SIGNIFICANCE OF GREEN BONDS ON CONTEMPORARY FINANCIAL MARKET

Abstract

Since the onset of the global financial crisis at the end of 2008 green projects are becoming increasingly important, and green economy is becoming more and more interesting as an area of research for numerous authors. In this regard, the paper will analyze green bonds that represent an integral part of green finances, i.e. a significant instrument of green economy and a useful mean in fighting climate changes. These securities mostly represent non-taxable financial instruments and have high credit rating, which is why they are very attractive to investors. Green bonds attract more and more attention in the largest world economies, i.e. in China and USA as the major emitters of greenhouse gases. However, they also have a notable role on the markets of some other countries, i.e. France, Germany, Norway, Sweden, Denmark, Finland, India, and South Africa. Green bonds can be of a great significance for the Republic of Serbia, as well. The Republic of Serbia has adopted, in the process of joining the European Union in early 2020, a Negotiating position for the Chapter 27, i.e. the chapter related to environment and climate changes.