Рынок зеленых облигаций в новых условиях: финансовый пузырь или эффективный инструмент финансирования?
Аннотация
Обеспечение экономического роста в XXI веке неразрывно связано с попытками решить острые проблемы развития человечества, включая бедность и неравенство, изменение климата, ускоряющуюся деградацию экосистем и прочие риски ухудшения состояния окружающей среды. Концепция корпоративной социальной ответственности (CSR) постепенно трансформировалась в ESG-подход, который в значительной мере синхронизируется с выполняющими роль ориентиров на международном уровне Целями устойчивого развития. Растущая популярность этого подхода отразилась и на развитии финансового рынка и финансовых институтов, ответом со стороны которых в 2007 г. послужил первый выпуск зеленых облигаций. Одним из драйверов последующего роста этого сегмента финансового рынка была высокая зеленая премия, сохранявшаяся вплоть до кризисных явлений начала 2020-х гг. Вызовы, с которыми столкнулась мировая экономика в 2022 г., негативно повлияли на динамику и состояние сегмента зеленых ценных бумаг и привели к исчезновению зеленой премии в 4-м квартале 2022 г. В то же время это исчезновение не говорит об уходе данного финансового инструмента в прошлое. В ближайшие годы можно ожидать восстановления рынка, а также его перехода в новое качество – в том числе через изменение структуры эмитентов зеленых облигаций.
Скачивания
Литература
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