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1

Green municipal bonds in the energy transition process

Marszałek Jakub, Sekuła Paweł

Economics and Environment

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2024

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No. 2

art. no. 700

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.

2

Green finance to combat climate change

Rydzewska Alina

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2022

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z. 161

249--260

EN

Purpose: The aim of this paper is to analyze the importance of finance for climate change. Design/methodology/approach: The paper attempts to answer the question: what is the meaning of finance in the processes related to environmental protection, what is the development trend in the field of the so-called instruments of green finance and what are the purposes of the particular instruments. The following research methods were used: literature review, desk research (UNCTAD reports, GIIN, Sustainable Debt, Green Finance in Poland,) and deductive reasoning. Findings: The market for green finance instruments is growing rapidly. For both green bonds and sustainable funds and impact investments, the growth rate in the number and value of instruments has been the highest in recent years. The analysis of investment directions indicates that they are related to activities concerning environmental protection or other aspects of sustainable development. Practical implications: The importance and need for creating conditions (legislative, technical, educational) for the development of green finance instrument market was indicated. Originality/value: The paper offers cognitive value as it contributes to the body of knowledge regarding the relevance of green in addressing climate change.

3

Green bonds as modern financial instruments

Żak Katarzyna

Zeszyty Naukowe. Organizacja i Zarządzanie / Politechnika Śląska

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2021

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z. 154

389--402

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.