Green Bonds: The Evolution of a Sustainable Financial Instrument on the Cutting Edge

IF 1.2 Q3 ECONOMICS

International Review of Environmental and Resource Economics Pub Date : 2021-07-27 DOI:10.1561/101.00000134

Antonio Malorgio, E. Teti, M. Dallocchio

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Abstract

This paper analyses the most recent literature available on the green bond, a financial instrument that raises funds for environmentally friendly projects. The aim of this research is to build a comprehensive review based on green bond roles, functions, features, typologies, general uses and effects. Ultimately, we try to address its potential contribution to the objectives of environmental policy. Our research reveals several roles that the instrument is taking. The regulation, the ecosystem and the best practices being developed around it may further boost the advance of sustainable activities in the market. Since 2013, when the issuances started to grow considerably, green bond market behaviour has been relatively similar to that of the conventional bond market. There have, however, been cases in which it attracted greater attention from investors and others in which it appeared to perform better than regular bond instruments. The green bond is also increasingly being considered as a strong potential support mechanism for the post-pandemic crisis recovery. Last, the paper highlights opportunities for future research on the subject.

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绿色债券：前沿可持续金融工具的演变

本文分析了有关绿色债券的最新文献，绿色债券是一种为环保项目筹集资金的金融工具。本研究的目的是基于绿色债券的作用、功能、特征、类型、一般用途和效果进行全面综述。最终，我们努力解决其对环境政策目标的潜在贡献。我们的研究揭示了该仪器正在扮演的几个角色。监管、生态系统和围绕其制定的最佳实践可能会进一步推动市场上可持续活动的发展。自2013年发行量开始大幅增长以来，绿色债券市场的行为与传统债券市场相对相似。然而，在某些情况下，它吸引了投资者和其他人的更多关注，在这些情况下，其表现似乎优于常规债券工具。绿色债券也越来越多地被视为疫情后危机复苏的强大潜在支持机制。最后，本文强调了未来对该主题进行研究的机会。

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来源期刊

International Review of Environmental and Resource Economics ECONOMICS-

CiteScore

2.90

自引率

0.00%

发文量

期刊介绍： Environmental and resource economics has become a broad topic making connections with many other subdisciplines in economics as well as the natural and physical sciences. It has also experience a significant growth in research such that the literature is exploding in terms of the number of topics addressed, the number of methodological approaches being applied and the sheer number of articles being written. Coupled with the high degree of specialization that characterizes modern academic research, this proliferation of topics and methodologies makes it impossible for anyone, even those who specialize in the subject, to keep up with developments in the field.