Green Bonds like the Incentive Instrument for Cleaner Production at the Government and Corporate Levels: Experience from EU to Ukraine
Abstract
The paper deals with analysis of the main features and perspectives of green bonds development. Under the investigation the European Union experience of developing and functioning the green bonds market were analysed by the authors. The authors systematised the main approaches to define green bonds. Thus, the green bonds were defined as the debt investment in which an investor loans money which borrows the funds for a defined period at a variable or fixed interest rate with purpose to raise money and finance the variety of green projects and activities. In this direction, green projects mean the all activities which connected with resources saving and environmental protection activities. According to this result, the main features, parameters and principles of green bonds were indicated by the authors. Besides, based on the European Union experience the authors allocated the main pre-requisites of developing the green bonds market in Ukraine. Moreover, the authors allocated the main players at the green bonds market. According to the European Union experience and Ukraine conditions, the attractive directions of green bonds market for investors were identified by the authors. With this purpose the authors tried to consolidate the main advantages and disadvantages of green bonds for investors. According to the results, in conclusion, the authors allocated the possible economic, social, political and environmental benefits of green bonds market for issuers with purpose to attract their attention and to develop the green bonds market in Ukraine.
References
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[38] Leonov, S. V., Vasylieva, T. A., and Tsyganyuk, D. L. 2012. Formalization of functional limitations in functioning of co-investment funds basing on comparative analysis of financial markets within FM CEEC. Actual Problems of Economics, 134(8): 75-85.
[39] Leonov, S., Frolov, S., and Plastun, V. 2014. Potential of institutional investors and stock market development as an alternative to households' savings allocation in banks. Economic Annals-XXI, 11-12: 65-68.
[40] Lyulyov O., and Pimonenko, T. 2017. Lotka-Volterra model as an instrument of the investment and innovative processes stability analysis. Marketing and Management of Innovations, 1: 93–102.
[41] Lyulyov, O., Chortok, Y., Pimonenko, T., and Borovik, O. 2015. Ecological and economic evaluation of transport system functioning according to the territory sustainable development. International Journal of Ecology and Development, 30(3): 1-10.
[42] Mačaitytė, I., and Virbašiūtė, G. 2018. Volkswagen Emission Scandal and Corporate Social Responsibility – A Case Study. Business Ethics and Leadership, 2(1): 6-13. 10.21272/bel.2(1).6-13.2018
[43] Melnyk, L., Sineviciene, L., Lyulyov, O., Pimonenko, T., and Dehtyarova, I. 2018. Fiscal decentralization and macroeconomic stability: The experience of Ukraine’s economy. Problems and Perspectives in Management, 16(1): 105-114. doi:10.21511/ppm.16(1).2018.10
[44] Mikalauskiene, A., Narutaviciute-Cikanauske, R., Sarkiunaite, I., Streimikiene, D., and Zlateva, R. 2018. Social aspect of sustainable development: Issues of poverty and food shortage. Montenegrin Journal of Economics, 14(2): 59-78. doi:10.14254/1800-5845/2018.14-2.4
[45] Mohamad Taghvaee, V., Khodaparast Shirazi, J., Boutabba, M. A., and Seifi Aloo, A. 2017. Economic growth and renewable energy in Iran. Iranian Economic Review, 21(4): 789-808. doi:10.22059/ier.2017.64081
[46] Mukhtarova, K., Turekulova, D., Lesbayeva, G., Yesturlieva, A., and Saimagambetova, G. 2018. Analysis and evaluation of environmental management. Journal of Environmental Management and Tourism, 9(1): 167-174. doi:10.14505/jemt.v9.1(25).21
[47] Mulyanto, M., Awatara, I. G. P. D., and Gunardi, A. 2018. Enhancing competence, environmental management system, job satisfaction and employee performance. Journal of Environmental Management and Tourism, 9(1): 40-45. doi:10.14505/jemt.v9.1(25).06
[48] Nagyová, L. et al. 2016. Economic sustainability of primary agricultural production: the Slovak Republic in the EU context. Journal of Security and Sustainability Issues, 6(2): 259–274. DOI: http://dx.doi.org/10.9770/jssi.2016.6.2(6)
[49] Official website ENGIE. (2017. Available at: http://www.engie.com/en/
[50] Pimonenko, T., Prokopenko, O., and Dado, J. 2017. Net zero house: EU experience in ukrainian conditions. International Journal of Ecological Economics and Statistics, 38(4): 46-57.
[51] Prokopenko, O., Cebula, J., Chayen, S., and Pimonenko, T. 2017. Wind energy in Israel, Poland and Ukraine: Features and opportunities. International Journal of Ecology and Development, 32(1): 98-107.
[52] Simionescu, M., Albu, L. L., Raileanu Szeles, M., and Bilan, Y. 2017. The impact of biofuels utilisation in transport on the sustainable development in the European Union. Technological and Economic Development of Economy, 23(4): 667-686.
[53] Smith, M. 2018. A Real Options Approach to Evaluating Agricultural Investments under Uncertainty: When to Get in and Out of Sugarcane Production. SocioEconomic Challenges, 2(1): 21-34. DOI: 10.21272/sec.2(1).21-34.2018
[54] The green bond market in Europe 2018. 2018. Prepared by the Climate Bonds Initiative. Available at: https://www.climatebonds.net/files/files/The%20Green%20Bond%20Market%20in%20Europe.pdf
[55] Thiam Hee Ng, Jacqueline Yujia Tao 2016. Bond financing for renewable energy in Asia, Energy Policy, 95: 509-517.
[56] Triodos Bank. Green investment – what does it actually mean? Available at: https://www.triodos.co.uk/en/personal/ethical-investments/green-investments/
[57] Tvaronavičienė, M., Prakapienė, D., Garškaitė-Milvydienė, K., Prakapas, R., and Nawrot, Ł. 2018. Energy efficiency in the long run in the selected European countries. Economics and Sociology, 11(1): 245-254. doi:10.14254/2071-789X.2018/11-1/16
[58] Understanding climate bonds. Climate Bonds Initiative. Available at: https://www.climatebonds.net/resources/understanding
[59] Unlocking the green bond potential in India. Available at: https://archive.nyu.edu/bitstream/2451/42243/2/Unlocking%20the%20Green%20Bond%20Potential%20in%20India.pdf
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Published
2019-03-03
How to Cite
CHYGRYN, Olena et al.
Green Bonds like the Incentive Instrument for Cleaner Production at the Government and Corporate Levels: Experience from EU to Ukraine.
Journal of Environmental Management and Tourism, [S.l.], v. 9, n. 7, p. 1443-1456, mar. 2019.
ISSN 2068-7729.
Available at: <https://journals.aserspublishing.eu/jemt/article/view/2738>. Date accessed: 04 dec. 2024.
doi: https://doi.org/10.14505//jemt.v9.7(31).09.
Section
Article
Copyright© 2024 The Author(s). Published by ASERS Publishing 2024. This is an open access article distributed under the terms of CC-BY 4.0 license.