HAN BAOYAN

PhD Student

Research Title: The geography of green finance: global financial networks and the environmental implications of green bond capital flows
Research Group: Politics, Economies And Space (PEAS)
Thesis Advisor: Prof Dariusz Jacek Wojcik
Co-advisor: Assoc Prof Assoc Prof Theodor Cojoianu (SMU)

My doctoral research focuses on the economic geography of green finance, examining how global financial networks shape the mobilisation, circulation, and geographical allocation of green capital and its implications for environmental sustainability. Focusing on the global green bond market, I investigate how financial flows are organised across countries, regions, and sectors, and the extent to which these financial arrangements contribute to the low-carbon transition.

Three interconnected questions guide my research: 1) How are global green bond capital flows geographically structured, and what factors shape patterns of domestic and cross-border capital allocation? 2) How do financial centres, intermediaries, and institutional arrangements influence the distribution and governance of green finance? 3) To what extent does green bond financing contribute to carbon emission reductions, and how do geographical and institutional differences shape its environmental effectiveness?

Drawing on financial geography and the Global Financial Network (GFN) framework, I employ quantitative and mixed-methods approaches, including financial network analysis, spatial econometrics, gravity modelling, and meta-regression analysis. My current research examines the geographical patterns of global green bond issuance and capital allocation, with particular attention to home bias, regionalisation, cross-border financial linkages, and sectoral specialisation. Alongside this, I investigate the relationship between green bond financing and carbon emissions, including the role of external review mechanisms in shaping environmental credibility and outcomes. Through this research, I seek to contribute to a better understanding of how the spatial organisation and governance of global financial markets influence the distribution and environmental effectiveness of green capital.