Conditions for the Development of the Green Bond Market Development

• Autorzy: Anna Laskowska
• Języki publikacji: EN

Abstrakty

EN

The advancing degradation of the ecosystem and the occurring climate changes demand decisive action to be taken by citizens, aimed at levelling the results of the lack of balance between the natural environment and business operations. The growing importance of ecology is reflected on the international financial market in the form of green bonds. This article is devoted to green bonds which are a specific group of securities, namely ecological debt instruments. Despite the green debt being one of the most recent segments of the capital market, its very dynamic expansion can be observed year by year. The article is aimed at identifying the conditions for the development of the global environmental bonds market, specifically the factors stimulating and inhibiting the process. The article is a review in character and the following research methods were used in order to achieve the desired objective: analysis of subject literature and data analysis from the green bonds market, a case study, a descriptive and an inductive method. (original abstract)

Słowa kluczowe

EN

Green bond; Bond market; Financial markets

PL

Zielone obligacje; Rynek obligacji; Rynki finansowe

• Czasopismo: Finanse : czasopismo Komitetu Nauk o Finansach PAN
• Rocznik: 2018
• Numer: nr 1(11)
• Strony: 53--67

Twórcy

autor

Anna Laskowska

• Nicolaus Copernicus University, Torun, Poland

Bibliografia

• Alam, N., Duygun, M., Turk-Ariss, R. (2016). Green sukuk: an innovation in the islamic capital market. In: A. Dorsman, O. Arslan-Ayaydinm, M. Baha Karan (Eds.). Energy and finance: sustainability in the energy industry. Heidelberg: Springer, 167-185.
• Brzozowska, K. (2017). Idea zrównoważonego rozwoju na rynku obligacji. Prace Naukowe Uniwersytetu Ekonomicznego we Wrocławiu, 47, 70-80.
• Caldecott, B.L. (2010). Green infrastructure bonds: accessing the scale of low cost capital required to tackle climate change. London: Climate Change Capital.
• Chiang, J. (2017). Growing the US green bond market: volume 1: the barriers and challenges. Sacramento: California State Treasurer.
• Climate Bonds Initiative (2017a). Bonds and climate change: state of the market 2017. Retrieved May 5, 2018, from: http://www.climatebonds.net/files/reports/cbi-sotm_2017-bondsclimatechange.pdf.
• Climate Bonds Initiative (2017b). Post issuance reporting in the green bond market. Retrieved May 8, 2018, from: http://www.climatebonds.net/files/files/UoP_ FINAL_120717.pdf.
• Climate Bonds Initiative (2018a). Taxonomy. Retrieved May 5, 2018, from: http://www. climatebonds.net/standards/taxonomy.
• Climate Bonds Initiative (2018b). Market. Retrieved May 7, 2018, from: http://www. climatebonds.net/market.
• Czerwonka, M. (2013). Inwestowanie społecznie odpowiedzialne. Warszawa: Difin.
• Dziawgo, L. (1997). Papiery wartościowe w ochronie środowiska. Toruń: TNOiK Dom Organizatora.
• Dziawgo, L., Dziawgo, D. (2010). CSR i IR - niełatwe antidotum na toksyczną bankowość. Bezpieczny Bank, 1(40), 98-113.
• Federal Ministry of Economic Cooperation and Development (2017). Green bonds - ecosystem, issuance process and regional perspectives. Bonn: Deutsche Gesell-schaft fur Internationale Zusammenarbeit.
• Forbes (2017). USA wypowiadają paryskie porozumienie klimatyczne. Retrieved May 10, 2018, from: http://www.forbes.pl/wiadomosci/donald-trump-wypowiada-paryskie-porozumienie-klimatyczne/3n5ek53.
• Gouvernement de la Republique franęaise (2017). Success for France's first sovereign green bond. Retrieved May 4, 2018, from: http://www.gouvernement.fr/en/success-for-france-s-first-sovereign-green-bond.
