Использование «зеленых» облигаций при формировании инвестиционного портфеля

Финансовый менеджмент. 2024. № 8. С. 158–165.

Войко Д. В., Voyko A. V.

The article discusses the issues of financing companies through the issuance of "green" bonds. The main prerequisites for financing environmental projects and projects aimed at sustainable development are outlined. The methodological basis of the article is modern research on ESG investments, as well as the practice and trends of raising capital through bond loans. The factors determining the dynamics of the issue of "green" bonds are identified, and the motives for investors to choose such instruments are determined. In particular, it has been established in various studies that profitability is not a key criterion for investors to choose "green" financing instruments.

The advantages of "green" project financing are identified, as well as the main problems associated with the integration of ESG tools into the decision–making process. The article emphasizes that the use of "green" bonds, as well as following the ESG agenda, in general, should not shift the focus of the company's management away from issues of maximizing the company's value and achieving established performance indicators.

 

Keywords: инвестиции, investments, устойчивое развитие, зеленое финансирование, «зеленые облигации», sustainable development, ESG principles, “Green” bonds, ESG funds, “green” financing, ESG-фонды, принципы ESG