Green Bonds: Peculiarities and Directions of Development

Abstract

The article considers the problems associated with the peculiarities of current development, and the prospects for the global and national markets of green bonds, which are a tool for financing projects to improve the environment. The main problematic aspects of issuing green bonds are low investment appeal, high risks and low liquidity of these securities, as well as the high politicization of such markets, if the projects relate to strategically important sectors of the economy. This demonstrates the urgent need to develop forms of state support for green bonds, especially at the regional and municipal levels. Moreover, the green investment market in Russia also needs government help to create favorable conditions both for issuers of green bonds and incentives to invest in these instruments. To increase the demand for such bonds the authors suggest introducing special benefits and supporting measures for the regions, highlight that the access to the purchase of green bonds by individuals would have a positive impact on the development of this segment at the sub-federal level.