Between green finance and greenwashing: Do green bonds genuinely accelerate ecological transition across the US, EU and China?
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- This thesis examines whether green bonds genuinely accelerate the ecological transition or primarily serve as instruments of greenwashing across the United States, the European Union, and China. Drawing on the concepts of green finance, additionality, and institutional theory, the study adopts a mixed-methods approach combining quantitative analysis of environmental and financial indicators with qualitative interviews conducted among professionals active in the green bond market. The quantitative findings assess environmental additionality through changes in carbon emissions and carbon intensity, as well as financial additionality through yield spreads and market reactions following green bond issuance, while the qualitative analysis explores perceptions of credibility, transparency, and greenwashing risks. The results suggest that green bonds can generate positive environmental and financial effects, although their effectiveness varies significantly across institutional contexts, with the European Union demonstrating the strongest regulatory credibility and market consistency. Nevertheless, concerns regarding transparency, refinancing practices, and the genuine additionality of financed projects remain central challenges for the market. Overall, the study concludes that green bonds possess significant potential to support ecological transition, but their effectiveness ultimately depends on the quality of institutional governance, reporting standards, and regulatory enforcement.