Does Green Bond Issuance Affect Economic Development?

Mishra, Swayam Prava; Pagal, Ms Sasmita

doi:10.70381/23951737.v12.n1.2026.11

Abstract

Green finance is one of the emerging financial investment patterns that prioritizes both the environment and society. The study aims to investigate the relationship between green finance and economic development in BRICS nations, using green bond issuance as a proxy for green finance. Data have been collected from secondary sources, such as the World Bank and the IMF, from 2014 to 2022. The Variables used are GDP per capita, Public-private partnership investment in green projects, FDI, and Green bond issuances. Descriptive statistics, correlation, and econometric analysis are done. From the analysis, green bond issuances and FDI are found to be statistically significant and positively related to the log of GDP per capita. But the log of PPPI is not statistically significant, and the probability of the log of GDP per capita is negatively related to the log of public-private partnership investment in green projects. As a policy recommendation, the Government can provide financial incentives such as tax credits, grants, or subsidies to stimulate investments in green projects and technologies.

Keywords: Green Finance, Green Bond Issuances, Economic Development, Public-Private Partnership, BRICS Nations

@article{mishranddoes, title = {Does Green Bond Issuance Affect Economic Development?}, author = {Mishra, Swayam Prava and Pagal, Ms Sasmita}, journal = {International Journal of Academic Research \& Development}, volume = {12}, number = {1}, issn = {2395-1737}, doi = {10.70381/23951737.v12.n1.2026.11}, url = {https://doi.org/10.70381/23951737.v12.n1.2026.11}, publisher= {Bharti Publications}, }

TY - JOUR AU - Mishra, Swayam Prava AU - Pagal, Ms Sasmita TI - Does Green Bond Issuance Affect Economic Development? T2 - International Journal of Academic Research & Development VL - 12 IS - 1 DO - 10.70381/23951737.v12.n1.2026.11 UR - https://doi.org/10.70381/23951737.v12.n1.2026.11 SN - 2395-1737 PB - Bharti Publications AB - Green finance is one of the emerging financial investment patterns that prioritizes both the environment and society. The study aims to investigate the relationship between green finance and economic development in BRICS nations, using green bond issuance as a proxy for green finance. Data have been collected from secondary sources, such as the World Bank and the IMF, from 2014 to 2022. The Variables used are GDP per capita, Public-private partnership investment in green projects, FDI, and Green bond issuances. Descriptive statistics, correlation, and econometric analysis are done. From the analysis, green bond issuances and FDI are found to be statistically significant and positively related to the log of GDP per capita. But the log of PPPI is not statistically significant, and the probability of the log of GDP per capita is negatively related to the log of public-private partnership investment in green projects. As a policy recommendation, the Government can provide financial incentives such as tax credits, grants, or subsidies to stimulate investments in green projects and technologies. ER -

International Journal of Academic Research & Development

Does Green Bond Issuance Affect Economic Development?

Abstract

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