Perspektive ulaganja obveznih mirovinskih fondova u Republici Hrvatskoj u zelena ulaganja

master's thesis

• Title (english): Investment perspectives of mandatory pension funds in Republic of Croatia in green investments
• Author: Mario Brnić
• Mentor: Jakša Krišto (mentor); MBZ: 286511
• Committee member: Ana Ivanišević Hernaus (predsjednik povjerenstva)
• Committee member: Branka Tuškan Sjauš (član povjerenstva)
• Committee member: Jakša Krišto (član povjerenstva)
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2020-09-17, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

S obzirom da su prinosi na obveznice na globalnoj razini iz godine u godinu sve niži, a financiranje mirovinskih planova i ulaganje mirovinskih fondova pred velikim izazovima zbog pojave koronavirusa, mirovinski fondovi i drugi institucionalni investitori traže alternativne načine ulaganja kako bi povećali prinos, ali i potaknuli investicije u neke druge, održive oblike imovine. Zeleni projekti, posebno održivi izvori energije i „čista“ tehnologija u sljedećih 20 godina zahtijevat će značajna ulaganja privatnog i državnog kapitala. U nekim razvijenim zemljama Europe i svijeta, kao što su Danska, Nizozemska i SAD, već se ulažu značajna sredstva u zelene investicije, odnosno sustave koji čuvaju okoliš. U Republici Hrvatskoj već postoje određene inicijative koje analiziraju održivost i budućnost zelenih projekata, promatrajući imovinu fonda i prinose koji bi se takvim ulaganjima mogli ostvariti. Cilj ovoga rada je analizirati potencijal koji postoji u ulaganju u zelene inicijative te uočiti koje su perspektive takvih ulaganja u Republici Hrvatskoj. Kroz prikaz razvoja, vrsta i uloga mirovinskih fondova u svijetu i u Hrvatskoj moguće je donijeti određene zaključke o održivosti takvih ulaganja u budućnosti. Velika važnost posvetit će se promjenama regulativa koje određuju limite na ulaganja na tržištu. U tom smislu, velika je uloga države koja bi trebala poticati alternativna ulaganja donošenjem jasnih i konzistentnih zakona. Zelena ulaganja trenutno su nedovoljno konkurentna i nekomercijalizirana pa i mirovinski fondovi nemaju veliki poticaj ulagati u njih jer nemaju financijsku korist. Također, usmjerit će se pažnja i na financijske instrumente i mehanizme ulaganja te objasniti one koji su najprihvatljiviji sa stajališta rizika i prinosa.

Abstract (english)

As bond yields are globally decreasing year on year, and the financing of pension plans and the investment of pension funds are facing major challenges due to the coronavirus pandemic, pension funds are looking for alternative ways to invest to increase yields and to encourage investment in other, sustainable forms of assets. Green projects, especially sustainable energy sources and "clean" technology in the next 20 years will require significant investments of private and state capital. In some developed countries of Europe and the world, such as Denmark, the Netherlands and the USA, significant funds are already being invested in green assets, ie systems that protect the environment. In the Republic of Croatia, there are already certain initiatives that analyze the sustainability and future of green projects, looking at the fund's assets and returns that could be achieved with such investments.The aim of this paper is to analyze the potential that exists in investing in green initiatives and to identify the perspectives of such investments in the Republic of Croatia. Through an overview of the development, types and role of pension funds in the world and in Croatia, it is possible to conclude about the sustainability of such investments in the future. Great importance is dedicated to regulation that set limits on investments in the market. Regarding that, the role of the state is very important in encouraging alternative investments by passing clear and consistent laws. Green investments are currently uncompetitive and non-commercialized, so pension funds do not have much incentive to invest in them because they do not have financial benefits. The paper is also focusing on financial instruments and investment mechanisms and explaining those that are most acceptable in terms of risk and return.

• Keywords: obveznica; obvezni mirovinski fond; zelene investicije; regulativa; financijski instrumenti; mehanizmi ulaganja
• Keywords (english): bond; mandatory pension fund; green investments; regulation; financial instruments; investment mechanisms
• Language: croatian
• URN:NBN: urn:nbn:hr:148:931949
• Study programme: Title: 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: 2020-09-17 15:55:07