Directed by the net-zero emission goal, the green bond has become an essential financial tool to promote the development of the green economy. However, the greenwashing risk makes it doubtful whether the green bond can play a positive role. Therefore, this study constructs a six-sector dynamic stochastic general equilibrium (DSGE) model to analyze whether the coevolution of central bank digital currency (CBDC) and green bonds can fully play a positive role in promoting the net-zero economy. The results indicate that: (i) Increased CBDC supply has a positive effect on the economy, and also promotes green bond financing and net-zero emissions. (ii) Compared with non-interest-bearing CBDC, the coevolution of interest-bearing CBDC and green bonds is more likely to promote the net-zero economy and enhance the effectiveness of monetary policy. (iii) When the economy is overheating or in recession, the central bank can regulate green bond financing by adjusting the CBDC interest rate to promote a net-zero economy. (iv) The coevolution of interest-bearing CBDC and green bonds will achieve a higher welfare level than non-interest-bearing CBDC. This study provides guidance for the coevolution of CBDC technology innovation and green bond financial innovation.

中文翻译：

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央行数字货币与绿色债券对净零经济的协同演化效应

在净零排放目标的指引下，绿色债券已成为推动绿色经济发展的重要金融工具。然而，洗绿风险让人怀疑绿色债券能否发挥积极作用。因此，本研究构建了六部门动态随机一般均衡（DSGE）模型来分析央行数字货币（CBDC）与绿色债券的协同演化是否能够充分发挥对净零经济的积极推动作用。结果表明：（i）增加CBDC供应对经济产生积极影响，还促进绿色债券融资和净零排放。 （ii）与无息CBDC相比，计息CBDC与绿色债券的协同演化更有可能促进净零经济，增强货币政策的有效性。 （iii）当经济过热或衰退时，央行可以通过调整CBDC利率来规范绿色债券融资，促进净零经济。 (iv) 生息CBDC与绿色债券的协同演化将实现比无息CBDC更高的福利水平。该研究为CBDC技术创新与绿色债券金融创新的协同演化提供指导。