Artigo completo - Open Access.

Idioma principal | Segundo idioma

Green Transition in Emerging Countries: The Issuance of Green Bonds by Brazil and China

Green Transition in Emerging Countries: The Issuance of Green Bonds by Brazil and China

Deus, Juliana Lima de ; Crocco, Marco ; Silva, Fernanda Faria ;

Artigo completo:

Os títulos verdes surgiram como uma inovação financeira, mobilizando recursos incrementais para o financiamento a longo prazo de projetos focados em infraestrutura sustentável. Desde a COP-21, novas maneiras de se produzir e consumir, que mitiguem as mudanças ambientais e climáticas, têm sido enfatizadas e com isso vários países se comprometeram a aumentar sua participação no mercado de títulos verdes. O objetivo deste artigo é identificar as principais características e diferenças deste mercado no Brasil e na China, principalmente quanto aos setores em que os rendimentos são alocados. Para isso, foram utilizadas as informações sobre o montante emitido em títulos verdes certificados, da Climate Bonds Initiative. A China apresentou resultados mais expressivos quanto ao montante total emitido em títulos verdes certificados e à alocação setorial dos recursos. As características financeiras desse país associadas ao planejamento e às políticas nacionais bem coordenadas, têm contribuído para que os chineses tenham melhores resultados.

Artigo completo:

Green bonds had emerged as a financial innovation, mobilizing incremental resources for long-term financing of projects focused on building sustainable infrastructure. Since COP-21, new ways of producing and consuming, that mitigate environmental and climate change, have been emphasized and several countries committed themselves to increase their participation in the green bond market. The aim of this article is to identify the main characteristics and differences of the green bond market in Brazil and China, especially in terms of the sectors and the allocation of income. For this, information on the amount issued in certified green bonds, in the Climate Bonds Initiative database, was used. In terms of the total amount issued in certified green bonds and the allocation of resources by sector, China shows more significant results. This shows that the financial characteristics of this country associated with planning and well-coordinated national policies have contributed to Chinese having better results.

Palavras-chave: Títulos Verdes; Finanças Verdes; Países Emergentes; Brasil; China.,

