Effects of green bonds on bioenergy development under climate change: A case study in Taiwan province, China

Bioenergy development improves energy security and mitigates climate change.Because the stable supply of agricultural resources provides a solid basis for efficient bioenergy production,the climate-induced impacts such as changes in lempeniture and precipitation that potentially alter the farming decisions and cropping patterns should be taken into account.This study designs two-stage stochastic programming with recourse model to investigate the net bioenergy production and emission reduction,as well as the bioenergy producers'strategies under various market operations and climate scenarios.The results show that the net production of biopower and biofuel are relatively stable because the supply of bioenergy feedstocks could remain at a constant level,but the farming decisions,cropping pattern,and resource utilization are likely to be altered by climate-induced impacts.The results also indicate that for efficient bioenergy production,approximately 41.5 billion TWD(9.65 billion CNY)and 33.6 billion TWD(7.81 billion CNY)of bond principal should be invested in crop-based and residual-based technology,respectively.In the face of strict environmental regulations and emission management,biopower technology becomes more competitive,and under such a circumstance,more than 98.3%of the low-cost bond should be invested in biopower development to achieve development efficiency.