Sürdürülebilir Kalkınma Hedefleri Bağlamında OECD Ülkelerinde Sürdürülebilir Finans Uygulamaları

Abstract

OECD ülkelerinde sürdürülebilir kalkınma gündemi doğrultusunda geliştirilen finansal araçlar, çevresel ve toplumsal hedefleri ekonomik karar alma süreçlerine entegre etme potansiyeliyle öne çıkmaktadır. Bu çalışma kapsamında yeşil tahvillerden sosyal ve sürdürülebilirlik tahvillerine, sürdürülebilirlik bağlantılı kredilerden karbon piyasalarına kadar uzanan geniş bir araç yelpazesi incelenmiştir. Ülke örneklerine dayalı karşılaştırmalar, bu araçların yatırımcı güvenini artıran yeni kurumsal yaklaşımlar sunduğunu; ancak etki ölçümü, raporlama standartları ve piyasa derinliği açısından yapısal sınırlılıkların sürdüğünü ortaya koymaktadır. Bulgular, sürdürülebilir finansın yalnızca sermaye piyasalarıyla sınırlı kalmaması; yerel yönetimler, kamu bankaları ve küçük ölçekli finansal aktörlerle çok düzeyli bir yapıda kurgulanması gerektiğini göstermektedir. Çalışma, sürdürülebilir kalkınma ile finansal istikrar arasında stratejik bir denge kurulmasının önemine işaret etmektedir. Sonuç olarak, sürdürülebilir finans, ekonomik araçların sosyal adalet, çevresel sorumluluk ve yönetişim ilkeleriyle yeniden tanımlandığı, uzun vadeli ve bütüncül bir kalkınma stratejisi olarak konumlanmaktadır.

Keywords

• Sürdürülebilir kalkınma hedefleri
• Sürdürülebilir finans
• Yeşil tahviller
• Sosyal etki
• Yeşil finans
• Karbon piyasaları.

Sustaınable Finance Practices in OECD Countries in the Context of the Sustainable Development Goals

Abstract

Financial instruments developed in line with the sustainable development agenda in OECD countries stand out with their potential to integrate environmental and social goals into economic decision-making processes. Within the scope of this study, a wide range of instruments ranging from green bonds to social and sustainability bonds, from sustainability-related loans to carbon markets were examined. Comparisons based on country examples reveal that these instruments offer new institutional approaches that increase investor confidence; however, structural limitations in terms of impact measurement, reporting standards and market depth persist. The findings show that sustainable finance should not be limited to capital markets alone; it should be structured in a multi-level structure with local governments, public banks and small-scale financial actors. The study points to the importance of establishing a strategic balance between sustainable development and financial stability. As a result, sustainable finance is positioned as a long-term and holistic development strategy in which economic instruments are redefined with the principles of social justice, environmental responsibility and governance.

Keywords

• Sustainable development goals
• Sustainable finance
• Green bonds
• Social impact
• Green finance
• Carbon markets

References

1. Agence France Trésor. (2024). Green OATs: Allocation and Performance Report 2023. https://www.aft.gouv.fr/en/publications/communiques-presse/01-august-2024-publication-2023-allocation-and-performance-report.
2. Caisse des Dépôts et Consignations. (2023). Sustainability Bonds – 2023 Annual Report. https://www.caissedesdepots.fr/sites/default/files/2024-10/CDC%20Sustainability%20Bonds%20-%202023%20Annual%20Report.pdf.
3. Choudhry, M. (2004). Corporate bonds and structured financial products. London: Elsevier Butterworth-Heinemann.
4. de Mariz, F., Bosmans, P., Leal, D. ve Bisaria, S. (2024). Reforming Sustainability‑Linked Bonds by Strengthening Investor Trust. Journal of Risk and Financial Management, 17(7), 290.
5. Draijer, W. ve de Vries, B. (2022). Greening the economy: The role of banks in the climate transition and challenges. İçinde A. Dombret ve P. S. Kenadjian (Ed.), Green Banking and Green Central Banking (17–28). Berlin; Boston: De Gruyter.
6. Equator Principles Association. (2020). The Equator Principles (EP4). https://equator-principles.com.
7. Han, J. ve Gao, H. (2024). Green finance, social inclusion, and sustainable economic growth in OECD member countries. Humanities and Social Sciences Communications, 11, Article number 140.
8. International Capital Market Association. (2021a). Green Bond Principles: Voluntary process guidelines for issuing green bonds (June 2021). Paris: ICMA Publishing.

