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1

Green bonds as the driving force of environmental performance – the European perspective

Janik Bogna, Maruszewska Katarzyna

Economics and Environment

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2023

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No. 4

1--19

EN

This paper identifies regions with high environmental performance by assessing the size of green bond issuance in European countries from a cause-and-effect perspective. Cluster analysis and descriptive statistics were used to meet this research objective. The research subject was the size of green bond issuance, understood as the driving force for the green economy in European countries. The main findings of the research show a strong correlation between the size of green bond issuance and environmental performance. Due to limited access to source data, the analysis of green sources of financing was restricted only to the size of green bond issuance, excluding other funding sources. Identifying the regions with high environmental performance and high value of green bond issuance will allow for an effective support plan for pro-ecological actions by using soft and complex tools of green policy, bearing in mind existing limitations, too. This approach determines groups of countries that share similar features, i.e., the ones that take advantage of green projects financed by the issuance of green bonds and simultaneously have a high environmental performance index.

PL

Celem badania jest wskazanie regionów, gdzie efektywność środowiskowa jest wysoka poprzez przyczynowo-skutkowe podejście do oceny wielkości emisji zielonych obligacji w krajach europejskich. Do realizacji celu badania wykorzystano analizę treści i opisowe metody statystyczne. Przedmiotem badań była wielkość emisji zielonych obligacji rozumiana jako jedna z sił napędowych zielonej gospodarki w krajach europejskich. Rezultaty badania wykazują silną zależność pomiędzy wielkością emisji zielonych obligacji a efektywnością środowiskową. Ze względu na ograniczony dostęp do danych źródłowych, analiza zielonych źródeł finansowania została zawężona tylko do wielkości emisji zielonych obligacji z pominięciem innych źródeł finansowania. Identyfikacja regionów o wysokiej efektywności środowiskowej i wysokiej wartości emisji zielonych obligacji pozwoli na skuteczne planowanie wspierania działań proekologicznych, poprzez wykorzystanie miękkich i twardych narzędzi polityki środowiskowej, mając na uwadze także istniejące ograniczenia. Podejście takie wskazuje grupy krajów o zbliżonych cechach, korzystających z zielonych projektów finansowanych przez emisję zielonych obligacji i jednocześnie mających wysoki wskaźnik efektywności środowiskowej.

2

The impact of green finance development on ecological protection based on machine learning

Zhang Ting

Ecological Chemistry and Engineering. S

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2023

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Vol. 30, nr 1

103--110

EN

In the context of today’s green development, it is the core task of the financial sector at all levels to enhance the utilisation of resources and to guide the high-quality development of industries, especially to channel funds originally gathered in high-pollution and energy-intensive industries to sectors with green and high-technology, to achieve the harmonious development of the economy and the resources and environment. This paper proposes a green financial text classification model based on machine learning. The model consists of four modules: the input module, the data analysis module, the data category module, and the classification module. Among them, the data analysis module and the data category module extract the data information of the input information and the green financial category information respectively, and the two types of information are finally fused by the attention mechanism to achieve the classification of green financial data in financial data. Extensive experiments are conducted on financial text datasets collected from the Internet to demonstrate the superiority of the proposed green financial text classification method.

3

Research on the low carbon of GFD : from the perspective of GL based on environmental protection

Niu Min, Xu Dan-Dan

Ecological Chemistry and Engineering. S

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2023

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Vol. 30, nr 1

93--101

EN

Enhancing the low-carbon effect of green finance development (GFD) is an effective way for China to accelerate the comprehensive deepening of supply side structural reform, better realise the high-quality development of green economy and better protect the environment. Therefore, based on the green technology innovation theory and endogenous growth theory, from the four dimensions of green innovation (GI) in the GLOBIO model, the unbalanced panel data of 8976 manufacturing listed companies from 2009 to 2021 were used. This paper deeply explores the low-carbon effect of GI on the development of green finance (GF) in China’s manufacturing industry. The results show that: on the whole, GI based on environmental protection has a significant incentive effect on the low-carbon effect of GFD. Compared with green material innovation and green process innovation, green product design innovation and green equipment innovation have more incentive effect. Further analysis shows that green product design innovation and green equipment innovation can produce incremental effect on the low-carbon effect of green financial development through green material innovation. The conclusion not only provides empirical support for green technology innovation theory and endogenous growth theory, but also provides effective evidence for the path of GF to achieve low-carbon development.

4

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.

5

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.

6

Zielone finanse w polskich regulacjach prawnych

Górski Marek

Przegląd Komunalny

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2021

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nr 9

20--22

PL

Zielone finanse mają ożywić gospodarki krajów Unii Europejskiej po pandemii COVID-19. Wartość inwestycji ma wynieść 1 bln euro. Póki co, nie funkcjonują jeszcze wszystkie przepisy dotyczące ww. finansowania. Jednak każdy kraj członkowski, w tym Polska, będzie miał obowiązek ich implementowania.

7

Europejskie ramy zielonych finansów w Polsce

Górski Marek

Przegląd Komunalny

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2021

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nr 10

27--28

PL

W poprzednim numerze „Przeglądu Komunalnego” dokonany został przegląd unijnych regulacji prawnych związanych z tzw. zielonymi finansami, wskazany został także przyjęty sposób rozumienia tego pojęcia. Uzupełniająco warto wskazać, że 7 września br. Komisja Europejska przyjęła tzw. ogólne ramy dotyczące zielonych obligacji.