日本轉型金融之分配政治

Abstract

轉型金融(transition finance)為所謂難以減排產業(hard-to-abate sector)的綠色轉型進行金融支援的一種環境政策工具。其難以減排產業通常是指重工業，卻他們因其巨大排放量，曾經難以列入環境金融政策的對象。在2023年，日本政府決定發行20兆日幣(約1300億美元)的轉型金融國債，成為了世界首創發行轉型金融為國債的國家。不過，相比其他環境金融工具，綠色債券因為其漂綠之風險較低，世界債券市場仍更青睐綠色債券，而日本的轉型金融因其漂綠之可能性，受到國際上的批評與擔憂。再加上，日本綠色債券市場自2017年以來不斷的發展。因此，本研究主要問題在於:日本政府雖然也得知對轉型金融的批評與擔憂，為何還選擇轉型金融而不是綠色債券為國債，作為國家主要政策之一? 本論文探討由2021年至轉型國債的發行，日本轉型金融的政策採納過程，借鑒政治經濟學(political economy)、Eco-發展型國家(eco-developmental state)和綠色經濟外交(green economic diplomacy)理論，建立論文架構。並且，試圖將國家與私人的行為者分為親發展行為者(pro-developmental actors)和親環境行為者(pro-environmental actors)，預計得到兩者之分配政治塑造了以上政策結果。本文準備三個假設，包括政府省廳間由政治領導力所促成的妥協與合作到競爭關係、產業組織的強大影響力、對亞洲的戰略性外交政策來檢驗其主張。本研究透過自2017年至2024年的二手資料及訪談資料，利用過程追蹤法(process tracing method)試圖回答其問題。本研究通過日本的案例，試圖了解目前尤其在亞洲蓬勃發展之轉型金融市場之發展動機和過程。本研究也為政治經濟學、發展型國家和綠色經濟外交理論將提供新的視角。

Transition finance supports the decarbonization of hard-to-abate sectors, such as heavy industries, which have historically been difficult to integrate into environmental finance frameworks. In 2023, Japan announced the issuance of 20 trillion yen (approximately USD 130 billion) in transition bonds over the next decade, becoming the first country to adopt transition bonds as sovereign debt instruments. However, because the global sovereign market still favors green bonds due to their lower greenwashing risks, Japan’s transition finance approach has been subject to international criticism for its potential greenwashing concerns. Despite the growth of Japan’s green bond market since 2017, why did the government prioritize transition bonds over green bonds as its primary policy, fully aware of the risk of international criticism for potential greenwashing? This thesis aims to understand the adoption process of transition finance in Japan from 2021 till the issuance of sovereign transition bonds. Utilizing political economy, eco-developmental state, and green economic diplomacy theories, this study categorizes governmental agencies and private sector actors into pro-developmental and pro-environmental groups, arguing that distributive politics between these actors shaped its policy outcome. To address this argument, the thesis formulates three hypotheses: (1) an inter-ministerial compromise to competition fostered by political leadership, (2) the strong influence of industrial organizations, and (3) strategic foreign policy toward Asia. The study employs the process tracing method, drawing on secondary data from 2017 to 2024 and semi-structured interviews. By examining the Japanese case, this research contributes to a broader understanding of the motivations and processes driving transition finance markets, which are gradually gaining momentum, particularly in Asia. It also provides new insights into political economy, eco-developmental state theory, and green economic diplomacy.