Potencijali i rizici ulaganja osiguratelja u zelene obveznice

master's thesis

• Title (english): The potentials and risks of insurers investments in green bonds
• Author: Matea Tica
• Mentor: Maja Mihelja Žaja (mentor)
• Committee member: Jakša Krišto (predsjednik povjerenstva)
• Committee member: Martina Solenički (član povjerenstva); MBZ: 323420
• Granter: University of Zagreb; Faculty of Economics and Business; (Department of Finance); Zagreb
• Defense date and country: 2021-09-23, Croatia
• Scientific / art field, discipline and subdiscipline: SOCIAL SCIENCES; Economics; Finance

Abstract

Zelene obveznice postaju globalnom potrebom, one su inovativni financijski instrument koji se koristi za financiranje projekata s pozitivnim utjecajem na okoliš. Ciljeve zelenih financiranja moguće je 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 prepreka ovakvim ulaganjima jer se nalazi još u ranim fazama. Ključnu ulogu u reguliranju i poticanju razvoja tržišta zelenih obveznica ima država, koja vlastitim izdanjem zelenih obveznica može utjecati na povećanje baze investitora. Izdavanje zelenih obveznica određeno je načelima zelenih obveznica. Objava načela zelenih obveznica dovela je do povećanja povjerenja investitora u zelene obveznice, što je potaknulo i povećanu potražnju za zelenim obveznicama. Cilj rada je analizirati koji su rizici i potencijali ulaganja osiguratelja kao jednih od institucionalnih investitora u zelene obveznice. Društveno odgovorna i ekološki održiva financijska ulaganja dobivaju sve više na važnosti. Zelene obveznice su se pojavile u 2007. godini kao instrument društveno odgovornih financijskih ulaganja koji može poslužiti kao rješenje za ekološke, društvene i ekonomske izazove uzrokovane nesvjesnim ponašanjem brojnih tržišnih sudionika. Cilj rada je također istražiti utjecaj politike zelenih obveznica na osiguratelje te utjecaj uvođenja zelenih obveznica od strane osiguravajućih društava na cijene vlasničkog kapitala. Također će se istraživati utjecaj regulative Solvency II na ulaganje osiguratelja.

Abstract (english)

Green bonds are becoming a global need, they are an innovative financial instrument used to finance projects with a positive impact on the environment. The goals of green financing can be achieved only with a stimulating environment that prevails within states, organizations 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 obstacles to such investments because it is still in its early stages. The key role in regulating and encouraging the development of the green bond market is played by the state, which can influence the increase of the investor base by issuing green bonds. The issuance of green bonds is determined by the principles of green bonds. The publication of the principle of green bonds has led to an increase in investor confidence in green bonds, which has also stimulated increased demand for green bonds. The aim of this paper is to analyze the risks and investment potential of insurers as one of the institutional investors in green bonds. Socially responsible and environmentally sustainable financial investments are becoming increasingly important. Green bonds emerged in 2007 as an instrument of socially responsible financial investment that can serve as a solution to environmental, social and economic challenges caused by the unconscious behavior of many market participants. The aim of this paper is also to analyze the impact of green bond policy on insurers and the impact of the introduction of green bonds by insurance companies on equity prices. The impact of Solvency II regulation on insurers' investment will also be analyzed.

• Keywords: zelene obveznice; rizici; osiguratelji
• Keywords (english): green bonds; risks; insurers
• Language: croatian
• URN:NBN: urn:nbn:hr:148:818056
• 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: 2021-09-27 08:40:51