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impact assessment, providing a holistic view of how green bonds contribute to climate
change mitigation. This research highlighted the importance of integrating
environmental science into financial studies to assess the real-world impacts of green
finance instruments.
Rasoulinezhad and Taghizadeh-Hesary (2022); D. Zhang et al. (2022) offered another
significant interdisciplinary contribution, exploring the role of green finance in
promoting sustainable economic growth in Asia. Their study merged economic theories
with environmental policy considerations, examining how green finance can be
leveraged to support economic development while ensuring environmental
sustainability. This research underscored the need for policy frameworks that facilitate
the growth of green finance, ensuring that financial markets contribute effectively to
sustainable development.
The interdisciplinary nature of recent research has also extended to legal studies.
Richardson (2002) examined the legal and policy frameworks supporting green finance,
emphasizing the role of regulatory environments in shaping the development and
effectiveness of green finance instruments. This research highlighted the need for laws
and policies that facilitate the growth of green finance while ensuring that it contributes
meaningfully to environmental goals.
2.4. Assessing effectiveness and policy implications
A critical area of academic research in green finance has been the assessment of the
effectiveness of green finance instruments in achieving environmental outcomes and the
exploration of their policy implications. This research has involved empirical analyses
and policy studies, aiming to determine whether green finance is delivering on its
promise of promoting environmental sustainability.
Zerbib (2019) conducted an influential study analyzing the green bond premium in the
bond market. His research sought to understand whether green bonds were attracting
investors willing to accept lower returns due to the environmental benefits of the projects
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