Naslov
GREEN BONDS AND CARBON EMISSIONS: THE EUROPEAN UNION CASE

Autori
Bestvina Bukvić, Ivana ; Pekanov Starčević, Dubravka ; Fosić, Ivana

Vrsta, podvrsta i kategorija rada
Sažeci sa skupova, sažetak, znanstveni

Izvornik
Book of abstracts of FEB Zagreb 13th International Odyssey Conference on Economics and Business / Pavić, Ivana ; Galetić, Fran ; Ferjanić Hodak, Danijela - Zagreb : Ekonomski fakultet Sveučilišta u Zagrebu, 2022, 5-6

ISBN
978-953-346-180-9

Skup
13th International Odyssey Conference on Economics and Business

Mjesto i datum
Dubrovnik, Hrvatska, 01.06.2022. - 04.06.2022

Vrsta sudjelovanja
Predavanje

Vrsta recenzije
Međunarodna recenzija

Ključne riječi
carbon neutrality, CO2 emissions, green bonds, green financing, greenwashing

Sažetak
The green bond market has grown steadily in recent years and is becoming a common and even dominant form of financing green projects, alongside green loans and green equity investments. Green bonds are no longer attracting only financial development institutions and public sector issuers, but also private issuers seeking financing for their green projects. Their characteristics such as long maturity, low cost and acceptable risk due to policy support and usually high credit ratings of issuers make them attractive to both potential investors and issuers. Together with efforts to achieve the United Nations Sustainable Development Goals (SDGs) and the Paris Agreement targets through various measures, including the development of financing mechanisms for low-carbon, climate- resilient global development, this financial instrument is gaining an interesting role and importance in financial markets. On the other hand, the question arises whether and to what extent green benefits are actually associated with the increasing issuance of green financial instruments. Given the increasing importance of this issue, numerous studies have been conducted on the role and contribution of green financing mechanisms in achieving the Paris Agreement targets, leading to different but generally positive conclusions regarding a link between green financial instruments and CO2 emission reductions. This paper uses data from the Refinitiv database to identify trends in total and per capita CO2 emissions, as well as the value and number of green bond issuance in the EU-27 from 2013 to 2017. It also presents the evidence on the correlation between green bond issuance and CO2 emissions per capita in the EU-27. It was found that total and per capita CO2 emissions decreased by 3.7% and 4.6%, respectively. During the same period, green bond issuance in the observed countries increased from EUR 5 billion (issued in 5 Member States in 2013) to EUR 75 billion (issued in 13 Member States in 2017). Over the observed period, there was at least one green bond issuance in 20 countries. It was also found that there was no significant linear correlation between green bond issuance and CO2 emissions per capita (r = .122, p > .05). Considering the multiple increase in green bond issuance and, on the other hand, the rather modest decrease in CO2 emissions without significant linear correlation between the two, the already existing concerns about a possible link between green financial instruments and greenwashing remain.

Izvorni jezik
Engleski

Znanstvena područja
Ekonomija

POVEZANOST RADA