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An analysis of the green bond regulatory landscape
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Orientador(es)
Resumo(s)
The field of sustainable finance has gone through rapid development over the last decades,
due in part to the sense of urgency that has been building up. Legislative tools have been
developed, particularly in the European Union, to reduce or mitigate atmospheric emissions
of greenhouse gases, which cause climate change and other unfavorable effects.
Yet, in the specific situation of green bonds, private firms have made the bulk of the
innovation and development of the essential legal mechanisms. This could be explained by
the market's quick response to this innovation as well as the inherent demand of green bonds
for some form of certification. There is a requirement to confirm that the funds are truly
properly distributed and that the project is in fact "green" because they are distinguished by
the funneling of proceeds to specific initiatives instead of being included in a company's
balance sheet. As a result, a certifier must play a proactive role in addition to ensuring that
the framework is used throughout the duration of the project. As a result, there is not only a
need for the framework but also for a certifier to play a proactive role in making sure all
monies are used appropriately throughout the course of the project. The Green Bond
Principles and the Climate Bond Standards are now the most often utilized general principles
and certification programs because there are no consistent standards in place. The necessity to
"create an EU green bond standard that promotes sustainable investment in the most
convenient way" was highlighted more recently by the European Green Deal. A proposal for
a regulation of the European Parliament and of the Council "on European Green Bonds" was
released by the European Commission on July 6, 2021, in accordance with that mandate
(EuGBR). The proposed Regulation outlines a system for the registration and oversight of
external reviewers as well as a framework of guidelines for bonds that achieve ecologically
friendly goals in accordance with the Taxonomy Regulation. The "European Green Bond" (or
"EuGBR") specifies uniform guidelines that apply to bond issuers and reviewers.
In this work we set out to analyse these main frameworks and their structure and then
to analyse the emerging European unifomization effort. We also intended to analyse the
advantages, finacial, reputanional or any other, of the use of this financial instrument.