Razvoj regulatornog okvira održivog financiranja

master's thesis

• Title (english): Development of the regulatory framework of sustainable financing
• Author: Sara Makarić
• Mentor: Ana Ivanišević Hernaus (mentor)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: August Cesarec (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2024-09-27, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

U diplomskom radu se analizira razvoj regulatornog okvira održivog financiranja, s
posebnim fokusom na njegove implikacije u bankarstvu, institucionalnim investitorima i
tržištu kapitala. Europska unija je u zadnjih nekoliko godina zabilježila regulatorna
postignuća te je postala vodeća u svijetu u području regulatornog okvira održivog
financiranja. Jedna od najznačajnijih regulativa je EU taksonomija koja predstavlja
strukturirani sustav za klasifikaciju održivih aktivnosti. U radu se naglašava značaj
uključivanja čimbenika okoliša, društva i upravljanja u financijske odluke kao ključne
odrednice dugoročne održivosti gospodarstva. Posebna pažnja posvećena je izazovima
poput zelene manipulativne prakse (engl. greenwashing), koja otežava razvoju održivog
načina financiranja, te potrebi za standardizacijom u primjeni održivih praksi. Banke
trebaju uskladiti svoje poslovanje s ESG principima te imaju ključnu ulogu u usmjeravanju
kapitala prema održivim projektima. U radu se zaključuje da će daljnji razvoj
regulatornog okvira zahtijevati daljnje intenziviranje suradnje među regulatorima i
drugim dionicima te edukaciju svih dionika kako bi se osiguralo postizanje ciljeva
održivog financiranja i dugoročna uspješnost takvog načina financiranja.

Abstract (english)

The thesis analyzes the development of the regulatory framework for sustainable finance,
with a particular focus on its implications for banking, institutional investors, and the
capital market. In recent years, the European Union has made significant regulatory
achievements and has become a global leader in the field of sustainable finance
regulation. One of the most notable regulations is the EU Taxonomy, which represents a
structured system for classifying sustainable activities. The paper emphasizes the
importance of incorporating environmental, social, and governance (ESG) factors into
financial decisions as key determinants of the long-term sustainability of the economy.
Special attention is given to challenges such as greenwashing, which hinders the
development of sustainable finance, and the need for standardization in the application of
sustainable practices. Banks must align their operations with ESG principles and play a
key role in directing capital towards sustainable projects. The paper concludes that the
further development of the regulatory framework will require increased cooperation
among regulators and other stakeholders, as well as education for all stakeholders, to
ensure the achievement of sustainable finance goals and the long-term success of this
financing approach

• Keywords: održivo financiranje; regulatorni okvir; ESG; zelene obveznice
• Keywords (english): sustainable finance; regulatory framework; ESG; green bonds
• Language: croatian
• URN:NBN: urn:nbn:hr:148:576452
• Study programme: Title: Business economics; Study programme type: university; Study level: integrated undergraduate and graduate; Academic / professional title: sveučilišni magistar ekonomije/sveučilišna magistra ekonomije (sveučilišni magistar ekonomije/sveučilišna magistra ekonomije)
• Type of resource: Text
• File origin: Born digital
• Access conditions: Access restricted to students and staff of home institution
• Created on: 2024-09-27 16:29:58