Policymakers and managers have increasingly adopted green bonds as a direct fnancing tool to address environmental degradation and climate change in emerging economies; however, the increasing green washing sentiments in the green bond market raise questions on whether green bonds can nudge...

As the second-largest economy in the world with both high-energy consumption and high carbon emission, China has launched several green finance pilot zones (GFPZ) targeting regional sustainable development goals (SDGs). Despite critical policy significance, whether and how green finance affects...