Устойчиво финансиране чрез "зелени" облигации: фактори за успех, ползи и предизвикателства
Sustainable Financing Through Green Bonds: Success Factors, Benefits and Challenges

Author(s): Katerina Vojcheska-Nikodinoska
Subject(s): Politics / Political Sciences, Politics, Economy, Law, Constitution, Jurisprudence, Business Economy / Management, Governance, Economic policy, Environmental and Energy policy, EU-Accession / EU-DEvelopment, Financial Markets, Socio-Economic Research, EU-Legislation
Published by: Университет за национално и световно стопанство (УНСС)
Keywords: sustainable investments; green finance; issuing green bonds
Summary/Abstract: Sustainable finance as a key area continues to gain momentum as governments and corporate issuers pay increasing attention to environmental, social and governance factors, and investors, regulators and other stakeholders encourage more robust ESG practices. Interest in sustainable finance accelerated in 2020, with the COVID-19 pandemic highlighting the need for funds to help economies, businesses and people recover in a responsible way that addresses environmental and social challenges. The report is structured in three parts: a literature review exploring the success factors, benefits and challenges of issuing green bonds as identified by researchers in different countries; then we use the methodological potential of the analyzed area to formulate expert research; and we summarize the results of the study and suggestions for its further development. The results show that the issuer’s reputation, good credit rating and environmental, social and governance performance are key considerations for the success of issuing green bonds. The main benefits of green bonds are that they carry low investment risk with the ability to raise large investment amounts while providing quantifiable visible benefits. While the challenges related to the issuance of green bonds include greenwashing, the questionable role of the green bond market in environmental protection, and insufficient financial and economic benefits of issuance.

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