What Drives Investment in Green Bonds? : Evidence from Japan and China

This book analyzes the institutional foundations, global expansion, and investor dynamics of green bonds in Japan, China, and beyond.Beginning with the evolution of international standards—most notably the Green Bond Principles—it traces how GB issuance surged after the Paris Agreement and how governments, municipalities, and industries have embraced the market.Drawing on original surveys and empirical models, the book uncovers what truly motivates investors.In Japan, individual investors reveal a powerful blend of environmental values and social responsibility that often outweighs financial return.In China, institutional investors show strong demand shaped by policy signals, project transparency, and certification practices.Rich in data and comparative insight, this volume illuminates the forces propelling the green bond market and offers an essential guide for scholars, policymakers, and practitioners seeking to understand or shape the future of sustainable finance.