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The green bond market and its use for energy efficiency finance in Africa

Author

Listed:
  • Farhad Taghizadeh-Hesary
  • Abdulrasheed Zakari
  • Rafael Alvarado
  • Vincent Tawiah

Abstract

Purpose - This study presents the state of green bond markets in Africa and green bond funds by some countries in the continent. Design/methodology/approach - The authors adopt a case study approach on four different kinds of countries, namely oil-rich economy, green bond innovator, renewable energy user and carbon vulnerability. Findings - The authors found that Africa's green bond is still at the early stages. However, countries are using innovative ways that are adaptable to their current economic conditions and investment attractiveness in issuing green bonds. While some countries focus on central and local government bonds, others use corporate bonds, few combine government and corporate green bonds. Interestingly, the first green bond globally certified by the Climate Bonds Standard was issued by an Africa country in Africa. In some selected countries such as Nigeria, South Africa, Morocco, Namibia and Kenya, green bond markets have seen massive growth and have contributed to numerous infrastructural energy efficiency projects. To expand this market further in these countries, the authors recommend fostering a public–private partnership backed by policies and political will. Originality/value - This study provides an original contribution to the green bond and its likelihood of driving energy efficiency in a continent that has attracted little to no attention in the literature.

Suggested Citation

  • Farhad Taghizadeh-Hesary & Abdulrasheed Zakari & Rafael Alvarado & Vincent Tawiah, 2022. "The green bond market and its use for energy efficiency finance in Africa," China Finance Review International, Emerald Group Publishing Limited, vol. 12(2), pages 241-260, March.
    • Handle: RePEc:eme:cfripp:cfri-12-2021-0225
    DOI: 10.1108/CFRI-12-2021-0225
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    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
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    Cited by:

    1. Abdulrasheed Zakari & Bahareh Oryani & Rafael Alvarado & Kadir Mumini, 2023. "Assessing the impact of green energy and finance on environmental performance in China and Japan," Economic Change and Restructuring, Springer, vol. 56(2), pages 1185-1199, April.
    2. Zhao, Linhai & Chau, Ka Yin & Tran, Trung Kien & Sadiq, Muhammad & Xuyen, Nguyen Thi My & Phan, Thi Thu Hien, 2022. "Enhancing green economic recovery through green bonds financing and energy efficiency investments," Economic Analysis and Policy, Elsevier, vol. 76(C), pages 488-501.
    3. Wang, Jiaxin & Qiang, Haofan & Liang, Yuchao & Huang, Xiang & Zhong, Wenrui, 2024. "How carbon risk affects corporate debt defaults: Evidence from Paris agreement," Energy Economics, Elsevier, vol. 129(C).
    4. Long, Houyin & Huang, Xiang & Wang, Jiaxin, 2023. "How does energy finance promote energy transition? Evidence from Shanghai crude oil futures," International Review of Financial Analysis, Elsevier, vol. 90(C).
    5. Sun, Na & Long, Wei, 2024. "Does mineral resource consumption reduce by energy transition and fossil fuel energy intensity? Moderating role of financial inclusion and digitalization," Resources Policy, Elsevier, vol. 93(C).
    6. Liang, Haoshen & Chen, Keyu & Wang, Yun & Ni, Likun, 2024. "The impact of rural revitalization policies on the diversification benefits of listed agricultural companies," Finance Research Letters, Elsevier, vol. 60(C).
    7. Dinh Cong Hoang & Dinh Cong Tuan, 2023. "Evaluating the Role of Green Financing, International Trade and Alternative Energies on Environmental Performance in Case of Chinese Provinces: Application of Quantile Regression Approach," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 500-508, March.
    8. Lin, Xiaowei & Wang, Jianyong & Zhang, Lingli & Chen, Ying, 2023. "Real effect of bond yield liberalization on corporate investment," Finance Research Letters, Elsevier, vol. 52(C).
    9. Yu, Yiling, 2023. "Role of Natural resources rent on economic growth: Fresh empirical insight from selected developing economies," Resources Policy, Elsevier, vol. 81(C).
    10. Zhang, Xuenan & Zhang, Jinxin & Wang, Hongling, 2024. "Resilient recovery strategies: Enhancing resiliency in natural resource markets for sustainable development," Resources Policy, Elsevier, vol. 90(C).
    11. Yadav, Mikesh Prasad & Pandey, Asheesh & Taghizadeh-Hesary, Farhad & Arya, Vandana & Mishra, Nandita, 2023. "Volatility spillover of green bond with renewable energy and crypto market," Renewable Energy, Elsevier, vol. 212(C), pages 928-939.

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