![Ajouter à votre panier](https://cataloguelibrary.neoma-bs.fr/styles/fusion_neoma_gen/images/basket_small_20x20.svg)
Titre : |
Can green bond be an effective instrument for financing ecological transition ? |
Type de document : |
Mémoire |
Auteurs : |
Sarah TOUBOUL, Auteur |
Année de publication : |
2020 |
Importance : |
51 p. |
Note générale : |
Pour accéder aux fichiers PDF, merci de vous identifier sur le catalogue avec votre compte Office 365 via le bouton CONNEXION en haut de page. |
Langues : |
Anglais (eng) |
Mots-clés : |
Management FINANCE D'ENTREPRISE ; ECOLOGIE ; ENTREPRISE
|
Résumé : |
In this paper, we aim at studying the effectiveness of green bond as a financing instrument for ecological transition. To measure green bond’s effectiveness, we have performed both qualitative and quantitative analysis on the means put in place by its main actors to promote green bond market development and the results obtained from it. We have analysed at first green bond market’s macroeconomic environment like the economic, political and regulatory context. By studying key statistics such as the volume of issuance per country and per type of issuers, countries’ yields, its main actors’ role, the specificity of green bond product and the rise of Socially Responsible Investments (SRI), we have found that the world green bond market is growing over the past few years.
These first observations allow us to state that green bond has convinced investors and issuers of its effectiveness and relevance in financing ecological transition. Green bond financing presents indeed certain advantages for investors and issuers, precondition for this to be effective.
After understanding its development factors, we tried to understand, why despite green bond growth, this product was underrepresented on the global bond market. We have focused then on green bond shortfalls and the imperfections of this market in terms of pricing and legal regulations. The results have suggested that the lack of green bond market attractiveness in terms of costs for the issuer and its pricing very close to that of a conventional bond limit the use of green bond to finance projects in favour of ecological transition. We advocate for the adoption of a compulsory framework on green bond market to reassure investors, a greater role of the securities and markets authorities like the ESMA to regulate it and the design of incentives policy by governments to nurture further green bond issuance. We sincerely believe that green bond can become an efficient product for financing green transition in the next few years thanks to a better homogeneity of the market, despite its limited effectiveness today. |
Programme : |
PGE-Rouen |
Spécialisation : |
Finance d’Entreprise - Corporate Finance |
Permalink : |
https://cataloguelibrary.neoma-bs.fr/index.php?lvl=notice_display&id=531694 |
| ![Can green bond be an effective instrument for financing ecological transition ? vignette](https://cataloguelibrary.neoma-bs.fr/cache/223d0a3debd5ea707cb3bc0abad42705.png) |