Current situation and perspectives of the development of the global and national green bond market

According to the covering concept of sustainable development, green economy and green finance as products of harmonized development of economy, society, and principles of environmental protection in the 21st century are the driving force of economic prosperity of both, developed and developing countries. Strengthened global capital market oriented towards sustainability highlights the commitment of society's concern about six key environmental systems: energy, transport, water, waste and pollution control, construction and industry, agriculture and forestry; and green bonds as the latest "fashion" of sustainable green financing are standing out as an ideal instrument for fulfilling most of the desired economic-environmental goals. The use of these securities ensures economic efficiency, which is, in turn, organized in a way that fully complies with the environmental, and therefore with the principles of sustainability. Accordingly, the aim of the research is to assess the current level of development of the global and national green bond market, and to analyze the conditions for "market exploitation"of these financial instruments in the future. The relevance of the research is supported by the fact that the sustainability principles rapidly begin to be implemented in all spheres of finance, and that the popularity of green securities, primarily green bonds, has been growing dizzyingly in the last few years. The descriptive and comparative method, inductive-deductive method, as well as analysis of the content of the literature of reference authors in the relevant field, were used for the research purposes. The result of the research is the confirmed assumption that the global green bond market is developing exponentially, that such a trend will be continued in the future, and that there are capacities, as well as justified expectation that the Republic of Serbia will start forming a stable market of green securities in the near future.