2023-04-26-IMF-主权绿地有多大_（英）_15页_1mb

Sovereign Greenium Size and Trends:

• Greenium Definition: A greenium occurs when green bonds have a lower yield than similar conventional bonds, indicating a positive premium.

• Key Findings:

  • The average sovereign greenium in Advanced Economies (AEs) is approximately 4 basis points (bps).
  • In Emerging Market and Developing Economies (EMDEs), the average greenium is 11 bps, significantly higher than in AEs.
  • The greenium grows over time, possibly due to increasing demand from environmentally conscious investors.

• Country Variation:

  • Hungary and Egypt show particularly high greeniums (20 and 30 bps, respectively).
  • Greeniums are larger in EMDEs and in foreign currency-denominated bonds.

• Methodology:

  • The study uses twin bonds issued by Germany and Denmark for benchmarking.
  • Panel regression analysis and synthetic control methods were employed to estimate the greenium across 15 countries.

• Policy Implications:

  • Strengthening climate information infrastructure can reduce costs and increase the effectiveness of green bonds.
  • As the green bond market matures, the greenium is expected to evolve, potentially allowing governments to finance long-term climate projects with slightly better market access.