МИРОВОЙ РЫНОК КЛИМАТИЧЕСКИХ ОБЛИГАЦИЙ: ТЕНДЕНЦИИ РАЗВИТИЯ

Abstract

The purpose of this work is to expand theoretical positions and identify trends in the development for climate and green bonds market based on the systematization of domestic and foreign research on “green” financial instruments. The authors analyzed the existing work in the field of climate and green bonds as “green” financial instruments. The absence of a single theoretical approach to the correlation of such bonds and their types is revealed. Based on the analysis of the CBI (Climate Bonds Initiative) data, systematization of existing theoretical provisions and international practice, the author’s approach to the classification of climatic and green bonds, which served as the basis for the analysis of relevant statistical data, was substantiated. The authors distinguish between climatic and “green” bonds with a description of their classification. It was revealed that “green” bonds are an integral part of climate bonds with certain principles of marking and certification. Based on the analysis of CBI data, statistical information is provided on the distribution of the climate bond market, depending on the presence of marking, loan currency, maturity, credit rating of issuers, sources of debt bond redemption, issuer category, and “green” bonds by countries and areas of use of borrowed funds. Conducted in accordance with the author’s authoritative classification, the analysis of current practice has shown that the market for climate and “green” bonds is expanding; the market is dominated by bonds with terms over 10 years, with a nominal value in yuan, euro and US dollars. Depending on the issuer’s category, bonds issued by the executive authorities and municipalities, as well as by the Development banks, prevailed in 2016–2017. There is a tendency for a significant increase in bonds issued by non-financial organizations. The largest amount of funds raised through the issuance of “green” bonds is channeled to energy efficiency and renewable energy.