Green Bonds in the Policy of Management of Central Banks’ International Reserves

Abstract

The article is devoted to the management of international reserves using green bonds, which makes it possible to ensure the priorities of sustainable development formulated by the UN. The authors aim to prove the possibility of using green bonds as alternative financial assets for placing the international reserves of countries pursuing a policy of de-dollarization. The authors conclude that the inclusion of these instruments in reserve portfolios ensures their necessary diversification, structure improvement, and risk reduction and increases the confidence of investors and creditors. Substantiation of the proposal to include green bonds, denominated in euros, in the Bank of Russia's portfolio of international reserve assets is an original contribution aimed at developing approaches to the management of international reserves, considering the existing realities.