Світові тренди та ініціативи формування ринку зелених облігацій України в умовах COVID-19

Green bonds are one of the most popular sustainable investment instruments, and the green bond market is expected to flourish in the near future. Green bonds are becoming increasingly popular among environmentally responsible investors. The article reviews the literature related to the study of the green bond market, with the aim of highlighting the problems of using this financial instrument and providing information about the role of green bonds in developing the financial market of Ukraine and the economy as a whole. It is determined that the global green bond market is developing rapidly and covers not only developed countries but also the markets of developing countries. The author establishes that an important condition for the functioning of the green bond market is the issuer's obligation to fully disclose information on the use of the funds raised. Accordingly, transparent rules of the game in the green bond market attract more issuers and buyers of green bonds every year. Different types of green bonds are studied: use of proceeds bonds; use of proceeds revenue bonds or asset-backed bonds; project bonds; securitization bonds; covered bonds; unlabeled green bonds, their characteristics and features of their circulation. The article analyzes the trends in the development of the global green bond market and establishes that the volume of green bonds issued in the world has increased dramatically in recent years. The article examines the challenges that limit the possibility of issuing green bonds and mobilizing resources for the environmental sector: relatively broad criteria for green bonds, lack of formal guidelines for their issuance in emerging markets, liquidity and overconcentration risks for certain issuers, sectors or regions, credit or default risk, additional transaction costs, as issuers must track, monitor and report on the use of proceeds. The authors identify the main advantages of using green bonds for the development of the financial market of Ukraine: positive marketing history, investor diversification, tax incentives in the form of tax credits and exemptions, and financing of projects that provide environmental benefits.

Green finance has grown as a strategy in recent years for attaining sustainable development and resolving the tension between economic growth and climate change. Today, green bonds dominate the ESG (Environment, Social and Governance) themed bond market, and in this new era of green development, China's green bond market is becoming increasingly influential in the international arena. However, the development of green bonds in China is immature, and despite the existence of unified principles in policy this year, the Chinas green bond market is still relatively inactive compared to foreign countries, and the motivation of issuers and investors needs to be evoked. The PEST model is used to analyze the macro environment of a market or an enterprise, focusing on the four most influential external factors, namely Politics, Economy, Society and Technology, to analyze the macro environment of the Chinese green bond market. This paper therefore applies the PEST model to analyze the domestic green bond market environment and make recommendations for green bonds market in China to reach a higher level of development. By analyzing four major factors in the green bond market - political, economic, social and technological - this thesis is known to show that the current green bond policy tends to improve, the market is growing at a faster rate and the participation of private enterprises in society is low. Therefore, the analysis of the green bond market gives difficulties faced by the advancement and the ways to solve them.

The green bond market is growing and becoming increasingly important in green finance and for the transition to a low-carbon economy. Still, the green bond market is to a large extent unstandardised. There is no commonly agreed definition of the term ‘green’. This has been seen as one of the biggest challenges when it comes to the development of the green bond market. The need of a unified EU standard has been raised and as an effect the establishment of the EU Green Bond Standard is now in development. However, new standards might not only bring advantages, but also challenges. Striking the right balance of strictness might be hard. The research has been conducted through qualitative method with semi-structured interviews. Nine interviews were held during November and December 2020. The data was then analysed through thematic coding in order to find patterns of meaning. The results show that Nordic green bond issuers overall are positive towards the EU Green Bond Standard. The EU GBS has a good aim, to harmonise and enlarge the green bond market. However, the standard brings challenges that are to a large extent known challenges which the EU GBS aims to address, such as labour intensive reporting processes, lack of initiative and reputational risk. Also, it is argued that the standard is not fair and applicable for all the countries and companies. Countries national laws may not always go hand in hand with the standard. For example, the requirements for green buildings are seen as challenging in the Nordics. If these challenges are not taken into consideration, Nordic green bond issuers fear that the market will not grow, but instead decrease. Additionally, Nordic green bond issuers argue the adoption of the EU GBS is not a guarantee for issuers. Bigger institutes are seen to be early adopters. For other issuers investor requirement and positive impact on their company reputation is seen as the key drivers for adoption of the standard.

