European Journal of Service Management

Wcześniej: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Service Management

ISSN: 2450-8535     eISSN: 2451-2729    OAI    DOI: 10.18276/ejsm.2018.27/1-02
CC BY-SA   Open Access 

Lista wydań / Vol. 27/1, 3/2018
Green bonds as a transfer of sustainable development idea into financial sector

Autorzy: Krystyna Brzozowska
Słowa kluczowe: sustainable development financial institutions green bonds green bond markets
Rok wydania:2018
Liczba stron:8 (15-22)
Cited-by (Crossref) ?:


The aim of a paper is to evaluate a development of green bonds – bonds issued by banks and dedicated to help in resolving sustainable development problems. Research is based on overview of literature regarding to issues of sustainable development, bonds, capital markets approach to sustainable development idea, and published data. Generally financial institutions and markets are focused on activities against climate changes in the world. Green bonds were created to fund projects with positive environmental benefits. Green bonds allow investors to use the debt capital market to fund climate-related projects. Their structure, risks and returns are identical to those of traditional bonds. The only difference is that the proceeds from the issuance of a green bond are used solely to finance “green” projects, or those that are environmentally friendly. Possible projects covered by green bond funding should be connected to renewable energy, energy efficiency, sustainable waste management, sustainable land use. The green bond market started in 2007 by European Investment Bank and the World Bank Group. From the beginning to 2012 the increase of value of issued green bonds was rather modest, but in 2014 result was 2 times bigger than in previous year. In 2017 green bond market amounted near $156 billion and the same it was a sharp growth of about 78% in relation to 2016. Europe accounted for 48% of the global green bonds market issuances. Poland has also started as issuer of green bonds with 2 very successful transactions run in 2016–2017.
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