The Political Economy of Green Bonds in Emerging Markets

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The book explores the challenges of financing low-carbon transitions through green bonds, particularly in South Africa, where the market has stalled despite global growth. It critiques the foundational promises of green bonds and highlights barriers to their expansion in emerging markets, including depoliticizing effects of financial innovation. The author examines the unique political and economic obstacles within a fossil-based economy, arguing that the limited adoption of green bonds stems from their failure to address the complex demands of South Africa's transition. This work offers valuable qualitative insights into evolving green bond markets and enhances understanding of finance-led transitions in emerging economies.