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Mitigating Greenwashing Concerns in the Green Bond Market
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Dissertation
Mitigating Greenwashing Concerns in the Green Bond Market
2023
Overview
This dissertation examines whether the issuers of high-quality green bonds differentiate themselves by bonding with two reputable organizations that impose high green bond transparency standards -- the Climate Bonds Initiative (CBI) and the Luxembourg Green Exchange (LGX), and whether the bonding mechanism effectively mitigates investors' greenwashing concerns. I document evidence that is consistent with a separating equilibrium. Specifically, I find that the bonding issuers (i.e., issuers that obtain CBI certifications for their green bonds or list their green bonds on LGX) demonstrate higher post-issuance transparency and a larger reduction in carbon emissions while also receiving a larger green premium than the non-bonding issuers. Further analyses document differences between the CBI and LGX regimes. The CBI regime, which requires certification against a green taxonomy but allows for private communication, is more effective at screening issuers that achieve larger carbon reduction, whereas the LGX regime, which accepts broad categories of green projects but requires public disclosure on a centralized platform, is more effective at screening issuers that provide higher post-issuance transparency. Interestingly, only the LGX-listed green bonds receive a significant green premium. Moreover, green premium is more concentrated in the LGX-listed green bonds with high ex-ante transparency commitment. Furthermore, in the secondary market, green bonds from issuers that end up providing high post-issuance transparency tend to have higher liquidity. The CBI-certified or LGX-listed green bonds with high post-issuance transparency tend to have even larger liquidity benefits. Taken together, consistent with prior survey evidence in Chiang (2017) and Sangiorgi and Schopohl (2021), the findings in this dissertation corroborate that high post-issuance transparency may effectively mitigate investors’ greenwashing concerns, facilitate low-cost environmental financing, and bolster market liquidity.
Publisher
ProQuest Dissertations & Theses
Subject
ISBN
9798379768546
