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Private green finance is imperative for climate change mitigation and adaptation, but the share of private green finance remains small, and the studies that have tackled the efficacy of policy instruments in promoting green finance are limited. Many economies, especially in Asia, have implemented different policies to incentivize the private sector to issue green bonds. However, there is a lack of empirical evidence on the effectiveness of such policies. To date, this is the first study to provide empirical evidence on the effectiveness of a broad range of green bond policies on the issuance of green bonds. Given the nascent nature of green bonds, this paper documents the effects of several policy instruments supporting green bonds on the private sector's issuance of green bonds in 58 green-bond-issuing economies, including 11 economies in Asia, over the period January 2010−June 2020. Using the difference-in-difference specification within the multilevel longitudinal model, the paper finds that some green bond policies, such as green bond grants and tax incentives, as well as cooperation and policy signals, are effective in promoting the issuance of green bonds in the private sector in Asia. Regional cooperation and standardization have incentivized private green bond issuance in the European Union but not in the Association of Southeast Asian Nations region. Global cooperation and international standardization have had a positive impact on the issuance of private green bonds.

Green bonds, as one of the main tools of green finance, have become an important choice of enterprises in green industries. Therefore, it has become an important theoretical and practical hot topic whether to select and what factors affect a choice to issue labeled green bonds for enterprises that meet the standards of green bonds. This paper employs the Logit model to demonstrate the impact of policy difference on the choice of green bond financing instruments. The results indicate that the type of bonds and the purpose of raising funds are the important factors affecting enterprises to issue labeled green bonds under policy difference caused by 'multi-sector supervision' on China's bond markets. The government must make full use of these key factors to formulate relevant policies to promote the development of green bond financing market.

The Asian Development Bank (ADB) flagship study on infrastructure financing estimates that developing Asia will need to invest $26 trillion from 2016 to 2030 to maintain growth, eradicate poverty, and respond to climate change. This is $1.7 trillion per year. The region will need to spend around $200 billion per year specifically for climate change mitigation, and $41 billion more for climate-proofing infrastructure that are at risk. With these estimates, the financing challenge is daunting.

Since 2010, Asia and the Pacific region has seen unrivaled economic growth. The growth of real gross domestic product per capita was more than double the world average in 2017, with many countries in the region simultaneously experiencing narrowing income inequality gap. This remarkable progress may have paved the way to reduced poverty and inequality, but it has come at significant environmental costs, undermining prospects for a sustainable future and sustained social development within and beyond the region. Climate change, ocean pollution, and disasters from natural hazards have also placed a heavy burden, especially on the poor and vulnerable. Further, these challenges are magnified by the coronavirus disease (COVID-19) pandemic that has become a global emergency in 2020, requiring forceful action at the national, regional, and international levels. Although it remains uncertain when the COVID-19 pandemic will end, economic and social impacts on the region will be significant.

Abstract
This paper examines the relationship between green bonds (that is, bonds whose proceeds are committed to financing green projects) and carbon emissions at the aggregate level. Using data for US states, I find that the issuance of $1,000 of green bonds per capita is associated with a subsequent decrease in state-level emissions by 0.9–1.4 per cent. I obtain similar magnitudes using cross-country data. These results are stronger for green bonds that are certified by independent third parties, suggesting that certification is an important governance mechanism in the green bond market.

New Deal: Einzelne Autoren und Institute, einige Regierungen und die Vereinten Nationen haben die Wiederbelebung und das Ergrünen eines alten Begriffs propagiert - Green New Deal. Um was es dabei geht oder gehen sollte, war aber höchst heterogen. Mit der Vorlage des Konzepts eines "European Green Deal" seitens der EU-Kommission im Dezember 2019 ist eine neue Dynamik entstanden, die nun der praktischen Umsetzung harrt.