ЗЕЛЕНЕ ОБВЕЗНИЦЕ ЛОКАЛНИХ САМОУПРАВА - КАРАКТЕРИСТИКЕ, ТРЕНДОВИ И РАЗЛИКЕ У ПРИНОСИМА
GREEN BONDS OF LOCALS SELF-MANAGEMENT - CHARACTERISTICS, TRENDS AND DIFFERENCES IN YIELDS

Author(s): Miloš Grujić
Subject(s): Business Economy / Management, Energy and Environmental Studies, Management and complex organizations, Economic development, Environmental interactions
Published by: Savez računovođa i revizora Republike Srpske
Keywords: green bonds; municipal bonds; yield; sustainable development;
Summary/Abstract: Green bonds are relatively new instruments for financing environmentally friendy projects that have the potential to contribute to mitigating climate change, promoting sustainable development and encouraging green transition. However, there are challenges and controversies regarding the definition, standardization and reporting of green bonds and their price and yield compared to conventional bonds. The aim of the research is to study green bonds as fixed-income instruments used to finance environmentally friendy projects. The analysis included comparing the yields of green and non-green municipal bonds. The research results confirm a high positive correlation between the -yields of green and ordinary municipal bonds, indicating a similarity in their market behavior. The average -yield of green bonds was slightly lower than the average -yield of ordinary municipal bonds from mid-August 2016 to mid-July 2021 as in the period before, during and after the CO VID-19 -virus pandemic. However, the difference in -yield between green and ordinary municipal bonds is not statistically significant, indicating the absence o f a green premium or discount for these bonds. The findings are in line with one view of the relevant literature that suggests that green municipal bonds do not enjoy a special advantage or penalty in the market compared to similar conventional bonds.

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