Влияние институциональных факторов на выпуск зеленых облигаций: экскурс в 2021 год
ESG factors are becoming an integral part of financial relationships, thereby increasing the demand
for responsible financing instruments. Thanks to the latter, an investor can not only get the expected
rate of return, but also contribute to the achievement of sustainable development goals. Green bonds,
which are an example of such an instrument, help to raise financing for green activities and projects.
By the end of 2021, the total amount of issued green bonds exceeded the record $1.5 trillion mark. The
crisis year of 2022 contributed to a revision of many ESG criteria and the relevance of green agenda as
a whole. Such changes can have serious consequences for the green bond market, but their analysis
is a matter for the future.
The main purpose of the research is to analyze the determinants that have influenced green bond
issuance in European countries in 2021. The authors find a significant relationship between institutional
factors and the volume of issued green bonds using correlation and regression analysis on a sample
of European countries. Among institutional factors, the most significant are environmental regulation
and the level of sustainability development.