Affiliation:
1. Federal State Budgetary Institute of Higher Education “Plekhanov Russian University of Economics”
Abstract
One of the main ways for banks to implement activities within the ESG agenda is to issue green securities, the proceeds of which go to finance environmental projects. In turn, the nature of investments is reflected in the so-called discount on greenness or the greenium effect, which may scare away a potential investor. But the situation is different in the emerging green bond market in Russia. In this regard, an analysis of the main characteristics of green bonds of the Russian banking sector, as well as an assessment of their investment attractiveness in comparison with instruments of the classical type, offers an effective tool for the formation of long-term capital aimed at implementing the concept of sustainable development.
Publisher
Plekhanov Russian University of Economics (PRUE)
Reference3 articles.
1. Guseva I.A., Bogomolov Ia.M. Rynok zelenykh obligatsii: piat’ let v poiskakh «griniuma» [Green Bond Market: Five Years in Search of “Greenium”], Finansovye rynki i banki [Financial Markets and Banks], 2022, No. 11, pp. 77–82. (In Russ.).
2. Larcker D.F., Watts E.M. Watts, Where’s the Greenium? Journal of Accounting and Economics, 2020, Vol. 69, Iss. 2-3. Available at: https://ssrn.com/abstract=3333847
3. Bachelet M.J., Becchetti L., Manfredonia S. The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification, Sustainability, 2019, No. 11 (4). DOI: 10.3390/su11041098
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