Rewarding performance through sustainability-linked bonds

IF 1 Q3 ECONOMICS

ECONOMIC AFFAIRS Pub Date : 2024-05-22 DOI:10.1111/ecaf.12636

Anne-Marie Anderson, Richard Kish

引用次数: 0

Abstract

Green bonds and the broad category of environmental, social, and governance (ESG) debt are market initiatives designed to tie environmental goals to the funding mechanism of the firm. Although there is an evolving certification process for green and social bonds, it does not currently include monetary consequences for a deviation from the proposed green uses of the funding. This article provides an overview of the green/social bond market to highlight these shortcomings. After a review of the green bond literature, we note the shortcomings of the existing debt market and illustrate the benefits of sustainability-linked bonds (SLB), which reward incremental improvements in relevant performance indicators.

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通过与可持续发展挂钩的债券奖励绩效

绿色债券和广义的环境、社会和治理（ESG）债务是市场倡议，旨在将环境目标与公司的融资机制联系起来。虽然绿色债券和社会债券的认证程序在不断发展，但目前并不包括偏离资金绿色用途的货币后果。本文概述了绿色/社会债券市场，以强调这些缺陷。在对绿色债券文献进行回顾后，我们指出了现有债务市场的不足之处，并说明了与可持续性挂钩的债券（SLB）的好处，即对相关绩效指标的逐步改善给予奖励。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

ECONOMIC AFFAIRS ECONOMICS-

CiteScore

1.40

自引率

14.30%

发文量

期刊介绍： Economic Affairs is a journal for those interested in the application of economic principles to practical affairs. It aims to stimulate debate on economic and social problems by asking its authors, while analysing complex issues, to make their analysis and conclusions accessible to a wide audience. Each issue has a theme on which the main articles focus, providing a succinct and up-to-date review of a particular field of applied economics. Themes in 2008 included: New Perspectives on the Economics and Politics of Ageing, Housing for the Poor: the Role of Government, The Economic Analysis of Institutions, and Healthcare: State Failure. Academics are also invited to submit additional articles on subjects related to the coverage of the journal. There is section of double blind refereed articles and a section for shorter pieces that are reviewed by our Editorial Board (Economic Viewpoints). Please contact the editor for full submission details for both sections.