• International Capital Market Association (2017a). Green bond principles. Retrieved May 9, 2018, from: http://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/GreenBondsBrochure-JUNE2017.pdf.
• International Capital Market Association (2017b). The GBP databases and indices work-ing group - summary of green fixed income indices providers. Retrieved May 14, 2018, from: https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/ Green-Bond-Indices-Summary-Document-190617.pdf.
• International Capital Market Association (2018). Green & social bond market update. Frankfurt: Bond Market.
• Kaminker, C., Stewart, F. (2012). The role of institutional investors in financing clean energy. OECD Working Papers on Finance. Insurance and Private Pensions. No. 23.
• Kane, S., Shogren, J.F. (2000). Linking adaptation and mitigation in climate change policy. Climatic Change, 45(1), 75-102.
• Laskowska, A. (2017). RESPECT Index jako krok milowy w rozwoju społecznie odpowiedzialnego inwestowania w Polsce. In: L. Dziawgo, D. Walczak (Eds.). Finanse - wyzwania współczesności. Perspektywa studentów. Toruń: Wydawnictwo Naukowe UMK, 11-26.
• Laskowska, A. (2018). Green banking as the prospective dimension of banking in Poland. Ecological Questions, 29(1), 129-135.
• Lippert, I. (2011). Greenwashing. In: K. Wehr (Ed.). Green culture: an A-to-Z guide. New Delhi: SAGE Publications.
• Marszałek, J., Daszyńska-Żygadło, K. (2016). Charakterystyka globalnego rynku obligacji klimatycznych. Finanse, Rynki Finansowe, Ubezpieczenia, 4(82), 945-955.
• Morel, R. (2012). Financing the transition to a green economy: their word is their (green) bond? Climate Brief. Institute for Climate Economics. No. 14.
• OECD, Bloomberg Philanthropies (2015). Green bonds: mobilising the debt capital markets for a low-carbon transition: policy perspectives. OECD Publishing.
• OECD (2017). Green investment banks. Innovative public financial institutions. Scal-ing up private, low-carbon investment. OECD Environment Policy Paper No. 6.
• Organisation for Economic Co-operation and Development, International Capital Market Association, Climate Bonds Initiative, Green Finance Committee (2016). Green bonds: country experiences, barriers and options. The G20 Green Finance Study Group.
• Poland's Ministry of Finance (2017). Green bond report on the use of proceeds. Retrieved May 8, 2018, from: http://www.mf.gov.pl/documents/766655/55f24831-2a54-460e-8559-8bd522632359.
• Poland's Ministry of Finance (2018). EUR green bonds priced. Retrieved May 4, 2018, from: http://www.mf.gov.pl/en/ministry-of-finance/for-the-media/press-release/-/ asset_publisher/nRQ0/content/id/6279913.
• SchneeweiB, A. (2015). Green bonds - what is inside the black box with the green label? Bonn: Sudwind Institut fur Okonomie und Okumene Publishing.
• Szpringer, W. (2009). Społeczna odpowiedzialność banków. Między ochroną konsumenta a osłoną socjalną. Warszawa: Wolters Kluwer.
• Trompeter, L. (2017). Green is good: how green bonds cultivated into Wall Street's environmental paradox. Sustainable Development Law & Policy, 17(2), 3-11; 40-43.
• World Bank Treasury (2017). Helping Malaysia develop the green sukuk market. Retrieved May 5, 2018, from: http://treasury.worldbank.org/bdm/pdf/Case_Study/ Malaysia_GreenSukukMarketDevelopment2017_FinancialProductsTeam/FABFP. CaseStudy.GreenSukukMarketDevelopment.Malaysia4.pdf.
• Żurawska, E., Modlibowska, M. (2011). Przykłady trendów i praktyk SRI w wybranych państwach Unii Europejskiej. In: R. Sroka (Ed.). Odpowiedzialne Inwestycje Kapitałowe. Kraków: Ministerstwo Gospodarki, 22-26.

Identyfikatory

DOI

10.24425/finanse.2018.125391