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Green Finance €“ International Initiatives And Relevant Practices In Supporting Global Sustainable Goals

Author

Listed:
  • Georgeta Ilie, PhD, Researcher III

    (Institute for World Economy, Romanian Academy)

  • PhD, Claudia Gabriela Baicu, PhD, Researcher III

    (Institute for World Economy, Romanian Academy)

Abstract

Currently, under the imperative of sustainable development, green finance could play an important role. Starting from this premise, the objective of this paper is to present a selection of some representative initiatives in the field of green financing, on which several successful international experiences are based. To this end, the first part of the paper reveals some global initiatives fostering sustainable financial system including the Net-Zero Banking Alliance, the Sustainable Banking and Finance Network, the Net-Zero Insurance Alliance. Of great importance for promoting green finance are Principles for Responsible Investment, Principles for Responsible Banking and Principles for Sustainable Insurance as well as creation of green funds and green banks, new financial institutions from which we have selected some relevant case studies. Green bonds were chosen to be presented in the last part of the paper, due to their evolution, progress and growing use in financing environmental projects. Thus, examples of successful green bond issues in both emerging and developed markets are highlighted. Given the urgency for environmental action, the promotion of best practices implemented in different countries could help authorities, financial institutions and economic agents in countries in the early stages of their sustainability journey.

Suggested Citation

  • Georgeta Ilie, PhD, Researcher III & PhD, Claudia Gabriela Baicu, PhD, Researcher III, 2023. "Green Finance €“ International Initiatives And Relevant Practices In Supporting Global Sustainable Goals," Social-Economic Debates, Association for Entreprenorial Spirit Promotion, vol. 12(1), pages 1-10, octombrie.
    • Handle: RePEc:sdb:social:v:12:y:2023:i:1:p:1-10
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    References listed on IDEAS

    as
    1. ., 2006. "International Financial Instability in a World of Currencies Hierarchy," Chapters, in: Louis-Philippe Rochon & Sergio Rossi (ed.), Monetary and Exchange Rate Systems, chapter 1, pages 3-21, Edward Elgar Publishing.
    2. Tony Berrada & Leonie Engelhardt & Rajna Gibson & Philipp Krueger, 2022. "The Economics of Sustainability Linked Bonds," Swiss Finance Institute Research Paper Series 22-26, Swiss Finance Institute.
    3. Farah Imrana Hussain, 2022. "Thematic bonds to diversify fiscal sources," Chapters, in: Benno Ferrarini & Marcelo M. Giugale & Juan J. Pradelli (ed.), The Sustainability of Asia’s Debt, chapter 16, pages 409-425, Edward Elgar Publishing.
    4. ., 2023. "Evolution of theories explaining the informal economy," Chapters, in: A Modern Guide to the Informal Economy, chapter 2, pages 24-52, Edward Elgar Publishing.
    5. Gong Cheng & Torsten Ehlers & Frank Packer, 2022. "Sovereigns and sustainable bonds: challenges and new options," BIS Quarterly Review, Bank for International Settlements, September.
    Full references (including those not matched with items on IDEAS)

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    More about this item

    Keywords

    green finance; international initiatives; financial institutions; green bounds; best practice;
    All these keywords.

    JEL classification:

    • G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Micro Finance Institutions; Mortgages
    • G22 - Financial Economics - - Financial Institutions and Services - - - Insurance; Insurance Companies; Actuarial Studies
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth

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