Factors of Attractiveness of Green Bonds as a Financing Tool for Countering Adverse Climate Change

Abstract

AbstractIn the face of a global climate deteriorating, the efforts of the international community to improve the global and national environmental situation and combat negative climate change are bearing fruit, but they still need financial support. In this situation, relevant instruments are green bonds issued in the global financial market relatively recently but have already proven themselves to be quite attractive. The number and volumes of their issues are growing, and the range of issuers and investors, as well as the geography of issues, is expanding. Therefore, it seems very important and timely to analyze the current situation and state of the global green bond market, to identify the crucial factors of the attractiveness of the green bonds, including the specifics of the Russian market, which is represented by the Moscow Exchange (the Sustainable Development Sector). The results obtained will make it possible to assess the prospects for green bonds and the market they form. The study used the methods of retrospective and comparative analysis, as well as the method of least squares. The analysis of the selected factors of the attractiveness of green bonds as a tool for financing the counteraction of negative climate change showed that greenium is a significant factor for the global green bond market; as a result of a comparative analysis of the size of global and Russian markets, the data we obtained indicates high prospects of the Russian green sector. Consequently, it is possible to recommend intensifying the involvement of private companies as investors and issuers of green bonds, as well as to continue the policy of government support in the Russian market.KeywordsGreen bondsSustainable development goalsGreeniumSustainable development sector of the Moscow exchangeJEL ClassificationG12C12