European Journal of Service Management

Wcześniej: Zeszyty Naukowe Uniwersytetu Szczecińskiego. Service Management

ISSN: 2450-8535     eISSN: 2451-2729    OAI    DOI: 10.18276/ejsm.2018.27/2-40
CC BY-SA   Open Access 

Lista wydań / Vol. 27/2, 3/2018
Diversification of the global green bond market

Autorzy: Maciej Pawłowski
University of Szczecin, Faculty of Management and Economics of Services
Słowa kluczowe: bonds green bond market green finance financial markets sustainable development pro-ecological investments
Data publikacji całości:2018-12-31
Liczba stron:7 (331-337)
Klasyfikacja JEL: E44 F34 G15 G23
Cited-by (Crossref) ?:


Green Bonds emerged as a new form of environmental financing in 2007. While the green bond market is viewed as a niche in the global financial market, it has grown rapidly to nearly USD 900 billion in 2017. The aim of the article is to analyze and assess changes taking place in the structure of the global green bond market with particular emphasis on the diversification of issuers undertaking activity in this market area. The first part of the paper summarizes the general theory of green bonds. It also includes an exemplification of different types of green bonds and shows conditions which should be satisfied to call a bond the green bond. Afterward, the growth and diversification of the green bond market are shown and analyzed, what makes a field to draw some conclusions.
Pobierz plik

Plik artykułu


1.Boulle, B. (2017). Bonds and Climate Change. The State of the Market 2017. Retrieved from:
2.Boulle, B., Kidney, S., Oliver, P. (2014). Bonds and Climate Change. The State of the Market 2014. [Retrieved from:
3.Boulle, B., Frandon-Martinez, C., Pitt-Watson, J. (2016). Bonds and Climate Change. The State of the Market 2016. Retrieved from:
4.Cooperman, E.S. (2017). Managing Financial Institutions: Markets and Sustainable Finance. New York: Routledge.
5.Gatti, S., Florio, A. (2018). Issue spread determinants in the green bond market: The role of second party reviews and of the Green Bond
6.Priciples. In: S. Boubaker, D. Cumming, D.K. Nguyen (eds.), Research Handbook of Finance and Sustainability. Northampton:Edward Elgar Publishing.
7.Green Bonds Methodology (2016). Retrieved from:
8.Hoffmann, M. (2015). The Need for Green Covenants. Regulating the Green Bond Market. London: London School of Economics and Political Science.
9.Kerste, M., Rosenboom, N., Sikken, B.J., Weda, J. (2011). Financing Sustainability: Insights for Investors, Corporate Executives, and Policymakers. Amsterdam: VU University Press.
10.Kidney, S., Boulle, B. (2015). The Opportunity for Bonds to Address the Climate Finance Challenge. In: K. Wendt (ed.), Responsible Investment Banking: Risk Management Frameworks, Sustainable Financial Innovations and Softlaw Standards. Switzerland: Springer.
11.Lütken, S.E. (2015). Financial Engineering of Climate Investment in Developing Countries. London: Anthem Press.
12.Mackenzie, C., Ascui, F. (2009). Investor leadership on climate change: an analysis of the investment community’s role on climate change, and snapshot of recent investor activity. UNEP Finance Initiative and UNPRI.
13.Modak, P. (2018). Enviromental Management Towards Sustainability. Boca Raton: CRC Press Taylor & Francis Group.
14.Nordic Council of Ministers (2011). Nordic Perspectives on Carbon Market Mechanisms. Copenhagen: Nordic Council of Ministers.
15.OECD (2015). The role of institutional investors in financing sustainable energy infrastructure. In: Mapping Channels to Mobilise Institutional Investment in Sustainable Energy. Paris: OECD Publishing.
16.Olsen-Rong, T., House, K., Sonerud, B., Kidney, S. (2015). Bonds and Climate Change. The State of the Market 2015. Retrieved from:
17.Padraig, O., Boulle, B., Kidney, S., Silver, N. (2012). Bonds and Climate Change. The State of the Market 2012. [Retrieved from:
18.Padraig, O., Boulle, B., Kidney, S., Robins, N., Knight, Z (2013). Bonds and Climate Change. The State of the Market 2013. Retrieved from:
19.Wang, X., Stern, R., Limaye, D., Mostern, W., Zhang, Y. (2013). Unlocking Commercial Financing for Clean Energy in East Asia. Washington DC: World Bank.
20.World Bank (2015). What are green bonds? Washington, DC: World Bank.