THE ROLE OF GREEN BONDS IN FINANCING SUSTAINABLE DEVELOPMENT
DOI:
https://doi.org/10.15407/economyukr.2023.12.003Keywords:
зелені облігації; сталий розвиток; зелені інвестиціїAbstract
The active development of green bond markets is related to the fulfillment of climate transition tasks in accordance with the UN Sustainable Development Goals in terms of achieving climate neutrality. The green bond market can provide Ukraine with access to global financial resources for the purposes of post-war recovery and structural transformation of the national economy at a qualitatively new technological level based on the principles of sustainable development.
Author generalises that scientific research on green bond markets are focused on the issues of assessing their impact on sustainable development, standardization of green bonds, assessment of the premium for the risk of such bonds, the impact of green bond issuance on the development of stock markets, specifying the prerequisites for the effective development of green bond markets.
The types of green bonds are systematized by the type of collateral against the issuer's assets. The recommendations of international organizations on the development of channels for attracting private capital to finance sustainable development projects are summarized. Problem of green bonds standardization in accordance with international principles is emphasized, namely: the purpose of bonds, transparency of the issuer's reporting, the presence of mechanisms for managing the funds involved, evaluation of project results. Author suggests that implementation of such standards facilitates the inflow of investors' funds into targeted projects for sustainable development and allows to control this process.
She defines the most problematic areas in the development of the green bond market in Ukraine, which are their standardization, the introduction of financial and non-financial reporting standards related to the disclosure of climate information, the implementation of incentives for green bond issuers and investors, the development of the stock market infrastructure and the diversification of financial instruments, securing the rights of investors, popularization of sustainable recovery ideas in society.
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