The Unintended Consequences of 'Green Bonds' — When Environmental Labeling Masks Fiscal Risk

绿色债券的意外后果——当环保标签掩盖财政风险

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Green bonds promise climate-aligned investments, but their issuance often delays harder fiscal choices like carbon taxation or subsidy reform.
Investors flock to them seeking ESG compliance, yet many fund projects with marginal environmental impact—like energy-efficient office retrofits in low-carbon grids.

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