Practical Applications of Green Bonds and Green Bond Funds: The Quest for the Real Impact

IF 0.4 Q4 BUSINESS, FINANCE

Journal of Alternative Investments Pub Date : 2020-07-31 DOI:10.3905/jai.22.s4.032

Gábor Gyura

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Abstract

Practical Applications In Green Bonds and Green Bond Funds: The Quest for the Real Impact, from the Summer 2020 issue of The Journal of Alternative Investments, author Gabor Gyura (of the University of Pecs in Hungary) investigates whether the rise of green bonds can be expected to lead to the completion of more environmentally friendly projects. Green bond issuance has grown dramatically in recent years, and green bond mutual funds are working hard to catch up. However, Gyura notes that not all green bonds finance high-profile environmental efforts like climate change mitigation, and some green bond funds invest more heavily than others in bonds that specifically fund such projects. Gyura also conducted a worldwide survey of bond issuers to determine whether issuing green bonds helped them complete more green projects. His results suggest the answer is no. Most respondents said their green projects would have been completed whether they had issued bonds labeled as green or not—and the main reason they issue green-labeled bonds is to improve their reputation and help them enter the green-finance market. Therefore, Gyura says there is little evidence that the growth of the green bond market will help to complete more green projects.

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绿色债券和绿色债券基金的实际应用：寻求真正的影响

绿色债券和绿色债券基金的实际应用：寻求真正的影响，来自《另类投资杂志》2020年夏季版，作者Gabor Gyura（匈牙利佩茨大学）调查了绿色债券的兴起是否会导致更环保的项目的完成。近年来，绿色债券发行量大幅增长，绿色债券共同基金正在努力追赶。然而，Gyura指出，并非所有的绿色债券都为缓解气候变化等高调的环境努力提供资金，一些绿色债券基金在专门资助此类项目的债券上的投资比其他基金更多。Gyura还对债券发行人进行了一项全球调查，以确定发行绿色债券是否有助于他们完成更多的绿色项目。他的研究结果表明，答案是否定的。大多数受访者表示，无论他们是否发行了绿色债券，他们的绿色项目都会完成——他们发行绿色债券的主要原因是提高声誉，帮助他们进入绿色金融市场。因此，Gyura表示，几乎没有证据表明绿色债券市场的增长将有助于完成更多的绿色项目。

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

Journal of Alternative Investments BUSINESS, FINANCE-

CiteScore

1.50

自引率

14.30%

发文量

期刊介绍： The Journal of Alternative Investments (JAI) provides you with cutting-edge research and expert analysis on managing investments in hedge funds, private equity, distressed debt, commodities and futures, energy, funds of funds, and other nontraditional assets. JAI is the official publication of the Chartered Alternative Investment Analyst Association (CAIA®). JAI provides you with challenging ideas and practical tools to: •Profit from the growth of hedge funds and alternatives •Determine the optimal mix of traditional and alternative investments •Measure and track portfolio performance •Manage your alternative investment portfolio with proven risk management practices