Environmental damages, climate changes, global warming, and air pollution represent the main international issues in the previous few decades (Amri et al., 2018, 2019; Tian et al., 2021; Mongo et al., 2021a,b). Climate change’s disastrous impacts may stymie post – pandemic economic recovery in many countries (Ben Amar et al., 2020; Belaid et al., 2021a). However, there is still room for reorienting efforts in terms of economic recovery towards better reconstruction. The evolution towards a renewable and energy-efficient economy, where behavioral change may play an important role, is necessary (Belaid & Joumni, 2020; Belaid & Rault, 2021; Belaïd et al., 2021b,c). However, the cost of transition is high for abatement and adaptive efforts. By 2030, yearly investment in low-carbon technology must reach $750 billion, and $1.6 trillion by 2050 (IEA). Green finance, a wide range of innovative financial instruments aimed at encouraging a low-carbon economy, is attracting considerable interest recently (Chen & Zhao, 2021).
Green bonds are issued by the World Bank to focus on the particular interest of investors in climate efforts and to draw attention to the World Bank’s engagement in climate action and related projects that enable developing nations to progress their climate liabilities and provide more jobs in the emerging and clean sectors. Since issuing the first international green bond in 2008 and setting the model for this US$1 trillion labeled bond market, the World Bank has issued the equivalent of about US$16 billion in 185 green bonds and 23 currencies…