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Obrigações verdes e a economia de baixo carbono em Cabo Verde
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O presente estudo tem como objetivo avaliar o contributo das obrigações verdes para o desenvolvimento de uma economia de baixo carbono em Cabo Verde, analisando simultaneamente o seu impacto no financiamento de projetos sustentáveis e a aceitação por parte dos investidores cabo-verdianos. A investigação procura ainda identificar os fatores que influenciam a decisão de investimento, bem como as barreiras e oportunidades que se colocam à expansão deste mercado no país.
Para a concretização deste objetivo, foi adotada uma metodologia de natureza quantitativa, recorrendo à aplicação de um questionário a 134 participantes, residentes em Cabo Verde e na diáspora, e à utilização de técnicas estatísticas de análise fatorial exploratória e regressão logística binária. Os resultados evidenciaram a existência de uma estrutura fatorial composta por quatro dimensões principais: Perceção Económico-Ambiental, Apoio Institucional e Educativo, Barreiras e Perceções de Risco e Conhecimento e Incentivos Fiscais, que explicam 67,54% da variância total. Na análise de regressão, apenas a dimensão Perceção Económico-Ambiental apresentou um efeito estatisticamente significativo (B = 0,561; p = 0,031; Exp (B) = 1,752), sugerindo que perceções positivas sobre o impacto económico e ambiental das obrigações verdes aumentam a probabilidade de investimento. Verificou-se também que 51,5% dos inquiridos demonstraram indecisão “talvez”, 31,3% afirmaram estar dispostos a investir e 17,2% indicaram que não investiriam, enquanto 64,9% reconheceram que o cenário económico nacional influencia diretamente a decisão de investimento.
Os resultados indicam que as obrigações verdes constituem um instrumento promissor para o financiamento sustentável e a transição energética em Cabo Verde, embora a sua expansão dependa do reforço da confiança dos investidores, da estabilidade económica, da transparência do mercado e da implementação de políticas públicas de incentivo. Os resultados devem, contudo, ser interpretados à luz das limitações associadas à amostragem por conveniência e ao foco exclusivo em investidores cabo-verdianos, o que condiciona a generalização dos resultados, ainda que o estudo represente um contributo relevante para a literatura sobre financiamento verde em economias insulares emergentes.
This study aims to assess the contribution of green bonds to the development of a low-carbon economy in Cabo Verde, analysing their impact on the financing of sustainable projects and the acceptance of this financial instrument among Cabo Verdean investors. The research also seeks to identify the factors influencing investment decisions, as well as the barriers and opportunities affecting the expansion of the green bond market in the country. To achieve this goal, a quantitative methodology was adopted through the application of a questionnaire to 134 participants, including both residents in Cabo Verde and members of the diaspora. Data were analysed using Exploratory Factor Analysis (EFA) and Binary Logistic Regression. The results revealed a factorial structure composed of four key dimensions: Economic-Environmental Perception, Institutional and Educational Support, Barriers and Risk Perceptions, and Knowledge and Fiscal Incentives, explaining 67.54% of the total variance. In the regression analysis, only the Economic-Environmental Perception dimension showed a statistically significant effect (B = 0.561; p = 0.031; Exp(B) = 1.752), suggesting that positive perceptions of the economic and environmental impact of green bonds increase the likelihood of investment. Furthermore, 51.5% of respondents expressed uncertainty (“maybe”), 31.3% indicated willingness to invest, and 17.2% stated they would not invest, while 64.9% recognised that the national economic environment directly influences investment decisions. The findings demonstrate that green bonds represent a promising instrument for sustainable finance and the energy transition in Cabo Verde, although their development depends on strengthening investor confidence, improving market transparency, and implementing supportive public policies. The results should, however, be interpreted considering the limitations of the convenience sampling and the exclusive focus on Cabo Verdean investors, which restricts the generalisation of the findings, even though the study offers a valuable contribution to the literature on green finance in emerging island economies.
This study aims to assess the contribution of green bonds to the development of a low-carbon economy in Cabo Verde, analysing their impact on the financing of sustainable projects and the acceptance of this financial instrument among Cabo Verdean investors. The research also seeks to identify the factors influencing investment decisions, as well as the barriers and opportunities affecting the expansion of the green bond market in the country. To achieve this goal, a quantitative methodology was adopted through the application of a questionnaire to 134 participants, including both residents in Cabo Verde and members of the diaspora. Data were analysed using Exploratory Factor Analysis (EFA) and Binary Logistic Regression. The results revealed a factorial structure composed of four key dimensions: Economic-Environmental Perception, Institutional and Educational Support, Barriers and Risk Perceptions, and Knowledge and Fiscal Incentives, explaining 67.54% of the total variance. In the regression analysis, only the Economic-Environmental Perception dimension showed a statistically significant effect (B = 0.561; p = 0.031; Exp(B) = 1.752), suggesting that positive perceptions of the economic and environmental impact of green bonds increase the likelihood of investment. Furthermore, 51.5% of respondents expressed uncertainty (“maybe”), 31.3% indicated willingness to invest, and 17.2% stated they would not invest, while 64.9% recognised that the national economic environment directly influences investment decisions. The findings demonstrate that green bonds represent a promising instrument for sustainable finance and the energy transition in Cabo Verde, although their development depends on strengthening investor confidence, improving market transparency, and implementing supportive public policies. The results should, however, be interpreted considering the limitations of the convenience sampling and the exclusive focus on Cabo Verdean investors, which restricts the generalisation of the findings, even though the study offers a valuable contribution to the literature on green finance in emerging island economies.
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Obrigações Obrigações verdes Economia de baixo Carbono Cabo Verde Investimento