期刊名称：Annals of the University of Oradea : Economic Science
印刷版ISSN：1222-569X
电子版ISSN：1582-5450
出版年度：2020
卷号：29
期号：1
页码：264-273
语种：German
出版社：University of Oradea
摘要：In the last decades, the market economy adopted new developments in terms of sustainable growth. A significant number of states realized the need to develop a sustainable environment in which the climate is valued and protected. The word 'green' has become increasingly used in the field of sustainable investments. Some of the most innovative and profitable tools are green bonds. Since their inception, accredited institutions and governments have developed various practices and principles, which they constantly improve to adapt to the market. Moreover, given that the interest of multinational companies has gradually increased, the stock exchange has become increasingly interested in these green bonds. Thus, in the research carried out, a clear delimitation of the concept of green bond was made, in the context in which, according to the researches, the area of coverage is much bigger from year to year. In fact, the purpose of the paper is also to present the development framework of these financing instruments, the principles and concepts underlying the impact that green bonds have on the capitalist economy, but also their development stage. An extremely important aspect that we have surprised is the stages of issuing bonds from asset management, to reporting and auditing them. In order to highlight the steps made by the green bonds as best as possible and to present the role played in the stock market, we have used qualitative research methods of indicators that highlight the performance of debt instruments, calculating market changes and its trend using the standard deviation. Meanwhile, in order to create an overall picture, the market leaders of the green bonds along with the value of investments in the environmental economy were presented detailed. In this way, it was pointed out that most of the amounts are allocated to mitigation and only a quarter to the adaptation of the bonds. In other words, although some of the newest specialized financing instruments are considered on the market, they have become some of the most popular and innovative financing mechanisms in the world.
