Green bonds as a financing instrument for environmental projects in Ukraine

Unofficial AI-generated summary based on the public title and abstract. Not an official translation.

🔬研究者:Provides a conceptual model linking regulatory conditions, issuance mechanisms, and fund utilization efficiency in green bond markets.

🏢実務担当者:Offers insights into structuring green bonds for energy projects, emphasizing earmarked use of proceeds and verification procedures.

🏛政策担当者:Highlights the role of international standards and transparency in developing national green bond markets.

The aim of the study was to substantiate the mechanisms underpinning the functioning of the global green bond market and to identify the conditions for their effective utilisation in financing environmental projects in Ukraine.  The methodological foundation of the research comprised systemic, structural-functional, comparative, and institutional approaches, alongside content analysis of scholarly sources, analytical reports, and regulatory documents. The study analysed issuance volumes, documenting the global market’s growth beyond USD 4 trillion and highlighting the energy sector’s dominance in fund allocation. The research findings established that the development of green bonds is determined by the interplay of regulatory requirements, institutional infrastructure, and the level of market transparency, which collectively shape the conditions for capital attraction and the degree of investor confidence. Based on the market dynamics analysis, it was determined that the key parameters of the instrument’s effectiveness are the earmarked use of proceeds, the availability of verification procedures, and the capacity to deliver a measurable environmental impact. It was estimated that implementing a programme for developing Ukraine’s decentralised energy system based on renewable generation and energy storage systems requires between USD 15.5 billion and USD 23 billion in initial investment, while simultaneously securing a 5.6% reduction in the energy system’s annual operating costs. It was established that the adoption of international reporting and certification standards contributes to reducing information asymmetry, whereas their incomplete implementation constrains the market’s development opportunities in Ukraine. The analytical synthesis facilitated the identification of the structural peculiarities of the national segment, characterised by a limited number of issuances and dependence on external sources of financing, as substantiated by the implementation of discrete instruments totalling EUR 325 million and EUR 50 million. The study formulated a conceptual model linking regulatory conditions, issuance mechanisms, and fund utilisation efficiency through green bonds

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