Abstract
Green bonds, which are designated for specific climate and environment-related projects, have been a promising financing tool for mitigating global climate change. The global green bond market has developed rapidly since the first green bond was issued by European Investment Bank (EIB) in 2007. Among the emerging markets, China is especially impressive, with an exploding expansion of green bonds since 2016. Nevertheless, concerns remain regarding the future development of green bonds for sustainable finance, particularly about inconsistent standards across countries and unfitting government involvement associated with green bonds.
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