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Vplivi evropskega standarda zelenih obveznic na finančne trge
ID Sokolič, Nejc (Author), ID Simoneti, Marko (Mentor) More about this mentor... This link opens in a new window

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Abstract
Magistrsko delo obravnava evropski standard zelenih obveznic in njegove vplive na finančne trge. Delo analizira obstoječi trg zelenih obveznic, njegove prednosti in glavne ovire, ki omejujejo njegovo nadaljnjo rast. Evropski standard zelenih obveznic naslavlja manko standardizacije in tako preprečuje lažno zeleno oglaševanje. Kot diferentia specifica je izpostavljena Uredba o taksonomiji, ki je zasidrana v osrčju predvidenega standarda in definira okoljsko trajnostne naložbe. Obsežno poročanje in zahteve po zunanjih pregledih bodo znižali transakcijske stroške in informacijsko asimetrijo med tržnimi udeleženci, vendar je vloga standarda na trgu nejasna. Kljub temu, da Uredba o evropskem standardu zelenih obveznic pomeni korak v pravo smer, je predvidena ureditev na določenih mestih kontradiktorna zadanim ciljem. V takih primerih magistrsko delo predlaga alternativno ureditev. Na kratki rok bo evropski standard povečal konkurenco, vendar bo zaradi svoje ozke zasnove pripomogel k fragmentaciji trga. Zaradi praktičnih težav, izhajajočih iz EU Taksonomije, sprva ni mogoče pričakovati širše uporabe v evropskem prostoru ali mednarodno. Na dolgi rok bo ob naslovitvi težav Uredbe o taksonomiji in ob normalizaciji okoljsko trajnostnega poročanja izdajanje evropskih zelenih obveznic za izdajatelje vse lažja. Glede na moč evropskega trga zelenih obveznic in proces enostranske regulativne globalizacije s strani EU, lahko evropski standard zelenih obveznic postane vodilni standard na trgu.

Language:Slovenian
Keywords:zelena obveznica, evropski standard zelenih obveznic, Uredba o evropskem standardu zelenih obveznic, EU Taksonomija
Work type:Master's thesis/paper
Organization:PF - Faculty of Law
Year:2024
PID:20.500.12556/RUL-155701 This link opens in a new window
COBISS.SI-ID:195178243 This link opens in a new window
Publication date in RUL:12.04.2024
Views:434
Downloads:130
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Secondary language

Language:English
Title:Impacts of the European Green Bond Standard on financial markets
Abstract:
The following thesis examines the European Green Bond Standard and its impacts on financial markets. It analyses the existing green bond market, its benefits, and the main obstacles that have limited its further growth. The European Standard addresses the lack of standardisation and thus prevents greenwashing. At the core lies the Taxonomy Regulation, which is singled out as the differentiating factor for identifying environmentally sustainable investments. Stringent reporting and external review requirements will reduce transaction costs and information asymmetry between market participants, however the precise role of the standard in the market remains ambiguous. Although the European Green Bond Standard Regulation is a step in the right direction, it is contradictory to its objectives in certain areas. In such cases, the thesis proposes different policy recommendations. In the short term, the European Green Bond Standard is expected to foster competition in the market. However, its narrow design may inadvertently lead to market fragmentation. Initially, due to practical difficulties stemming from the EU Taxonomy, a wider application in the European area or internationally cannot be expected. In the long term, once the problems of the Taxonomy Regulation are addressed and environmental sustainability reporting is normalized, European Green Bond issuance will become increasingly easier for issuers. Given the strength of the European green bond market and the process of unilateral regulatory globalisation by the EU, the European Green Bond Standard may become the leading standard in the market.

Keywords:green bond, European Green Bond Standard, European Green Bond Standard Regulation, EU Taxonomy

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