Palavras-chave: Green Bonds; Green Finance; Emerging Countries; Brazil; China,

DOI: 10.5151/v-enei-628

Referências bibliográficas
  • [1] ABRAMOVAY, Ricardo. Desenvolvimento sustentável: qual a estratégia para o Brasil? Novos Estudos - CEBRAP [online], n. 87, p. 97–113, jul. 2010. Available at: https://doi.org/10.1590/S0101-33002010000200006 (accessed in December 2019).
  • [2] AGLIARDI, Elettra; AGLIARDI, Rosella. Financing environmentally-sustainable projects with green bonds. Environment and Development Economics, 24(6), 608-623. 2019. doi:10.1017/S1355770X19000020.
  • [3] ABDE (ASSOCIAÇÃO BRASILEIRA DE DESENVOLVIMENTO). Relatório de Pesquisa com Emissores e Investidores sobre Títulos Verdes no Brasil. 2018. Available at: https://abde.org.br/wp-content/uploads/2018/07/relat%C3%B3rio_de_pesquisa_web.pdf (accessed in May 2020).
  • [4] BACHELET, Maria Jua; BECCHETTI, Leonardo; MANFREDONIA, Stefano. The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification. Sustainability. v. 11, n. 4, 1098. 2019.
  • [5] BANGA, Josué. The green bond market: a potential source of climate finance for developing countries. Journal of Sustainable Finance & Investment. v. 9, n. 1, p. 17- 32. 2018.
  • [6] BARUA, Suborna; CHIESA, Micol. Sustainable financing practices through green bonds: What affects the funding size? Business Strategy and the Environment, v. 28, n. 6, p. 1131– 1147. 2019.
  • [7] BHANDARY. Rishikesh Ram; GALLAGHER, Kelly Sims; ZHANG, Fang. (2021): Climate finance policy in practice: a review of the evidence, Climate Policy, DOI: 10.1080/14693062.2020.1871313
  • [8] BNDES (Banco Nacional de Desenvolvimento Econômico e Social). (2018). Green Bonds: Relatório Anual 201 Available at: https://web.bndes.gov.br/bib/jspui/bitstream/1408/14762/1/Relatorio%20Green%20Bond_portugues_P_BD.pdf. (accessed in August 2020).
  • [9] BORGES, Ana. Finanças Sustentáveis: A iniciativa privada assume a responsabilidade. Revista Relação com Investidores, Rio de Janeiro, n. 234, p. 10-18. 201
  • [10] BRESSER-PEREIRA, Luiz Carlos; DE PAULA, Luiz Fernando; BRUNO, Miguel. (2019). Financeirização, coalizão de interesses e taxa de juros no Brasil (Discussion Paper 022- IE/UFRJ) Available at: http://bresserpereira.sitepessoal.com/documento/7846.
  • [11] BRUNO, Miguel; CAFFÉ, Ricardo (2017). Estado e financeirização no Brasil: interdependências macroeconômicas e limites estruturais ao desenvolvimento. Economia e Sociedade, v. 26, N. Especial, p. 1025-1062.
  • [12] CARÉ, Rosella; TROTTA, Annarita; RIZELLO, Alessando. An alternative finance approach for a more sustainable system. In: WALKER, T; KIBSEY S. D; CRICHTON R (Eds.) Designing a sustainable financial system. Cham: Palgrave Macmillan, 2018. p. 17-64. 2018.
  • [13] CARNEY, Mark (2015). Breaking the Tragedy of the Horizon–climate change and financial stability. Speech given at Lloyd’s of London, Bank of England. Available at: https://www.bis.org/review/r151009a.pdf.
  • [14] CBI (Climate Bonds Initiative). (2014). Bonds and climate change: The state of the market in 20 Available at: https://www.climatebonds.net/resources/reports/bonds-climate-change-2014 (accessed in December 2020).
  • [15] CBI (Climate Bonds Initiative). (2017). Green Bonds Highlights 2016. Available at: https://www.climatebonds.net/resources/reports/green-bonds-highlights-2016 (accessed in December 2020).
  • [16] CBI (Climate Bonds Initiative) (2018). Os títulos verdes podem financiar a agricultura brasileira? Available at: https://www.climatebonds.net/files/reports/brazil_agri_finance_briefing_cbi_sitawi_final_pt-web_0.pdf (accessed in January 2021).
  • [17] CBI (Climate Bonds Initiative). (2019). China green bond market. Available at: https://www.climatebonds.net/files/reports/china-sotm_cbi_ccdc_final_en260219.pdf. (accessed in March 2020).
  • [18] CBI (Climate Bonds Initiative). (2020a). 2019 Green Bond Market Summary. Available at: https://www.climatebonds.net/resources/reports/2019-green-bond-market-summary (accessed in December 2020).
  • [19] CBI (Climate Bonds Initiative). (2020b). China Green Bond Market 2019 Research Report. Available at: https://www.climatebonds.net/resources/reports/china-green-bond-market-2019-research-report (accessed in December 2020).
  • [20] CBI (Climate Bonds Initiative). (2020c). China's top regulators announce they will exclude fossil fuels from their green bonds taxonomy. It’s a major development! Available at: https://www.climatebonds.net/2020/06/chinas-top-regulators-announce-they-will-exclude-fossil-fuels-their-green-bonds-taxonomy-it (accessed in December 2020).