This paper comprehensively and deeply expounds the development background of China's green finance market, and emphasizes the importance of developing green bond market for China to achieve sustainable development goals. This paper discusses in detail the current situation of China's green bond market, including its expanding market size, continuous and stable growth trend, strong policy support and continuous improvement of market mechanisms. At the same time, it also analyzes the capital investment direction of green bonds, introduces the main types in the market and the general situation of issuance in recent years. In terms of challenges, the paper focuses on the high cost of financing, limited market acceptance, inadequate information disclosure, difficult supervision, and problems in product structure and innovation. Finally, based on these analyses, this paper puts forward specific suggestions on the development of China's green bond market, and gives a positive outlook on its future development trend. It believes that China's green bond market has a broad development prospect

The problem of financing "green" projects is a relatively new and at the same time demanded area of development in practice. Since the Russian green bond market is in its infancy, it was decided to determine the development vector of this segment by constructively summarizing and evaluating the accumulated experience of a few green bond issues in Russia. Focusing on the Russian green finance market, the author summarized the experience gained from several issues of green bonds and determined the development vector for this segment of the stock market. The size of the Russian green finance market imposes serious restrictions on the use of mathematical and econometric tools to study its development, which did not become an obstacle to the analysis of practical data on the issuance of green bonds. This became possible thanks to access to information provided by Cbonds.ru and content analysis of the publications and reports. The study focuses on government approaches to support the development of the domestic green bond market, which stimulates its further development. The author highlights the attractive and vulnerable places of individual emission projects. The study complements the results of relatively few domestic and foreign studies on the financing of environmental projects and is of practical importance, generalizing the methods for attracting and stimulating financing for "green" projects.

Purpose This study investigates the challenges impeding the development of an effective green bond market in Vietnam and evaluates its potential to support the country’s transition from carbon-intensive industries to a greener economy, in line with its climate commitments. Design/methodology/approach This study uses a qualitative research approach, conducting semi-structured interviews with 15 stakeholders representing different segments of Vietnam’s financial sector. Thematic analysis was carried out in three stages: initial coding, exploring connections between codes and developing three main themes: barriers for corporate issuers, investor attractiveness and the green bond market’s potential. Findings The major barriers for corporate issuers include a lack of intermediaries, regulatory shortcomings, high issuance costs and an underdeveloped corporate bond market. From the investor perspective, green bonds are perceived as less attractive due to relatively low yields, high project risks, limited market awareness and a scarcity of investment options. Despite these challenges, the market holds significant potential, supported by Vietnam’s net-zero ambitions, government backing and continuous legal framework improvements. Research limitations/implications The study covers a sample weighted towards issuers, due to the limited public awareness of green investment. Future research could also include regulatory perspectives and use quantitative methods to expand upon these findings, especially as the market matures. Findings inform policymakers and practitioners, offering recommendations such as establishing intermediaries, developing a green taxonomy, legal reform, infrastructure enhancement and investor education. A stronger green bond market can support sustainable development, reduce emissions and promote long-term environmental and social wellbeing. Originality/value This study contributes by addressing a research gap in Vietnam’s green bond market using a qualitative, interview-based method, which is uncommon in the existing literature. It offers real-world insights from a diverse range of market actors, enabling a multidimensional understanding of market dynamics.

<abstract> <p>With the aim of effectively preventing and controlling systemic risk, by stimulating the advancement of the green bond market, it is significant and imperative to help investors and policymakers adopt more effective measures, which will ensure them to maximize profit. We construct VAR, DCC-GARCH and Copula-CoVaR models, and study the spillover effect between the green bond market and traditional bond market from the three perspectives of mean spillover, volatility spillover and extreme risk spillover using the data on daily closing prices of green bond market and traditional bond market indices. The research findings of this paper are as follows: (1) There are three spillover effects of mean value, volatility and extreme risk among the green bond market, corporate bond market, enterprise bond market and conventional bond market. (2) From the perspective of mean spillover between markets, only the mean spillover between the conventional bond market and the green bond market is bidirectional, and there is the profoundest impact of spillover from the green bond market to the conventional bond market. (3) As far as the volatility spillover between markets is concerned, the volatility spillover between the three traditional bond market and the green bond markets are all positive. The volatility spillover between the conventional bond market and the green bond market is the largest, which is particularly obvious in the first half of 2018 and the first half of 2020. (4) In terms of inter-market extreme risk spillover, the risk spillover between the green bond market and the traditional bond market is positive. The green bond market contributes more to the risk spillover of the enterprise bond market, and it has a time-varying risk spillover effect on the traditional bond market.</p> </abstract>

Is there a green premium in the green bond market? Systematic literature review revealing premium determinants

