The development of the Polish green bond market in comparison to selected European countries
DOI:
https://doi.org/10.24136/ceref.2023.032Keywords:
green finance, green bonds, green bond market, sustainable development, ESGAbstract
The issue of "green finance" in the modern economy is one of many elements that determine the competitiveness of countries on an international scale. The current climate targets resulting from the desire to shape the correct relationship between economic growth and the natural environment mean the need to incur appropriate financial outlays, the availability of which is often limited. One of the innovative sources of financing pro-environmental projects are green bonds.
The aim of the study is to determine the role of green bonds in the development of the Polish economy and to analyze and evaluate the development of the Polish green bond market in comparison to selected European countries. A critical literature review, comparative analysis, and financial data were used in this research. The article is divided into two sections The first part encompasses a literature review that explores the essence of green bonds, considering both the benefits and barriers associated with this type of financing source. The second part comprises the analysis of statistical data. The scope of the study covered green bonds issued in Poland and selected European countries over the years 2018-2022. The conducted research indicates that the green bond market in Poland and selected countries worldwide is developing dynamically, but it faces numerous barriers hindering its growth. Among the most significant ones, it is crucial to point out the lack of uniform standards for green bonds and higher issuance costs compared to traditional bonds.
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