Green Bonds, Air Quality, and Mortality: Evidence from the People’s Republic of China

Publication | November 2021

This study of city-level data from the People’s Republic of China finds that green bond financing is associated with better air quality and lower mortality rates.

This study uses city-level data from the People’s Republic of China to examine links between green bond market development and air quality as well as mortality rates. It finds that cities with more green bond financing as a share of total bond financing tend to have better air quality. The effect is stronger when certified green bonds are examined and in cities with higher gross domestic product growth. Further, local green bond issuance is also negatively related to mortality rates. The findings support the argument that green bond issuance is a credible signal of corporates’ commitment to be environmentally responsible.


  • Introduction
  • Literature Review and Hypothesis Development
  • Sample Construction and Research Design
  • Empirical Results
  • The Health Impact of Green Bond Signaling
  • Conclusion
  • Appendix

Additional Details

  • Economics
  • Environment
  • Finance sector development
  • China, People's Republic of
  • 28
  • 8.5 x 11
  • WPS210435-2
  • 2313-6537 (print)
  • 2313-6545 (electronic)

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