气候变化领域集成服务门户(CCPortal): What explains the emergence and diffusion of green bonds?

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DOI	10.1016/j.enpol.2020.111641
	What explains the emergence and diffusion of green bonds?
	Monk A.; Perkins R.
发表日期	2020
ISSN	03014215
卷号	145
英文摘要	There is growing recognition that financing low-carbon energy and environmental transitions will require the innovation of new financial products. Yet current understanding of the conditions under which environment-focused financial innovations emerge and diffuse remains limited. This paper seeks to narrow this gap. Novel to the literature, we conceptualise financial innovation by synthesising insights from several conceptual frameworks previously used to understand technological innovation and sustainability transitions. Empirically, the paper focuses on the case of green bonds, which have been deployed to (re)finance a wide range of energy- and environment-related projects. Our analysis is based on a combination of semi-structured interviews, document analysis and observations from conferences. We show that many of the same processes, influences and dynamics identified in technology-inspired frameworks have played an important role in the upwards innovation trajectory of green bonds. These include: the activities of various intermediaries and entrepreneurs; a set of largely self-reinforcing processes such as learning and legitimation; and wider contextual developments creating a more favourable selection environment for sustainability-themed, fixed-income financial products. Our analysis additionally suggests that the scaling-up of green bonds depended on the specific design and implementation of the product itself and the growing involvement of emerging economies on the supply-side. © 2020
关键词	Energy transition Green bond Innovation system Multi-level perspective Niche
英文关键词	Product design; Sustainable development; Conceptual frameworks; Design and implementations; Energy and environment; Innovation trajectories; Selection environments; Semi structured interviews; Sustainability transition; Technological innovation; Finance; conceptual framework; documentary source; environmental policy; innovation; policy implementation; sustainability
语种	英语
来源期刊	Energy Policy
文献类型	期刊论文
条目标识符	http://gcip.llas.ac.cn/handle/2XKMVOVA/204782
作者单位	Department of Geography and Environment, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE, United Kingdom; Grantham Research Institute on Climate Change and the Environment, London School of Economics and Political Science, Houghton Street, London, WC2A 2AE, United Kingdom
推荐引用方式 GB/T 7714	Monk A.,Perkins R.. What explains the emergence and diffusion of green bonds?[J],2020,145.
APA	Monk A.,&Perkins R..(2020).What explains the emergence and diffusion of green bonds?.Energy Policy,145.
MLA	Monk A.,et al."What explains the emergence and diffusion of green bonds?".Energy Policy 145(2020).