Green Bonds: New Trends in the Global Market and Opportunities for Russian Economy
Green Bonds: New Trends in the Global Market and Opportunities for Russian Economy
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绿色债券：全球市场新趋势与俄罗斯经济机遇
DOI：
10.20542/0131-2227-2021-65-2-62-70
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发表时间：
2021
期刊：
影响因子：
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通讯作者：
E. Kiseleva
中科院分区：
文献类型：
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作者：
E. Kiseleva
环境金融以提供基于诚实和公正的报告，前沿研究和对细节的深刻关注的市场领先内容而闻名。以上种种，都让其在快速发展的绿色债券市场中处于领先地位。本文认为，通过使用防止环境污染或有助于稳定环境状况的技术而获得的绿色标签，使其更容易在全球市场上获得外部融资。对全球绿色债券市场动态的分析显示，绿色债券总量的近70%是在2017年至2019年期间发行的。基于对各种公开来源数据的系统化，确定了全球绿色债券市场的新趋势。其中的主要趋势包括小型交易数量的增长，混合融资的使用，市场上标签债券的扩展以及新的气候债券分类。对俄罗斯绿色债券发行的分析表明，第一次发行发生在2019年5月，尽管自2015年以来，几家主要的俄罗斯公司一直在发表关于发行绿色债券的意图的声明。本文阐述了俄罗斯“绿色”潜力减少以及俄罗斯在全球绿色市场参与度低的原因。这些原因主要是立法框架不成熟的产物-监管和立法发展不力-以及缺乏自己的绿色债券标准沿着以及向利益相关者披露有关问题的信息所需的透明度、准确性和完整性。2019年在莫斯科证券交易所创建可持续发展部门将增加绿色债券的发行。通过对上述问题的分析，证明了建立与俄罗斯银行相联系的统一的绿色投资中心，以及提高业务的透明度和开放性，不仅确保了俄罗斯绿色债券发行的增加，而且有助于整体环境的稳定。
Environmental finance has a reputation for delivering market-leading content based on honest and unbiased reporting, cutting-edge research and profound attention to detail. All of the above have placed it at the top of the rapidly growing green bond market. The paper argues that the green label earned with the usage of technologies that prevent environmental pollution or contribute to the stabilization of the environmental situation makes it much easier to obtain external financing on global market. The analysis of the global green bond market dynamics has revealed that almost 70% of the total amount of green bonds were issued in between 2017 and 2019. Based on the data systematization of various open sources the new trends in the global green bond market were identified. The primary trends among them include the growth in the number of smaller deals, the use of mixed funding, the extension of the labelled bonds in the market and the new climate bonds Taxonomy. The conducted analysis of green bonds issues in Russia has shown that the first issue took place in May 2019, although several major Russian companies have been making statements about their intentions to issue green bonds since 2015. The paper states the reasons for the «green» potential reduction as well as for Russia’s low involvement in the global green market. Those reasons mainly are products of immature legislative framework – poor development of regulation and legislation – and lack of its own green bond standards along with the required transparency, accuracy and integrity of disclosed information on issues to stakeholders. The creation of a sustainable development sector on Moscow stock exchange in 2019 provides to increase the issue of green bonds. Having analyzed the stated above the paper proves that the establishing of a unified green investment center linked to the Bank of Russia, as well as increasing transparency and openness of business, not only ensures the increase of green bonds issue in Russia but also contributes to overall environmental stability.