilevel probit model, the study shows that the following policies increase the probability of issuance of green bonds by corporates: (i) policies that reduce the cost of green bond issuance, such as green bond grants and tax incentives (such policies are particularly popular in Asia); (ii) coordination policies such as the establishment of green bond or green finance institutions, committees, groups, as well as other policy signals such as national commitments and targets; and (iii) global international cooperation and international standardization.

Key policy insights

• Policies that reduce the cost of green bond issuance, such as green bond grants and tax incentives, incentivize the issuance of corporate green bonds.

• Coordination policies, such as the establishment of green bond or green finance institutions, committees, groups, as well as other policy signals, such as national commitments and targets, incentivize the issuance of corporate green bonds.

• Global international cooperation and standardization incentivize corporate green bond issuance.

中文翻译：

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促进亚洲绿色债券的政策支持：经验证据

摘要

许多经济体，尤其是亚洲经济体，实施了不同的政策来激励企业绿色债券的发行。然而，缺乏关于绿色债券政策有效性的实证证据。本研究考察了 2010 年 1 月至 2020 年 6 月期间，广泛的绿色债券政策对 56 个绿色债券发行经济体（包括 11 个亚洲经济体）发行企业绿色债券的影响。使用差分规范在多级概率模型中，研究表明以下政策增加了企业发行绿色债券的可能性：（i）降低绿色债券发行成本的政策，例如绿色债券赠款和税收优惠（此类政策特别在亚洲流行）；(ii) 协调政策，如设立绿色债券或绿色金融机构、委员会、小组，以及其他政策信号，如国家承诺和目标；(iii) 全球国际合作和国际标准化。

关键政策见解

• 降低绿色债券发行成本的政策，例如绿色债券赠款和税收优惠，激励了企业绿色债券的发行。

• 协调政策，例如建立绿色债券或绿色金融机构、委员会、小组，以及其他政策信号，例如国家承诺和目标，激励企业绿色债券的发行。

• 全球国际合作和标准化激励企业发行绿色债券。