Analyzing the green financing and energy efficiency relationship in ASEAN

IF 5.7 Q1 BUSINESS, FINANCE
Phung Thanh Quang, Do Phuong Thao
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引用次数: 16

Abstract

PurposeThe need to improve energy efficiency as an essential factor for achieving the Sustainable Development Goals (SDGs) through green financing is one of the most important issues worldwide. It is even more important for ASEAN (Association of Southeast Asian Nations) countries because of their potential for economic growth and the challenge of their environmental problems. This paper therefore addresses the question of whether and how green finance (with the proxy of issued green bonds [GBs]) promotes energy efficiency (with the proxy of energy intensity) in the ASEAN member countries.Design/methodology/approachThe paper runs a two-stage generalized method of moments (GMM) system model for the quarterly data over the period 2017–2020. It also uses a linear interaction model to explore how the pandemic may affect the relationship between green finance and energy efficiency in this region.FindingsThe main results only demonstrate the short-term negative impact of GBs on energy intensity. Furthermore, per capita income, economic integration and renewable energy supply can be used as potential variables to reduce energy intensity, while modernization in ASEAN increases energy intensity. Establishment of digital green finance, long-term planning of a green finance market, trade liberalization and policies to mitigate the negative impacts of COVID-19 are recommended as golden policy implications.Research limitations/implicationsThe present study has several limitations. First, it accounts for explanatory variables by following a number of previous studies. This may lead to omissions or errors. Second, the empirical estimates were conducted for 160 observations due to the repositioning of GBs in ASEAN, which is not bad but not good for an empirical study.Originality/valueTo the best of authors' knowledge, there has not been any in-depth study focusing on the relationship between energy efficiency and green financing for the case of ASEAN economies.
东盟绿色融资与能源效率关系分析
目的提高能源效率是通过绿色融资实现可持续发展目标的一个重要因素,这是世界范围内最重要的问题之一。这对东盟(东南亚国家联盟)国家来说更为重要,因为它们有经济增长的潜力,也面临着环境问题的挑战。因此,本文探讨了绿色金融(以已发行的绿色债券[GBs]为代表)是否以及如何促进东盟成员国的能源效率(以能源强度为代表)的问题。设计/方法论/方法本文对2017-2020年的季度数据运行了两阶段广义矩量法(GMM)系统模型。它还使用线性互动模型来探索疫情如何影响该地区绿色金融和能源效率之间的关系。主要结果仅表明GBs对能量强度的短期负面影响。此外,人均收入、经济一体化和可再生能源供应可以作为降低能源强度的潜在变量,而东盟的现代化提高了能源强度。建议将建立数字绿色金融、长期规划绿色金融市场、贸易自由化和减轻新冠肺炎负面影响的政策作为黄金政策影响。研究局限性/含义本研究有几个局限性。首先,它通过遵循以前的一些研究来解释解释变量。这可能会导致遗漏或错误。其次,由于GBs在东盟的重新定位,对160个观测值进行了实证估计,这对于实证研究来说是不错但不好的。独创性/价值据作者所知,还没有任何深入的研究关注东盟经济体的能源效率和绿色融资之间的关系。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
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来源期刊
Journal of Risk Finance
Journal of Risk Finance BUSINESS, FINANCE-
CiteScore
6.20
自引率
6.70%
发文量
37
期刊介绍: The Journal of Risk Finance provides a rigorous forum for the publication of high quality peer-reviewed theoretical and empirical research articles, by both academic and industry experts, related to financial risks and risk management. Articles, including review articles, empirical and conceptual, which display thoughtful, accurate research and be rigorous in all regards, are most welcome on the following topics: -Securitization; derivatives and structured financial products -Financial risk management -Regulation of risk management -Risk and corporate governance -Liability management -Systemic risk -Cryptocurrency and risk management -Credit arbitrage methods -Corporate social responsibility and risk management -Enterprise risk management -FinTech and risk -Insurtech -Regtech -Blockchain and risk -Climate change and risk
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