This study examines the determinants of greenium – the yield differential between green and conventional bonds-focusing on the European and Chinese green bond markets. It investigates the impact of macroeconomic factors, issuer characteristics such as ESG ratings and certifications, and investor behaviour on greenium dynamics. The research employs comparative analysis and regression models to analyse data from 2010 to 2024 and reveal important differences between the two regions. The findings show that Europe has robust regulatory frameworks such as the EU Taxonomy that have been proving to attract higher greenium and consistently foster confidence among investors. Unlike China, greenium is diluted by the ineffectiveness of state driven mechanisms and inconsistent Environmental, Social, and Governance (ESG) frameworks in China. The findings are consistent with Signalling Theory, which indicates that ESG ratings play a role in lowering information asymmetry in mature markets such as Europe, but they do not in China because of poor certification practises. Broad implications call not only for global standardisation of ESG criteria and certifications but also regional collaboration to harmonise green bond standards. As a cornerstone of sustainable finance, the green bond market must advance, and aligning policies, enhancing transparency and encouraging cross border investment is needed, the study concludes. Greenium is a topic for future research to understand behavioural influences and the long term environmental consequences.

Minimum Connectedness Portfolios and the Market for Green Bonds: Advocating Socially Responsible Investment (SRI) Activity

Many countries are pursuing energy security (ES) in their economies while implementing sustainable development goals (SDGs). Relevant policies may include: (1) access to efficient alternative and preferably renewable energy sources (RESs); and (2) reductions in conventionally obtained energy consumption. As the demand for energy is growing and alternative energy resources are expensive, new ways of financing projects to improve ES are of special interest, e.g., issuing green bonds. In such cases, the obtained funds are allocated to projects that can both improve ES and help to achieve SDGs. The aim of the study was to explore the dependences (in the sense of Granger causality) between the green bond (GB) market, different aspects of sustainable development, as measured by global indicators taken from a family of environmental NASDAQ OMX indices, and ES represented by crude oil prices. The methodology is based on the vector autoregression model. The findings reveal evidence of a short-term dependence between the GB market, ES and the multidimensional nature of sustainable development.

Risk spillover and network connectedness analysis of China’s green bond and financial markets: Evidence from financial events of 2015–2020

This thesis focuses on the research of the application and effect of ESG investment strategy in the green bond market. By expounding the rise of green finance under the background of global sustainable development, the purpose and significance of studying the application and effect of ESG strategy in the green bond market are clarified. After introducing the relevant theoretical basis, this paper analyzes its application status, dissects the implementation details and effectiveness of the strategy through typical cases, discusses the problems existing in the application, such as inconsistent standards, information asymmetry and insufficient market maturity, and then puts forward countermeasures and suggestions to improve the standard system, strengthen information disclosure and promote market development. ESG investment strategies in the green - bond market face issues like standard inconsistencies. Solutions can enhance their application and market development.

Environmental finance has a reputation for delivering market-leading content based on honest and unbiased reporting, cutting-edge research and profound attention to detail. All of the above have placed it at the top of the rapidly growing green bond market. The paper argues that the green label earned with the usage of technologies that prevent environmental pollution or contribute to the stabilization of the environmental situation makes it much easier to obtain external financing on global market. The analysis of the global green bond market dynamics has revealed that almost 70% of the total amount of green bonds were issued in between 2017 and 2019. Based on the data systematization of various open sources the new trends in the global green bond market were identified. The primary trends among them include the growth in the number of smaller deals, the use of mixed funding, the extension of the labelled bonds in the market and the new climate bonds Taxonomy. The conducted analysis of green bonds issues in Russia has shown that the first issue took place in May 2019, although several major Russian companies have been making statements about their intentions to issue green bonds since 2015. The paper states the reasons for the «green» potential reduction as well as for Russia’s low involvement in the global green market. Those reasons mainly are products of immature legislative framework – poor development of regulation and legislation – and lack of its own green bond standards along with the required transparency, accuracy and integrity of disclosed information on issues to stakeholders. The creation of a sustainable development sector on Moscow stock exchange in 2019 provides to increase the issue of green bonds. Having analyzed the stated above the paper proves that the establishing of a unified green investment center linked to the Bank of Russia, as well as increasing transparency and openness of business, not only ensures the increase of green bonds issue in Russia but also contributes to overall environmental stability.

De-risking of Green Investments through a Green Bond Market: Empirics and a Dynamic Model