Potencijal zelenih financija kao dominantnih ulaganja budućnosti

master's thesis

• Title (english): The potential of green finance as the dominant investments of the future
• Author: Ivana Živčić
• Mentor: Jakša Krišto (mentor); MBZ: 286511
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Maja Mihelja Žaja (član povjerenstva)
• Committee member: Ana Ivanišević Hernaus (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; Zagreb
• Defense date and country: 2020-12-21, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

U zadnjih nekoliko godina zelene financije nisu samo vizija, već postaju globalnom potrebom. Rapidno trošenje neobnovljivih izvora energije dovodi do ekološkog i ekonomskog kolapsa, pri čemu se financijsko tržište javlja kao glavni akter u prelasku na održivije varijante koje u dugom roku mogu osigurati povoljan ishod za planet. U fokusu među sudionicima financijskih tržišta nalaze se institucionalni investitori čija su sredstva idealna za mobilizaciju prema zelenim ulaganjima, također njihov veliki kapacitet ulaganja i dugoročna strategija ulaganja je izrazito pogodna za ostvarenje brojnih zelenih pothvata. Ciljeve zelenog financiranja je moguće ostvariti jedino uz poticajno okruženje koje vlada unutar država, organizacija i drugih zajednica, odgovarajući regulatorni okvir kao i razvijanje planova za dugoročni održivi razvoj. Regulatorni okvir je jedna od najvećih barijera ovakvim ulaganjima jer se nalazi još u ranim fazama, dok se paralelno razvijaju zelena tržišta zbog rastuće potrebe za promjenom sadašnjeg stanja. Institucionalni investitori nalaze se pod pritiskom društva za implementaciju ESG kriterija koji se mogu sukobiti s njihovom fiducijarnom djelatnošću. Iz tog razloga potrebno je sagledati praksu kompanija koje su učinkovito izvršile tranziciju poput danskog Ørsted-a - jedne od rijetkih kompanija koje su uspješno prešle s korištenja fosilnih goriva na potpunu proizvodnju energije dobivene iz obnovljivih izvora. U usporedbi s razvijenim zemljama koje postavljaju zdrave razvojne okvire, zelene financije su u Hrvatskoj još nepoznate kao pojam, a još su manje razvijene u praksi. S druge strane, društvo nije primorano iščekivati regulatorne promjene kako bi započeli zelenu tranziciju svojim individualnim pothvatima. Jedan od primjera aktivnog djelovanja prema ostvarenju te tranzicije čini Zelena energetska zadruga (ZEZ) koja započinje svoje sveobuhvatno nacionalno djelovanje čime građanima približava mogućnost vlastite opskrbe obnovljivim izvorima energije.

Abstract (english)

In recent years, green finance is not only a vision, but a global need. The rapid consumption of non-renewable energy sources is leading to ecological and economic collapse, with the financial market emerging as a major player in the transition to the sustainable options that can ensure a favorable outcome for the planet in the long run. The thesis is focused on institutional investors among financial market participants whose funds are ideal for mobilization towards green investments, also their large investment capacity and long-term strategic investments are especially suitable for the realization of many green ventures. The goals of green financing can be achieved only in a stimulating environment that prevails within the state, organization and other communities, an appropriate regulatory framework as well as the development of plans for long-term sustainable development. The regulatory framework is one of the biggest barriers to such investments because it’s still in its early stages, but the growing development of the green market requires immediate changes. Institutional investors are pressured by society to implement ESG criteria that may conflict with their fiduciary duty. For this reason, it’s necessary to look at the business models of companies that have effectively made the transition such as the Danish Ørsted - one of the few companies that have successfully switched from fossil fuels to complete production of energy from renewable sources. Compared to developed countries that set sound development frameworks, green finance in Croatia is relatively unknown as a concept, and even less developed in practice. On the other hand, society doesn’t have to rely on regulatory changes to begin the green transition with its individual ventures. One of the examples of active action towards the transition is the Green Energy Cooperative (ZEZ), which is starting its comprehensive national action, which brings citizens closer to the possibility of their own supply of renewable energy sources.

• Keywords: zelene financije; institucionalni investitori; obnovljivi izvori energije
• Keywords (english): green finance; institutional investors; renewable energy
• Language: croatian
• URN:NBN: urn:nbn:hr:148:646661
• Study programme: Title: Business Economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: magistar/magistra ekonomije (magistar/magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2020-12-22 16:16:47