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Does Financing Strategy Accelerate Corporate Energy Transition? Evidence from Green Bonds

Author

Listed:
  • Mohammed Benlemlih

    (Métis Lab EM Normandie - EM Normandie - École de Management de Normandie = EM Normandie Business School)

  • J. Jaballah
  • L. Kermiche

Abstract

With energy transition becoming an urgent priority for companies worldwide, practitioners and policymakers are urging them to finance climate-friendly projects. This paper investigates how the issuance of green bonds affects firms' carbon emissions and environmental performance. Our results show that green bond issuance significantly improves firms' overall environmental performance and their capacities to create new environmental technologies and processes. However, green bond issuance has a less clear effect on carbon emissions intensity and requires additional time (one or more years) before being able to improve the emissions intensity. Taken together, our study's findings clearly highlight the importance of green bonds in financing energy transition in the corporate sector and provide evidence to encourage policymakers to strengthen the legal framework relating to their issuance. \textcopyright 2022 ERP Environment and John Wiley & Sons Ltd.

Suggested Citation

  • Mohammed Benlemlih & J. Jaballah & L. Kermiche, 2023. "Does Financing Strategy Accelerate Corporate Energy Transition? Evidence from Green Bonds," Post-Print hal-04434020, HAL.
    • Handle: RePEc:hal:journl:hal-04434020
    DOI: 10.1002/bse.3180
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    Citations

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    Cited by:

    1. Wang, Yaxian & Wang, Xiaoyu & Baležentis, Tomas & Chi, Yuanying & Streimikiene, Dalia, 2025. "Disentangling the effects of green finance in reducing CO2 emission from energy systems: Evidence from a novel factor decomposition mechanism," Economic Analysis and Policy, Elsevier, vol. 85(C), pages 1721-1738.
    2. Shivam Azad & S. L. Tulasi Devi, 2025. "Sustainable development and investor confidence: The safe‐haven appeal of green‐bond issuing firms," Sustainable Development, John Wiley & Sons, Ltd., vol. 33(1), pages 1249-1268, February.
    3. Shimauchi, Takuto & Fukui, Masaki & Yamamoto, Daiki & Taura, Yuto & Kameda, Keigo, 2025. "Sustainability bond, sustainability-linked bond, and firms' environmental performance," International Review of Financial Analysis, Elsevier, vol. 102(C).
    4. Lee, Chien-Chiang & Xuan, Chengnan & Wang, Fuhao & Wang, Keying, 2024. "Path analysis of green finance on energy transition under climate change," Energy Economics, Elsevier, vol. 139(C).
    5. Mustafa Tevfik Kartal & Ugur Korkut Pata & Andrew Adewale Alola, 2025. "Impact of green bonds on CO2 emissions and disaggregated level renewable electricity in China and the United States of America," Palgrave Communications, Palgrave Macmillan, vol. 12(1), pages 1-17, December.
    6. Wang, Yajun & Yuan, Zheng & Luo, Hanyu & Zeng, Hui & Huang, Junbing & Li, Yulin, 2024. "Promoting low-carbon energy transition through green finance: New evidence from a demand-supply perspective," Energy Policy, Elsevier, vol. 195(C).
    7. Guo, Rui & Zhang, Yujie & Chen, Kaihua & Wang, Yufei & Ning, Lutao, 2025. "Heterogeneous impact of green finance instruments on firms' green innovation novelty: Policy mix or mess?," Energy Economics, Elsevier, vol. 144(C).
    8. Joel, Tchuiendem Nelly & Zheng, Haitao & Liu, Bing-Yue, 2025. "Cross-region analysis of the environmental performance of green bond issuers," Finance Research Letters, Elsevier, vol. 75(C).
    9. Chang, Kaiwen & Luo, Dan & Xing, Kai & Mi, Biao, 2025. "The effectiveness of the green bond instrument on stimulating firms' green innovation performance: A comparative study based on Chinese market," Pacific-Basin Finance Journal, Elsevier, vol. 91(C).
    10. Lin, Boqiang & Song, Yijie, 2025. "Do coal price shocks affect the risk-taking of listed companies in China?," Resources Policy, Elsevier, vol. 101(C).
    11. Deng, Yang & Zhang, Zhaoqin, 2025. "The spillover effects of green bond issuance in peer firms’ financial performance," Research in International Business and Finance, Elsevier, vol. 77(PA).

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