9. International Capital Market Association. (2021b). Sustainability Bond Guidelines: Voluntary process guidelines for issuing sustainability bonds (June 2021). Paris: ICMA Publishing.
10. International Capital Market Association. (2023a). Social Bond Principles: Voluntary process guidelines for issuing social bonds (June 2023). Paris: ICMA Publishing.
11. International Capital Market Association. (2023b). Harmonised framework for impact reporting for social bonds. Paris: ICMA Publishing.
12. International Capital Market Association. (2024). Sustainability-Linked Bond Principles: Voluntary process guidelines for issuing Sustainability-Linked Bonds. Paris: ICMA Publishing.
13. International Development Finance Club. (2013). Mapping of green finance delivered by IDFC members in 2012. Frankfurt: IDFC.
14. International Finance Corporation. (2020). Green Finance: A bottom-up approach to tracking existing green financial products. Washington, D.C: IFC.
15. International Finance Corporation. (2023). Green and Social Bond Impact Report. Washington, D.C: IFC.
16. Just Group. (2023). Green / Sustainability Bond Full Allocation Report – March 2023. https://www.justgroupplc.co.uk/~/media/Files/J/Just-Retirement-Corp/documents/just-group-green-and-sustainability-full-bond-allocation-report-march-2023.pdf.
17. Legal Business. (2022). Sustainable finance instruments: Green bonds. In association with Kolcuoğlu Demirkan Koçaklı Hukuk Bürosu. https://www.kolcuoglu.av.tr/Uploads/Publication/legal_business_magazine_sustainable_finance_instruments_green_bonds.pdf
18. Lehner, O. M., Harrer, T., Silvola, H. ve Weber, O. (2024). Introduction: Setting the scene for green finance. O. M. Lehner, T. Harrer, H. Silvola, ve O. Weber (Ed.), The Routledge handbook of green finance içinde (ss. 1–4). Oxfordshire: Routledge.
19. Loan Market Association. (2025, 12 Haziran). When finance rewards sustainability performance: Sustainability-linked loans. London: LMA Publishing.
20. Loan Market Association, Asia Pacific Loan Market Association, & Loan Syndications and Trading Association. (2019). Sustainability Linked Loan Principles. Paris: ICMA Publishing.
21. Luo, L. (2024). Corporate carbon management systems and carbon opportunity: An international study. O. M. Lehner, T. Harrer, H. Silvola, ve O. Weber (Ed.), The Routledge handbook of green finance içinde (ss. 129–148). Oxfordshire: Routledge.
22. Luo, S., Yu, S., & Zhou, G. (2021). Does green credit improve the core competence of commercial banks?, Energy Economics, 100(2021), 105335.
23. Maltais, A. ve Nykvist, B. (2020). Understanding the role of green bonds in advancing sustainability. Journal of Sustainable Finance & Investment, 10(3), 299–315.
24. Mawhinney, M. (2002). Sustainable development: Understanding the green debates. Oxford: Blackwell Publishing.
25. Meng, A., Clements, L. ve Chung, L. (2023). Navigating social and sustainability bonds: A guide for issuers in developing countries. London: London Stock Exchange Group (LSEG).
26. National Bank of Canada. (2024). Sustainability bond report 2024. Montreal: National Bank of Canada Publishing.
27. OECD. (t.y.). The OECD Hub on Sustainable Development Goals: Measuring progress on the SDGs. https://www.oecd.org/en/data/dashboards/the-oecd-hub-on-sustainable-development-goals.html.
28. OECD. (2016). Social Impact Bonds: State of Play & Lessons Learnt. OECD LEED Papers No. 2016/05. Paris: OECD Publishing.
