Green municipal bonds in the energy transition process

• Autorzy: Marszałek Jakub , Sekuła Paweł

Identyfikatory

DOI

10.34659/eis.2024.89.2.700

Warianty tytułu

PL

Municypalne zielone obligacje w procesie transformacji energetycznej

• Języki publikacji: EN

Abstrakty

EN

In this article, we focus on green bonds issued by local authorities for the energy transition of cities. Using bonds listed on public markets, we compared the yields of municipal energy bonds with those of other bonds of the same issuer at the same time. The comparison was made using the Wilcoxon signed-rank test. The study aimed to establish the presence of greenium, which can significantly reduce the cost of financing green energy projects implemented by urban centres. The study included selected agglomerations from almost every continent with different financial market experiences. The results indicate a wide variation in the occurrence of greenium, both in terms of value and stableness over time. This may imply that other non-financial factors influence its properties. However, the study results show the potential for reducing the cost of financing energy transition implemented by cities and may have practical relevance.

PL

W artykule skupiamy się na zielonych obligacjach emitowanych przez samorządy lokalne na potrzeby trans-formacji energetycznej miast. Wykorzystując obligacje notowane na rynkach publicznych, porównaliśmy rentowność komunalnych obligacji energetycznych z rentownością innych obligacji tego samego emitenta, w tym samym czasie. Porównania dokonano za pomocą testu kolejności par Wilcoxona. Celem badania było stwierdzenie obecności greenium, które może w znaczący sposób obniżyć koszty finansowania projektów zielonej energii realizowanych przez ośrodki miejskie. Do badania włączono wybrane aglomeracje z niemal każdego kontynentu, posiadające różne doświadczenia na rynku finansowym. Wyniki wskazują na duże zróżnicowanie w występowaniu greenium, zarówno pod względem wartości, jak i stabilności w czasie. Może to oznaczać, że na jego właściwości wpływają inne czynniki, pozafinansowe. Wyniki badania wskazują jednak na potencjał obniżenia kosztów finansowania transformacji energetycznej realizowanej przez miasta i mogą mieć znaczenie praktyczne.

Słowa kluczowe

EN

green bond; energy transition; energy efficiency; financial management

PL

obligacja zielona; transformacja energetyczna; efektywność energetyczna; zarządzanie finansami

• Wydawca: Polskie Stowarzyszenie Ekonomistów Środowiska i Zasobów Naturalnych
• Czasopismo: Economics and Environment
• Rocznik: 2024
• Tom: No. 2
• Strony: art. no. 700
• Opis fizyczny: Bibliogr. 38 poz., tab., wykr.

Twórcy

autor

Marszałek Jakub

• University of Lodz, Matejki Street 22/26, 90-237 Lodz, Poland

• https://orcid.org/0000-0002-7665-1497

autor

Sekuła Paweł

• University of Lodz, Matejki Street 22/26, 90-237 Lodz, Poland

• https://orcid.org/0000-0002-1959-8378

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