Green Bonds and Sustainable Finance: A Multidimensional Analysis of Macroeconomic and Environmental Determinants Across Nine Countries

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Abstract

The primary objective of this study is to examine the factors influencing green bond issuance in countries that have been regularly issuing green bonds since 2013. This study distinguishes itself by concentrating on the influence of macroeconomic variables pertinent to environmental development on green bond issuance. In our study, we investigated the impact of the green bond issuance on fossil fuel dependency, carbon footprint, renewable energy consumption, energy prices, research and development expenditures, economic growth and regulatory quality. We used the panel data method in our study to examine the factors affecting green bond issuance in nine countries (Brazil, Canada, France, Germany, Italy, Japan, Netherlands, Republic of Korea, and Spain) between 2013 and 2023. Our results show that economic growth, energy prices, research and development expenditures, regulatory quality, and renewable energy consumption positively affect green bond issuance. Conversely, carbon footprint and fossil fuel dependency negatively impact green bond issuance. A unique aspect of this paper is its focus on both macroeconomic variables and environmental issues in analyzing green bond issuance in the selected countries.

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