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Green bonds as modern financial instruments

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EN
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EN
Design/methodology/approach: The research methods used in the paper include the survey of Polish and foreign literature as well as the analysis of data from secondary sources. Desk research analysis was based on numerical data contained in the Climate Bonds Initiative database. Findings: The result of the conducted research is an indication of trends concerning the development of the green bond market and the main leaders on the international market. The position of Poland as an issuer of this type of securities is presented against this background. Research limitations/implications: The presented findings encourage further research to systematize data on green finance in Poland and the issue of green bonds from the point of view of the adopted criteria for their division. Practical implications: The analysis and assessment of the causes and effects of the issue of green bonds, especially on international markets, should be a kind of leverage to popularize this method of financing pro-ecological projects in Poland, especially among entrepreneurs and local governments. Social implications: The use of the presented data, analyses and conclusions should imply further actions and strategies of various entities necessary to implement the concept of sustainable development, especially green financing. The implementation of green bonds should result in the development of the capital market on the one hand, and on the other hand, contribute to the effective implementation of pro-ecological projects. Originality/value: The article synthetically presents the significance of the concept of green finance. It deals with current issues related to green bonds as well as global and domestic trends in their application.
Rocznik
Tom
Strony
389--402
Opis fizyczny
Bibliogr. 31 poz.
Bibliografia
  • 1. Act of January 15, 2015, on bonds (consolidated text Dz.U. [Journal of Law] of 2020 item 1208).
  • 2. Bieniok, H. (2020). Zarządzanie biznesem w warunkach błyskawicznie narastających zagrożeń ekologicznych. In: D. Kopycińska, T. Bernat (eds.), Ekonomiczne wyzwania współczesnego świata (pp. 41-52). Łódź: Wydawnictwo SIZ.
  • 3. Caldecott, B.L., Tilbury, J., Carey, C. (2014). Stranded Assets and Scenarios, Discussion Paper, Smith School of Enterprise and the Environment. Oxford: University of Oxford, pp. 3-19.
  • 4. Climate Bonds Initiative (2021), https://www.climatebonds.net/market/data/, 30.08.2021.
  • 5. De Jong, M.D.T., Huluba, G., Beldad, A.D. (2019). Different Shades of Greenwashing: Consumers’ Reactions to Environmental Lies, Half-Lies, and Organizations Taking Credit for Following Legal Obligations. Journal of Business and Technical Communication, 34(1), pp. 38-39.
  • 6. Della Croce, R., Kaminker, C., Stewart, F. (2011). The Role of Pension Funds in Financing Green Growth Initiatives. OECD Working Papers on Finance, Insurance and Private Pensions, No. 10. Paris: OECD Publishing, p. 16.
  • 7. Dziawgo, L. (2014). Greening financial market. Copernican Journal of Finance & Accounting, vol. 3(2), pp. 9-23.
  • 8. European Commission (2021). Proposal for a REGULATION OF THE EUROPEAN PARLIAMENT AND OF THE COUNCIL on European green bonds. Strasburg, p. 25 and further.
  • 9. Flammer, C. (2019). Green bonds: Effectiveness and implications for public policy. Environmental and Energy Policy and the Economy, vol. 1, pp. 95-128.
  • 10. Fu, J., Li, S., Ng, A.W. (2020). Challenges and Countermeasures in the Development of China’s Green Bond Market. In: J. Fu, A.W. Ng (eds.), Sustainable Energy and Green Finance for a Low-carbon Economy: Perspectives from the Greater Bay Area of China (p. 48). Cham: Springer Nature Switzerland AG.
  • 11. Grabowski, M., Kotecki, L. (2020). Zielone obligacje w Polsce. Przewodnik emitenta. Sopot: Centrum Myśli Strategicznych, pp. 102 and following.
  • 12. Höhne, N., Khosla, S., Fekete, H., Gilbert, A. (2012). Mapping of Green Finance Delivered by IDFC Members in 2011. Köln: Ecofys, p. 7.
  • 13. https://alebank.pl/grudziadz-pierwszym-polskim-miastem-ktore-wyemitowalo-zielone-obligacje/, 25.08.2021.
  • 14. https://smart-grids.pl/aktualnosci/finanse/3567-kiedy-polscy-osd-planuj%C4%85-emisj%C4%99-zielonych-obligacji.html, 30.08.2021.
  • 15. https://uml.lodz.pl/aktualnosci/artykul/lodz-jako-pierwsza-wpolsce-wyemitowala-zielone-obligacje-samorzadowe-id42082/2021/7/13/, 30.08.2021.
  • 16. International Capital Market Association (2019). Guidance Handbook. Paris: ICMA, p. 6.
  • 17. Kotecki, L. (ed.) (2020). Zielone finanse w Polsce. Sopot: Wyd. Instytut Odpowiedzialnych Finansów, European Financial Congress, Global Compact Network Poland, Know-How Hub Centrum Transferu Wiedzy, pp. 4-5.
  • 18. Laskowska, A. (2019). Zielone obligacje skarbowe jako sposób finansowania zadań publicznych, CATALLAXY, 4(2), pp. 103-111.
  • 19. Laskowska, A. (2020). Zielone obligacje w Polsce – teoria i praktyka. In: L. Kotecki (ed.), Zielone finanse w Polsce (pp.47-57). Sopot: Wyd. Instytut Odpowiedzialnych Finansów, European Financial Congress, Global Compact Network Poland, Know-How Hub Centrum Transferu Wiedzy.
  • 20. Lindenberg, N. (2014). Definition of Green Finance, https://www.cbd.int/financial/gcf/ definition-greenfinance.pdf, 10.08.2021.
  • 21. Ministry of Finance (2017). Green Bond Report on the use of Proceeds, p. 5 and following.
  • 22. Ministry of Finance (2019). Green Bond Report on the use of Proceeds, p. 4 and following.
  • 23. Ministry of Finance (2020). Green Bond Report on the use of Proceeds, pp. 3-5.
  • 24. OECD (2018). OECD Sovereign Borrowing Outlook. Paris: OECD Publishing, p. 54.
  • 25. Pricewaterhouse Coopers Consultants (PWC) (2013). Exploring Green Finance Incentives in China, p. 15.
  • 26. Ryszawska, B. (2020). Sustainable finance – paradigm shift, https://postwzrost.pl/wp-content/uploads/2020/09/Ryszawska-Sustainable-finance-paradigm-shift.pdf, 20.08.2021, p. 11.
  • 27. Stenitzer, S. (2020). Grüne Anleihen als Instrument gegen den Klimawandel in Österreich: Status quo und Entwicklungsmöglichkeiten. In: A. Sihn-Weber, F. Fischler (eds.), CSR und Klimawandel (p. 210). Wiesbaden: Springer Gabler.
  • 28. Świeszczak, M. (2020). How Are Banks Doing on Sustainable Finance? Finanse i Prawo Finansowe, 3(27), p. 144.
  • 29. Volz, U., Böhnke, J., Knierim, L., Richert, K., Roeber, G., Eidt, V. (2015). Financing the Green Transformation: How to Make Green Finance Work in Indonesia. London: Palgrave Macmillan.
  • 30. WEF (2020). https://www.weforum.or/agenda/2020/11/what-is-green-finance/, 12.08.2021.
  • 31. World Bank (2015). What are green bonds? Washington: World Bank Group, p. 23.
Typ dokumentu
Bibliografia
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