Global Market of Climate Bonds: Trends of Development

DOI: 10.20542/0131-2227-2019-63-2-46-55

O. Miroshnichenko (,
Tyumen State University, 6, Volodarskogo Str., Tyumen 625003, Russian Federation;
N. Mostovaya (,
Tyumen State University, 6, Volodarskogo Str., Tyumen 625003, Russian Federation 

Abstract. The purpose of this work is to expand theoretical positions and identify trends in the development for climate and green bonds market based on the systematization of domestic and foreign research on “green” financial instruments. The authors analyzed the existing work in the field of climate and green bonds as “green” financial instruments. The absence of a single theoretical approach to the correlation of such bonds and their types is revealed. Based on the analysis of the CBI (Climate Bonds Initiative) data, systematization of existing theoretical provisions and international practice, the author’s approach to the classification of climatic and green bonds, which served as the basis for the analysis of relevant statistical data, was substantiated. The authors distinguish between climatic and “green” bonds with a description of their classification. It was revealed that “green” bonds are an integral part of climate bonds with certain principles of marking and certification. Based on the analysis of CBI data, statistical information is provided on the distribution of the climate bond market, depending on the presence of marking, loan currency, maturity, credit rating of issuers, sources of debt bond redemption, issuer category, and “green” bonds by countries and areas of use of borrowed funds. Conducted in accordance with the author’s authoritative classification, the analysis of current practice has shown that the market for climate and “green” bonds is expanding; the market is dominated by bonds with terms over 10 years, with a nominal value in yuan, euro and US dollars. Depending on the issuer’s category, bonds issued by the executive authorities and municipalities, as well as by the Development banks, prevailed in 2016–2017. There is a tendency for a significant increase in bonds issued by non-financial organizations. The largest amount of funds raised through the issuance of “green” bonds is channeled to energy efficiency and renewable energy. 

Keywords: “green” bonds, “green” economy, “green” financial instruments, banks, environmental projects, Russia 


1. Georgeson L., Maslin M., Poessinouw M. The Global Green Economy: a Review of Concepts, Definitions, Measurement Methodologies and Their Interactions. Geo: Geography and Environment Journal, 2017, vol. 4, no. 1, pp. 1-23. DOI:10.1002/ geo2.36

2. Linnenluecke M. K., Smith T., McKnight B. Environmental Finance: A Research Agenda for Interdisciplinary Finance Research. Economic Modelling, 2016, vol. 59, pp. 124-130. DOI:10.1016/j.econmod.2016.07.010

3. Loiseau E., Saikku L., Antikainen R., Droste N., Hansjürgen B., Pitkänen K., Leskinen P., Kuikman P., Thomsen M. Green Economy and Related Concepts: An Overview. Journal of Cleaner Production, 2016, vol. 139, pp. 361-371.

4. Bobylev S. Ustoichivoe razvitie i “zelenaya” ekonomika [Sustainable Development and “Green” Economy]. Energiya: ekonomika, tekhnika, ekologiya, 2015, no. 8, pp. 16-20.

5. Pokrovskaia N.V., Sokolov B.I., Ivanov V.V. Tax Reforms for Sustainable Economic Growth of the National Economy: Case of China. Innovation Management and Education Excellence Vision 2020: from Regional Development Sustainability to Global Economic Growth. Proceedings of the 27th IBIMA Conference. Milan, 2016, . 429-439.

6. Bobylev S. Ustoichivoe razvitie: paradigma dlya budushchego [Sustainable Development: A Paradigm for the Future]. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2017, vol. 61, no. 3, pp. 107-113. DOI:10.20542/0131-2227-2017-61-3-107-113

7. Bogacheva O., Smorodinov O. Problemy “zelenogo” finansirovaniya v stranah G20 [Problems of “Green” Financing in G20 Countries]. Mirovaya ekonomika i mezhdunarodnye otnosheniya, 2017, vol. 61, no. 10, pp. 16-24. DOI:10.20542/0131-2227-2017-61-10-16-24

8. Huzmiev I. Kontseptsiya ustoichivogo razvitiya [The Concept of Sustainable Development]. Natsional’nye proekty, 2012, no. 10, pp. 44-55.

9. On National Goals and Strategic Objectives of Development of the Russian Federation for the Period until 2024: Decree of the President of the Russian Federation of May 7, 2018, no. 204 (In Russ.) Available at: (accessed 10.05.2018).

10. The President of Russia. List of Instructions Following the Meeting of the State Council (In Russ.) Available at: (accessed 10.03.2018).

11. Bank of Russia. Main Directions of Development of Financial Market of the Russian Federation for the Period 2016–2018 (In Russ.) Available at: (accessed 10.3.2018).

12. Thiam Hee Ng, Jacqueline Yujia Tao. Bond Financing for Renewable Energy in Asia. Energy Policy, 2016, vol. 95, pp. 509-517. DOI:10.1016/j.enpol.2016.03.015

13. Glomsrød S., Wei T. Business as Unusual: The Implications of Fossil Divestment and Green Bonds for Financial Flows, Economic Growth and Energy Market. Energy for Sustainable Development, 2018, vol. 44, pp. 1-10. DOI: 10.1016/j. esd.2018.02.005

14. Voronova N.S., Miroshnichenko O.S., Tarasova A.N. Determinants of Russian Banking Sector Development as the Drivers of Economic Growth. Economic and Social Changes: Facts, Trends, Forecast, 2016, no. 4, pp. 165-183. DOI:10.15838/ esc/2016.4.46.9

15. Andreeva L., Vovchenko N., Epifanova T., Polubotko A. Instituty i instrumenty “zelenogo” finansirovaniya: riski i vozmozhnosti ustoychivogo razvitiya rossiyskoi ekonomiki [Institutes and Instruments of “Green” Financing: Risks and Opportunities for Sustainable Development of the Russian Economy]. Lesotekhnicheskii zhurnal, 2017, no. 2, pp. 205-214. DOI:10.12737/article_5967eb0ccff307.47958130

16. Khudyakova L. Mezhdunarodnoe sotrudnichestvo v razvitii “zelenogo” finansirovaniya [International Cooperation in the Development of “Green” Financing]. Den’gi i kredit, 2017, no.7, pp. 10-18.