  • [21] CBI (Climate Bonds Initiative). (2020d). Certified Bonds Database. Available at: https://www.climatebonds.net/certification/certified-bonds (accessed in March 2020).
  • [22] CHENET, Hugues. Climate Change and financial risk. 2019. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3407940 (accessed in January 2021).
  • [23] CHENET, Hugues; HILKE, Anuschka; DUAN, Wei. (2017). Finance sector alignment with international climate goals: Reviewing options and obstacles. Available at: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3322324 (accessed in January 2021).
  • [24] COIMBRA, Luiza. (2019). Em 2019, foram captados R$ 2,89 bilhões em títulos verdes. SITAWI Finanças do Bem. Available at: https://www.sitawi.net/noticias/r-289-bilhoes-em-titulos-verdes/#:~:text=A%20Athon%20%C3%A9%20a%20primeira,Sul%2C%20Minas%20Gerais%20e%20Par%C3%A1 (accessed in December 2020).
  • [25] CORPORATE FINANCE INSTITUTE (CFI). Credit Rating. 2020a. Available at: https://corporatefinanceinstitute.com/resources/knowledge/finance/credit-rating/ (accessed in December 2020).
  • [26] CORPORATE FINANCE INSTITUTE (CFI). Municipal Bond. 2020b. Available at: https://corporatefinanceinstitute.com/resources/knowledge/trading-investing/municipal-bond/. (accessed in December 2020).
  • [27] DESCHRYVER, Pauline; MARIZ, Frederic. What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? Journal of Risk and Financial Management, v. 13, n. 3, p. 61. 2020.
  • [28] EPSTEIN, Gerald (ed.). Financialization and the World Economy, UK: Edward Elgar Publishing, 2005.
  • [29] EUROPEAN CENTRAL BANK (2018). Purchases of green bonds under the Eurosystem’s asset purchase programme. ECB Economic Bulletin, Issue 7/2018. Retrieved from: https://www.ecb.europa.eu/pub/economic-bulletin/focus/2018/html/ecb.ebbox201807_01.en.html.
  • [30] FEBRABAN. (2015). Green Bonds. Available at: http://gvces.com.br/green-bonds?locale=pt-br (accessed in October 2020).
  • [31] FENDER, Ingo; MCMORROW, Mike; SAHAKYAN, Vahe; ZULAICA, Omar. Green bonds: the reserve management perspective. Bank for International Settlements. 2019. Available at: https://www.bis.org/publ/qtrpdf/r_qt1909f.htm (accessed in October 2020).
  • [32] FLAMMER, Caroline. (2020) Green bonds: Effectiveness and Implication for Public Policy. Environmental and Energy Policy and the Economy, v. 1, p. 95-128.
  • [33] GIANFRATE, Gianfranco; PERI, Mattia. The green advantage: Exploring the convenience of issuing green bonds. Journal of Cleaner Production. v. 219, p. 127-135. 2019.
  • [34] GLOBAL WIND ENERGY COUNCIL (GWEC). (2019). Global Wind Report 2019. Available at: https://gwec.net/global-wind-report-2019/ (accessed in August 2020).
  • [35] GORE, Timothy. Extreme Carbon Inequality: Why the Paris climate deal must put the poorest, lowest emitting and most vulnerable people first. p. 14. 2015. Available at: https://www.oxfam.org/sites/www.oxfam.org/files/file_attachments/mb-extreme-carbon-inequality-021215-en.pdf?cid=aff_affwd_donate_id85386&awc=5991_1545091043_758b2d8756f307277ec5008a9c02e140 (accessed in October 2020).
  • [36] GRAMKOW, Camila; ANGER-KRAAVI, Annela. (2018) Could fiscal policies induce green innovation in developing countries? The case of Brazilian manufacturing sectors, Climate Policy, 18:2, 246-257, DOI: 10.1080/14693062.2016.1277683
  • [37] GRIMSDITCH, Mark; YIN, Yiu. (2015), Development Finance in the BRICS Countries: A Review from China, New Delhi: Heinrich Böll Foundation. Available at: https://za.boell.org/sites/default/files/development_finance_in_brics_countries.pdf (accessed in December 2020)
  • [38] HALL, Jeremy; VREDENBURG, Harrie. The challenges of innovating for sustainable development: to foster sustainable development, an innovation strategy must have vision that transcends a maelstrom of complex, and sometimes contradictory, demands. MIT Sloan Management Review. v. 45, p. 61- 68. 2003.
  • [39] HAY, Jon. Vasakronan issues ‘first’ corporate green bond. Global Capital. 2013. Available at: https://www.globalcapital.com/article/jbwyxszxx688/vasakronan-issues-first-corporate-green-bond (accessed in October 2020)
  • [40] HUANG, Yin; HU, Xiaoping; ZHANG, Dezhi; FANG, Xiaoping; LI, Xiamiao. Supporting and evaluation systems of low carbon transport: Study on theory and practice. Advances in Mechanical Engineering, v. 8, n. 10, p. 1-10. 2016.
