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Against this backdrop, the study examines the impact of green bonds (GBs) on carbon dioxide (CO<jats:sub>2<\/jats:sub>) emissions and renewable electricity generation (EG) in China and the USA, the leading countries in terms of GB issuance and CO<jats:sub>2<\/jats:sub> emissions. To this end, the study conducts a disaggregated-level analysis by applying novel nonlinear quantile methods between January 2, 2019, and July 31, 2023. The results demonstrate that at higher quantiles; (i) GBs mainly have a dampening impact on CO<jats:sub>2<\/jats:sub> emissions from the transportation sector in China and the USA; (ii) GBs have a stimulating impact on solar and wind EG in China; (iii) GBs have a diminishing impact on all types of EGs in the USA. Thus, GBs have an impact on carbon neutrality and renewable energy, which differs by quantiles, sectors, and EG sources. 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