Pengaruh Adopsi Teknologi, Kebijakan Moneter, dan Emisi Karbon Terhadap Keuangan Hijau di ASEAN-5

Abstract

In recent years, the pressing issue of climate change has driven countries, particularly in Southeast Asia, to explore innovative financial mechanisms that align with environmental sustainability goals. This study investigates the influence of artificial intelligence (AI) readiness, monetary policy (interest rates), and carbon emissions on the development of green financ specifically green bonds across ASEAN-5 countries (Indonesia, Malaysia, the Philippines, Singapore, and Thailand) from 2019 to 2024. By employing a panel data regression model using the Panel Least Squares (PLS) method, this research integrates three major theoretical frameworks: Romer endogenous growth theory, Keynesian interest rate theory, and sustainable finance theory. The findings reveal a significant and positive relationship between AI readiness and green bond issuance, indicating that technological innovation enhances investor confidence and project transparency. Meanwhile, lower interest rates correlate with increased green bond issuance, confirming the role of accommodative monetary policy in supporting sustainable investments. Carbon emissions, as environmental pressure indicators, also show a connection with green bond trends, though the effect varies by country. The study concludes that a multidimensional approach integrating technological readiness, macroeconomic policy, and environmental urgency is essential for accelerating the transition to a sustainable financial system in Southeast Asia.