Pengaruh Pembangunan Berkelanjutan terhadap Green Bond: Studi Komparatif Negara Maju dan Negara Berkembang Pasca Paris Agreement

Abstract

Terdapat kesenjangan hubungan antara pembangunan berkelanjutan dan green bond dipengaruhi oleh perbedaan laju pertumbuhan pasar green bond yang berkembang lebih pesat di negara maju dibandingkan negara berkembang serta tantangan pembangunan berkelanjutan yang berbeda di masing-masing kelompok negara. Penelitian ini bertujuan menganalisis pengaruh pembangunan berkelanjutan terhadap penerbitan green bond di negara maju dan berkembang pasca Paris Agreement. Penelitian ini menggunakan data panel dari data time series tahunan 2016-2023 dan cross section 46 negara di dunia yang dianalisis melalui analisis deskriptif dan regresi data panel statis. Hasil menunjukkan bahwa IPM mempunyai pengaruh positif signifikan di negara maju dan berpengaruh negatif signifikan di negara berkembang. Indeks Gini mempunyai pengaruh negatif signifikan di negara berkembang dan tidak signifikan berpengaruh di negara maju. Total emisi karbon CO2 mempunyai pengaruh negatif signifikan di negara maju dan berpengaruh positif signifikan di negara berkembang. Implikasi penelitian ini adalah bahwa diperlukannya pendekatan kebijakan yang adaptif karena penerbitan green bond pasca Paris Agreement dipengaruhi oleh perbedaan kesiapan pembangunan antara negara maju dan berkembang.

There is a gap in the relationship between sustainable development and green bonds, influenced by the differing growth rates of the green bond market which has expanded more rapidly in developed countries than in developing ones as well as the varying sustainable development challenges faced by each group of countries. The aim of this research is to examine the effect of sustainable development on green bond issuance in developed and developing countries following the Paris Agreement. This study utilizes panel data consisting of annual time series from 2016 to 2023 and cross-sectional data from 46 countries, analyzed through descriptive analysis and static panel data regression. The results show that the Human Development Index (HDI) has a significant positive effect in developed countries and a significant negative effect in developing countries. The Gini Index has a significant negative effect in developing countries and no significant effect in developed countries. Total CO2 emissions have a significant negative effect in developed countries and a significant positive effect in developing countries. The implication of this study is the need for adaptive policy approaches, as green bond issuance in the post-Paris Agreement era is influenced by the varying levels of development readiness between developed and developing countries.