Foreign direct investment, technology transfer and the global issuance of green bonds

IF 13.6 2区经济学 Q1 ECONOMICS

Energy Economics Pub Date : 2025-02-04 DOI:10.1016/j.eneco.2025.108246

Lukas Christnacht , Charilaos Mertzanis

{"title":"Foreign direct investment, technology transfer and the global issuance of green bonds","authors":"Lukas Christnacht , Charilaos Mertzanis","doi":"10.1016/j.eneco.2025.108246","DOIUrl":null,"url":null,"abstract":"<div><div>This study examines the effect of foreign direct investment and technology transfer on the issuance of green bonds, utilizing new International Monetary Fund data for sixty-seven countries from 2000 to 2022. Our findings show that countries promoting foreign direct investment-based technology transfers experience increased growth in green bond issuance, highlighting the connection between industrial, environmental, and sustainable finance considerations. Financial, environmental and institutional factors—such as biodiversity and landscape protection expenditure, geopolitical risks, net electricity imports, sovereign debt ratings, and inflation—are also linked to higher green bond issuance. However, the influence of foreign direct investment and technology transfer may be nonlinear and immediate. Countries focusing on foreign direct investment-based technology transfer may experience difficulties in advancing green finance due to concerns about economic and political dependence. Additionally, factors such as the availability of scientists and engineers, innovation capacity, and monetary policy tightness significantly mediate the effect of foreign direct investment-based technology transfer on green finance. These insights offer valuable guidance for both public and private sector initiatives involved in green financing.</div></div>","PeriodicalId":11665,"journal":{"name":"Energy Economics","volume":"143 ","pages":"Article 108246"},"PeriodicalIF":13.6000,"publicationDate":"2025-02-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Energy Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0140988325000696","RegionNum":2,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"ECONOMICS","Score":null,"Total":0}

引用次数: 0

Abstract

This study examines the effect of foreign direct investment and technology transfer on the issuance of green bonds, utilizing new International Monetary Fund data for sixty-seven countries from 2000 to 2022. Our findings show that countries promoting foreign direct investment-based technology transfers experience increased growth in green bond issuance, highlighting the connection between industrial, environmental, and sustainable finance considerations. Financial, environmental and institutional factors—such as biodiversity and landscape protection expenditure, geopolitical risks, net electricity imports, sovereign debt ratings, and inflation—are also linked to higher green bond issuance. However, the influence of foreign direct investment and technology transfer may be nonlinear and immediate. Countries focusing on foreign direct investment-based technology transfer may experience difficulties in advancing green finance due to concerns about economic and political dependence. Additionally, factors such as the availability of scientists and engineers, innovation capacity, and monetary policy tightness significantly mediate the effect of foreign direct investment-based technology transfer on green finance. These insights offer valuable guidance for both public and private sector initiatives involved in green financing.

查看原文本刊更多论文

求助全文

约1分钟内获得全文求助全文

来源期刊

Energy Economics ECONOMICS-

CiteScore

18.60

自引率

12.50%

发文量

524

期刊介绍： Energy Economics is a field journal that focuses on energy economics and energy finance. It covers various themes including the exploitation, conversion, and use of energy, markets for energy commodities and derivatives, regulation and taxation, forecasting, environment and climate, international trade, development, and monetary policy. The journal welcomes contributions that utilize diverse methods such as experiments, surveys, econometrics, decomposition, simulation models, equilibrium models, optimization models, and analytical models. It publishes a combination of papers employing different methods to explore a wide range of topics. The journal's replication policy encourages the submission of replication studies, wherein researchers reproduce and extend the key results of original studies while explaining any differences. Energy Economics is indexed and abstracted in several databases including Environmental Abstracts, Fuel and Energy Abstracts, Social Sciences Citation Index, GEOBASE, Social & Behavioral Sciences, Journal of Economic Literature, INSPEC, and more.