29. OECD. (2022). Green, social, sustainability and sustainability‑linked bonds in developing countries: How can donors support public sector issuances. Paris: OECD Publishing.
30. OECD. (2023a). Green, social and sustainability bonds in developing countries: The case for increased donor co-ordination. Paris: OECD Publishing.
31. OECD. (2023b). Financing SMEs for sustainability – Financial institution strategies and approaches (OECD SME and Entrepreneurship Papers, No. 46. Paris: OECD Publishing.
32. OECD. (2023c). Effective Carbon Rates 2023: Pricing Greenhouse Gas Emissions through Taxes and Emissions Trading. Paris: OECD Publishing.
33. OECD. (2024a). Global corporate sustainability report 2024, Paris: OECD Publishing.
34. OECD. (2024b). Climate finance provided and mobilised by developed countries in 2013–202,2 Climate finance and the USD 100 billion goal. Paris: OECD Publishing.
35. OECD (2024c), “Sustainability‑Linked Bonds: How to make them work in developing countries, and how donors can help”, OECD Development Perspectives, No. 44, Paris: OECD Publishing.
36. OECD. (2024d). Pricing Greenhouse Gas Emissions 2024: Gearing Up to Bring Emissions Down. Paris: OECD Publishing.
37. OECD. (2025). Global outlook on financing for sustainable development 2025: Towards a more resilient and inclusive architecture. Paris: OECD Publishing.
38. Pradhan, P., Costa, L., Rybski, D., Lucht, W. ve Kropp, J. P. (2017). A systematic study of Sustainable Development Goal (SDG) interactions. Earth’s Future, 5(11), 1169–1179.
39. Rudolph, S. ve Aydos, E. (2021). Carbon markets around the globe: Sustainability and political feasibility. Cheltenham: Edward Elgar Publishing.
40. Sachs, J. D., Woo, W. T., Yoshino, N. ve Taghizadeh-Hesary, F. (2019). Importance of green finance for achieving sustainable development goals and energy security. J. Sachs, W. Woo, N. Yoshino, ve F. Taghizadeh-Hesary (Ed.), Handbook of green finance: Energy security and sustainable development içinde (ss. 3–12). Berlin: Springer.
41. Silver, N. (2017). Finance, society and sustainability: How to make the financial system work for the economy, people and planet. London: Palgrave Macmillan.
42. Spinaci, S. (2021). Understanding green finance (EPRS Briefing No. PE 679.081). Brussels: European Parliamentary Research Service.
43. Steffen, W., Crutzen, P. J. ve McNeill, J. R. (2007). The Anthropocene: Are humans now overwhelming the great forces of nature? Ambio: A Journal of the Human Environment, 36(8), 614–621.
44. Strange, T. ve Bayley, A. (2008). Sustainable development: Linking economy, society, environment. Paris: OECD Publishing.
45. UniCredit. (2023). 2023 Sustainability Bond Report. Milan: UniCredit Publishing.
46. UniCredit Bank AG. (2023). UCB-AG Impact Allocation Reporting 2023. Milan: UniCredit Publishing.
47. United Nations. (2015). Transforming our world: The 2030 agenda for sustainable development. New York: United Nations Publishing.
48. Veld-Merkoulova, Y. ve Viteva, S. (2016). Carbon finance: How carbon and stock markets are affected by energy prices and emissions regulations. Cham: Palgrave Macmillan.
49. World Commission on Environment and Development. (1987). Our common future. Oxford: Oxford University Press.
50. Yu, C. Y., Shen, W. C. ve Zhang, Z. F. (2025). Assessing progress toward sustainable development in China and its impact on human well-being. Environmental Impact Assessment Review, 110, 107729.