17. Hutorova N. Obzor sostoyaniya rynka klimaticheskikh obligatsii. Problemyi i perspektivy [Overview of Climate Bond Market. Problems and Prospects]. Lesnoi vestnik, 2013, no. 7, pp. 138-145.

18. Flaherty M., Gevorkyan A., Radpour S., Semmler W. Financing Climate Policies Through Climate Bonds – a Three Stage Model and Empirics. Research in International Business and Finance, 2017, vol. 42, pp. 468-479. DOI:10.1016/j. ribaf.2016.06.001

19. Febi W., Schäfer D., Stephan A., Sun C. The Impact of Liquidity Risk on the Yield Spread of Green Bonds. Finance Research Letters (2018). Available at: DOI:10.1016/

20. Mazzucato M., Semieniuk G. Financing Renewable Energy: Who Is Financing what and why It Matters. Technological Forecasting and Social Change, 2018, vol. 127, pp. 8-22. DOI: 10.1016/j.techfore.2017.05.021

21. Monasterolo I., Raberto M. The EIRIN Flow-of-Funds Behavioral Model of Green Fiscal Policies and Green Sovereign Bonds. Ecological Economics, 2018, vol. 144, pp. 228-243. DOI: 10.1016/j.ecolecon.2017.07.029

22. Bashorina O. Perehod k “zelenoi” ekonomike kak faktor ustoychivogo razvitiya i preodoleniya bednosti: mezhdunarodnyi i regionalnyi aspekty [Transition to Green Economy as Factor of Sustainable Development and Poverty Reduction: International and Regional Aspects]. Vestnik UrFU. Seriya: Ekonomika i upravlenie, 2012, no. 6, pp. 49-60.

23. Bogacheva O., Smorodinov O. “Zelenyie” obligatsii kak vazhneyshiy instrument finansirovaniya “zelenykh” proektov [“Green” Bonds as the Most Important Instrument for Financing “Green” Projects]. Finansovyi zhurnal, 2016, no. 2 (30), pp. 70-81.

24. Avramenko A., Vorfolomeev A. Klimaticheskie obligatsii: sektoralnyi i regionalnyi analiz [Climate Bonds: Sectorial and Regional Analysis]. Internet-zhurnal “Naukovedenie”, 2017, vol. 9, no. 3. Available at: (accessed 19.3.2018).

25. G20 Green Finance Synthesis Report (2016). Available at: (accessed 15.01.2018).

26. The Financial System We Need. The UNEP Inquiry Report (2015). Available at: (accessed 26.01.2018).

27. Bonds and Climate Change. The State of the Market in 2014 (2014). Available at: (accessed 20.11.2017).

28. Bonds and Climate Change. The State of the Market in 2015 (2015). Available at: (accessed 23.11.2017).

29. Bonds and Climate Change. The State of the Market in 2016 (2016). Available at: (accessed 23.01.2017).

30. Bonds and Climate Change. The State of the Market 2017 (2017). Available at: (accessed 24.11.2017).

31. The Green Bond Principles (GBP) 2017 (2017). Available at: (accessed 06.03.2018).

32. Green Bonds Methodology (2016). Available at: Methodology%202017.pdf (accessed 20.03.2018).

33. Types of Bonds. Available at: (accessed 20.02.2018).

34. Green Bond Highlights 2017 (2018). Available at: (accessed 15.11.2017).

35. . . [TASS. Russian News Agency (In Russ.)] Available at: (accessed 06.03.2018). 

Registered in System SCIENCE INDEX

For citation:
Miroshnichenko O., Mostovaya N. Global Market of Climate Bonds: Trends of Development. World Eonomy and International Relations, 2019, vol. 63, no. 2, pp. 46-55.

Comments (0)

No comments

Add comment






Dear authors! Please note that in the VAK List of peer-reviewed scientific journals, in which the main scientific results of dissertations for the degree of candidate and doctor of sciences should be published for the “MEMO Journal” the following specialties are recorded:
economic sciences:
5.2.5. World Economy.
5.2.1. Economic Theory
5.2.3. Regional and Branch Economics
political sciences:
5.5.4. International Relations
5.5.1. History and Theory of Politics
5.5.2. Political Institutions, Processes, Technologies


Current Issue
2024, vol. 68, No. 7
Topical Themes of the Issue:
  • The Supporting Structure of Global Security
  • Institutional Features of the Fourth Energy Transition
  • The Evolution of Modern German Christian Democracy
  • The Monarchies of the Persian Gulf and Central Asia
Submit an Article
The Editorial Board invites authors to write analytical articles on the following topics:
  • changes in the processes of globalization in modern conditions
  • formation of the new world order
  • shifts in civilization at the stage of transition to a digital society

The editors are also interested in publishing synthesis articles / scientific reviews revealing the main trends in the development of certain regions of the world - Latin America, Africa, South Asia, etc.