Inovativne strukture obveznica i financiranje ekoloških i društveno odgovornih investicija

master's thesis

• Title (english): Innovative bond structures and financing environmentally and socially responsible investments
• Author: Iva Jakopinec
• Mentor: Branka Tuškan (mentor)
• Committee member: Anita Pavković (predsjednik povjerenstva)
• Committee member: Jakša Krišto (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2019-09-03, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Kroz razvoj i analizu tržišta društveno odgovornih financijskih ulaganja može se primijetiti kako se ovom području posvećivala različita pozornost kroz povijest. Na tržištu društveno odgovornih financijskih ulaganja pojavljuju se inovativne strukture financijskih instrumenata kao što su zelene obveznice. Sredstva prikupljena izdavanjem zelenih obveznica namijenjena su ulaganju u društveno odgovorne projekte i financiranju dugoročno održivih projekata odnosno projekata usmjerenih za zaštitu okoliša. Kako su se zelene obveznice prvi puta pojavile 2007. godine, a tek odnedavno se počelo snažnije razvijati njihovo tržište, postoje neriješena pitanja terminologije i regulacije, ali i druge prepreke koje sprječavaju ulazak tržišnih sudionika na tržište zelenih obveznica, kao i njegov razvoj. U radu se analizira tržište zelenih obveznica temeljem čega se izvodi zaključak o trendovima prisutnim na tržištu, o njegovim sudionicima, tržištima koja dominiraju, valutama i drugim karakteristikama ovog tržišta. U Republici Hrvatskoj zbog relativnog nepoznavanja pojma društveno odgovornih financijskih ulaganja, kao i pojma zelenih obveznica može se govoriti samo o mogućnostima i pretpostavkama primjene zelenih obveznica. Republika Hrvatska je od 2013. godine članica Europske unije, a tijekom pristupnog razdoblja preuzela je i uskladila okolišno zakonodavstvo, no međutim njegova provedba je danas jedan od najvećih izazova zbog značajnih ulaganja u okolišnu infrastrukturu. Upravo potrebna znatna sredstva za financiranje zelenih projekata ukazuju na potrebu za primjenom zelenih obveznica. U Republici Hrvatskoj nije dostatno razvijena ponuda financijskih proizvoda kojima bi se financirali zeleni projekti, a i uloga tržišta kapitala u financijskom sustavu je mala. Cilj rada je istražiti mogućnosti i prepreke primjene zelenih obveznica za financiranje ekoloških i društveno odgovornih investicija u Republici Hrvatskoj te ukazati na važnost takve vrste obveznica u stvaranju dugoročnih vrijednosti za zajednicu. Na temelju domaćih i stranih izvještaja, u ovome radu je analizirano tržište društveno odgovornih financijskih ulaganja kao i tržište zelenih obveznica te mogućnosti i pretpostavke primjene zelenih obveznica u Republici Hrvatskoj.

Abstract (english)

Through the development and analysis of the market of socially responsible investments it can be noticed that this area has devoted a lot of attention to history. In the market of socially responsible investments, there are innovative structures of financial instruments such as green bonds. Funds collected by issuing green bonds are intended to invest in socially responsible projects and to finance long-term sustainable projects or projects aimed at environmental protection. As green bonds first appeared in 2007, their market started to develop more strongly recently, there are unresolved issues of terminology and regulation, as well as other barriers that prevent market participants from entering the green bond market as well as its development. The paper analyzes the green bond market based on which a conclusion is drawn on the trends present in the market, its participants, dominant markets, currencies and other characteristics of this market. In the Republic of Croatia, because of the relative lack of knowledge of the concept of socially responsible investments, as well as the term of green bonds, we can only talk about the possibilities and assumptions of applying green bonds. Since 2013, the Republic of Croatia has been a member of the European Union and has adopted and harmonized environmental legislation during the accession period, but its implementation today is one of the biggest challenges for significant investment in environmental infrastructure. Needed substantial funds for financing green projects indicate the need for green bonds. There is insufficient development in the Republic of Croatia of financial products offer to finance green projects, and the role of the capital market in the financial system is small. The purpose of the paper is to explore the possibilities and barriers of green bonds to finance environmentally and socially responsible investments in the Republic of Croatia and show the point of the importance of bonds in creating long-term value for the community. Based on domestic and foreign reports, the paper analyses the market of socially responsible investments as well as the green bond market and the possibilities and assumptions for applying green bonds in the Republic of Croatia.

• Keywords: društveno odgovorna financijska ulaganja; inovativne strukture obveznica; zelene obveznice; financiranje ekoloških i društveno odgovornih investicija; zeleni projekti
• Keywords (english): socially responsible investments; innovative bond structures; green bonds; financing of environmentally and socially responsible investments; green projects
• Language: croatian
• URN:NBN: urn:nbn:hr:148:705134
• Study programme: Title: Business Economics; Study programme type: university; Study level: 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: 2019-09-03 11:04:18