THE ADDITIONALITY GAP: EVALUATING THE SYNERGY BETWEEN GREEN FINANCE AND MACROECONOMIC STABILITY IN EMERGING ECONOMIES
DOI:
https://doi.org/10.5281/zenodo.19239272Keywords:
Green Finance, Greenium, RCK Model, Additionality, Uzbekistan, Agrobank.Abstract
This article examines the structural efficiency and "additionality" of green finance instruments in emerging
economies. Utilizing a triangulated case-study design, the research analyzes primary data from the 2024–2026 issuance
cycles of Uzbekistan (Agrobank), India, and Brazil. By adapting the Ramsey-Cass-Koopmans (RCK) growth model and
applying the Matching Bond Method, the study quantifies the "Financial Greenium" (γ) and its impact on the marginal
product of green capital (k_g). Results indicate a significant greenium of 5.2–6.0 bps in mature markets like India, whereas
Uzbekistan exhibits a 62.45% refinancing rate, highlighting a persistent additionality gap. The findings suggest that while
green bonds effectively mobilize capital, long-term macroeconomic growth requires a strategic shift toward Greenfield
project financing and standardized transparency frameworks to stabilize the sustainability multiplier (σ).
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