  • [41] ICMA (International Capital Market Association). Green Bond Principles Voluntary Process Guidelines for Issuing Green Bonds. 2018. Available at: https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/Green-Bonds-Principles-June-2018-270520.pdf (accessed in July 2020)
  • [42] IRENA (International Renewable Energy Agency). (2020). Renewable Energy Finance. Available at: https://www.irena.org/institutionalstructure/Renewable-Energy-Finance (accessed in August 2020)
  • [43] KAPRAUN, Julia; SCHEINS, Christopher. (In)-Credibly Green: Which Bonds Trade at Green Bond Premium? (2019). Proceedings of Paris December 2019 Finance Meeting EUROFIDAI – ESSEC. Available at: http://dx.doi.org/10.2139/ssrn.3347337 (accessed in October 2020)
  • [44] KEMP, René; NEVER, Babette. (2017). Green transition, industrial policy, and economic development. Oxford Review of Economic Policy, 33 (1): 66–84.
  • [45] KETTERER, Juan Antonio; NETTO, Maria; SCHWEIZER, Luciano. Transformando os mercados de títulos verdes: Inovação e tecnologia financeira para a América Latina e Caribe. Revista Relação com Investidores, n. 234. 2019.
  • [46] KIDNEY, Sean; OLIVER, Padraig; SONERUD, Beat. Greening China’s bond market. International Institute for Sustainable Development. 2014.
  • [47] LAVINAS, Lena; ARAÚJO, Eliane; BRUNO, Miguel. (2017). Brasil: vanguarda da financeirização entre os emergentes? Uma análise exploratória. (Discussion Paper 032). Instituto de Economia da UFRJ.
  • [48] MACHADO, Felipe. (2020). China planeja dominar integralmente as tecnologias verdes. Carta Brasil- China, ed. 27. Available at: https://cebc.org.br/2020/12/11/economia-chinesa-deve-seguir-forte-nos-proximos-trimestres/ (accessed in January 2021)
  • [49] MARKKANEN, Sanna; ANGER-KRAAVI, Annela. (2019) Social impacts of climate change mitigation policies and their implications for inequality, Climate Policy, 19:7, 827-844, DOI: 10.1080/14693062.2019.1596873
  • [50] NETO, José Monteiro Varanda; SANTOS, José Carlos de Souza; MELLO, Eduardo Morato. O mercado de renda fixa no Brasil: conceitos, precificação e risco. [S.l: s.n.], 2019.
  • [51] OECD (Organization for Economic Cooperation and Development). Mobilising Bond Markets for a Low-Carbon Transition, Green Finance and Investment, OECD Publishing. Paris, 2019. Available at: https://doi.org/10.1787/9789264272323-en (accessed in October 2020).
  • [52] PAN, Fenghua; ZHANG, Fangzhu; WU, Fulong. (2020). State-led Financializationin China: The case of government guided Investment Fund. The China Quarterly, 1-24. DOI:10.1017/S0305741020000880
  • [53] PETRY, Johannes. (2020). Financialization with Chinese characteristics? Exchanges, control and capital markets in authoritarian capitalism. Economy and Society 49(2): 213-238.
  • [54] SACHS, Ignacy. Caminhos para o desenvolvimento sustentável. Rio de Janeiro: Garamond, 2008.
  • [55] SCHIPKE, Alfred; RODLAUER, Markus; LONGMAI, Zhang. The Future of China’s Bond Market. International Monetary Fund. 2019.
  • [56] STEELE, Paul; PATEL, Sejan. (2020). Tackling the triple crisis: Using debt swaps to address debt, climate and nature loss post-COVID-19. IIED, London.
  • [57] TEIXEIRA, Rodrigo Alves; PINTO, Eduardo Costa (2012). A economia política dos governos FHC, Lula e Dilma: dominância financeira, bloco no poder e desenvolvimento econômico. Economia e Sociedade, 21(spe), 909-941.
  • [58] VIANNA, Sérgio Besserman; VEIGA, José Eli da; ABRANCHES, Sérgio. A sustentabilidade do Brasil. In: GIAMBIAGI, F.; BARROS, O. (Eds.). Brasil Pós-Crise, Agenda para a próxima década. Rio de Janeiro: Elsevier, 2009. p. 305–324.
  • [59] WANG, Jiazhen; CHEN, Xin; LI, Xiaoxia; YU, Jin; ZHONG, Rui. The market reaction to green bond issuance: Evidence from China. Pacific-Basin Finance Journal. 2020. Available at: https://doi.org/10.1016/j.pacfin.2020.101294.
  • [60] WORLD BANK. (2020). GDP (current US$). Available at: https://data.worldbank.org/indicator/NY.GDP.MKTP.CD?locations=BR. (accessed in March 2020).
  • [61] WORLD BANK. (2015) What are green bonds? Washington, D.C.: World Bank Group. Available at: http://documents.worldbank.org/curated/en/400251468187810398/What-are-green-bonds (accessed in March 2020).
Como citar:

Deus, Juliana Lima de; Crocco, Marco; Silva, Fernanda Faria; "Green Transition in Emerging Countries: The Issuance of Green Bonds by Brazil and China", p. 211-227 . In: Anais do V Encontro Nacional de Economia Industrial e Inovação (ENEI): “Inovação, Sustentabilidade e Pandemia”. São Paulo: Blucher, 2021.
ISSN 2357-7592, DOI 10.5151/v-enei-628

últimos 30 dias | último ano | desde a publicação


downloads


visualizações


indexações