Research Article
BibTex RIS Cite

A New Approach To Finance With Sustainability Perspective: Green Finance And Its Applications

Year 2019, Volume: 5 Issue: 2, 139 - 160, 01.10.2019
An Erratum to this article was published on October 6, 2022. https://dergipark.org.tr/en/pub/fcpe/issue/72933/1192671

Abstract

In this study, the concept of green fi nance, which examines fi nancial activities from an environmentally sensitive perspective, is emphasized. Green fi nance covers all initiatives of investors to fund, implement and create infrastructure for projects with sustainable impacts through fi nancial instruments and models developed. In other words, green fi nance is a concept formed by the integration of environmental issues into the fi nancial system and is often used interchangeably with green investment.
In this study, it is given on a detailed literature regarding the concept of green finance and has been evaluated both academic studies point about
green financial situation in Turkey as well as examining business practices.
As a result of this study, a road map for green finance is presented.

References

  • [1] Berensman K, (2017) Upscaling Green Bond Markets: The Need for Harmonised Green Bond Standards, German Development Institute, Bonn, Germany. https://www.die-gdi.de/uploads/media/BP_12.2017.pdf, E.T. 25.08.2019 [2] Berensman K. and Lindenberg N. (2016) Green Finance: Actors, Challenges And Policy Recommendations, German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) [3] BIST Sürdürülebilirlik Endeksi https://www.borsaistanbul.com/ endeksler/bist-pay-endeksleri/surdurulebilirlik-endeksi E.T. 25.08.2019 [4] Carraro, C., Favero, A., & Massetti, E. (2012). “Investments and public finance in a green, low carbon, economy.” Energy Economics, Volume 34, Supplement 1, November 2012. [5] Climate Bonds Initiative (2018). Green Bonds The State of The Market 2018. [6] Climate Bonds Initiative (2019). 2019 Green Bond Market Summary. [7] Dauvergne, P., Alger, J., & Park, S. (2018). Green finance. In A Research Agenda for Global Environmental Politics. https://doi. org/10.4337/9781788110952.00008 [8] Ehlers, T., & Packer, F. (2016). Green Bonds – certification, shades of green and environmental risks. Bank for International Settlements. [9] Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review, September 2017. [10] Engen L, Prizzon A, (2018) A Guide To Multilateral Development Banks 2018 Edition .ODI , London, The UK [11] Flammer, C. (2019). Corporate Green Bonds. Academy of Management Proceedings. https://doi.org/10.5465/ambpp.2019.15250abstract [12] German Development Institute Briefin Paper: Green Finance: Actors, Challenges and Policy Recommendations 23/2016, Bonn, Germany. [13] Global Compact Türkiye Sürdürülebilir Finans Bildirisi (2019) https:// www.globalcompactturkiye.org/2019/04/09/global-compact-turkiyesurdurulebilir- finansman-bildirgesi-guncellendi E.T. 25.08.2019 [14] Green Finance Taskforce (2018). A report to Government by the Green Finance Taskforce: Acceleratıng Green Finance. [15] Gündoğan A.C. ve Bitlis M. (2018). Dönüşen Dünyada Fırsatları Yakalamak: Sürdürülebilir Finans Görünümü, ESCARUS, İstanbul, Türkiye [16] ICMA: The Green Bond Principles Voluntary Process Guidelines for Issuing Green Bonds (June,2018),Turkish Version pg:8, Paris, France. E.T: 21.08.2019 [17] IEA (2016) Energy Policies of IEA Countries Turkey 2016 Review (September, 2016), International Energy Agency, IEC Publishing, Paris, France [18] International Trade Center, What is Green Finance, www.intracen.org/ What-is-green-finance E.T. 25.08.2019 [19] Joint Report on Multilateral Development Banks’ Climate Finance 2018 Report (2019) [20] Kuloğlu E., Öncel M. (2015) Yeşil Finans Uygulaması ve Türkiye’de Uygulanabilirliği, Gazi Üniversitesi Sosyal Bilimler Dergisi, Vol/Cilt: 2 [21] Lindenberg N. (2016) Coordinating The Willing, Development and Cooperation E-Paper, https://www.dandc.eu/en/article/howinternational- financial-institutions-must-contribute-achievingsustainable- development, (Son Erişim: 22.08.2019) [22] Lindenberg, N. (2014), Definition of Green Finance, DIE Mimeo, 2014. https://ssrn.com/abstract=2446496 E.T. 18.08.2019 [23] Linnenluecke, M. K., Smith, T., & McKnight, B. (2016). Environmental finance: A research agenda for interdisciplinary finance research. Economic Modelling. https://doi.org/10.1016/j.econmod.2016.07.010 [24] Ng, A. W. (2018). From sustainability accounting to a green financing system: Institutional legitimacy and market heterogeneity in a global financial centre. Journal of Cleaner Production. https://doi.org/10.1016/j. jclepro.2018.05.250 [25] OECD (2016). Green Investment Banks: Scaling up Private Investmentin Low-Carbon, Climate- Resilient Infrastructure , Green Finance and Investment; OECD Publishing, Paris. http://dx.doi. org/10.1787/9789264245129-en S.18. [26] Ordonez C.D., Uzsoki, D., Dorji S.T. (2015) Green Bonds In Public-Private Partnership, The International Institute for Sustainable Development, Geneva,Switzerland [27] Shishlov, I., Morel, R., & Cochran, I. (2016). Beyond transparency: unlocking the full potential of green bonds. I4CE – Institute for Climate Economics. [28] Sustainable Development (2019) Advocacy Tool Mini Site https:// www.sustainabledevelopment2015.org/AdvocacyToolkit/index.php/ earth-summit-history/historical-documents/92-our-common-future, E.T. 25.08.2019 [29] Sürdürülebilir Bankacılık ve Finans https://www.globalcompactturkiye. org/surdurulebilir-bankacilik-ve-finans E.T. 21.08.2019 [30] Tang, D. Y., & Zhang, Y. (2019). Do shareholders benefit from green bonds? Journal of Corporate Finance. https://doi.org/10.1016/j. jcorpfin.2018.12.001 [31] Tek, Ö.B. ve Karaduman, İ. (2012) Lojistik Yönetimi Tedarik Zinciri Bakış Açısıyla, Küresel Yönetimsel Yaklaşım, Ekonomi Yayınları, İstanbul. [32] The New Climate Economy Report (2018): Unlocking The Inclusive Growth Story Of The 21st Century: Accelerating Climate Action In Urgent Times https://newclimateeconomy.report/2018/wp-content/uploads/ sites/6/2018/09/NCE_2018_FULL-REPORT.pdf E.T. 27.08.2019 [33] TİDS (2010) Türkiye İklim Değişikliği Stratejisi 2010-2023, TC Çevre ve Şehircilik Bakanlığı [34] TSKB (2016) Türkiye Sınai Kalkınma Bankası 2016 Yılı Faaliyet Raporu, http://www.tskb.com.tr/i/content/2965_1_TSKB_Faaliyet%20 Raporu_2016.pdf E.T. 01.01.2019 [35] UNDP Programme Policy and Programme Brief (2016). UNDP Support to the Implementation of the 2030 Agenda for Sustainable Development, New York, USA. [36] Wang, Y., & Zhi, Q. (2016). The Role of Green Finance in Environmental Protection: Two Aspects of Market Mechanism and Policies. In Energy Procedia. https://doi.org/10.1016/j.egypro.2016.12.053 [37] Zadek S. and Flynn C. (2013). South-Originating Green Finance: Exploring the Potential, The Geneva International Finance Dialogues.

Sürdürülebilirlik Perspektifiyle Finansa Yeni Bir Yaklaşım: Yeşil Finans Ve Uygulamaları

Year 2019, Volume: 5 Issue: 2, 139 - 160, 01.10.2019
An Erratum to this article was published on October 6, 2022. https://dergipark.org.tr/en/pub/fcpe/issue/72933/1192671

Abstract

Bu çalışmada, finansal faaliyetleri, çevreye duyarlı bir bakış açısıyla inceleyen yeşil finans kavramı üzerinde durulmuştur. Yeşil finans, yatırımcıların finansal araçlarla ve geliştirdiği modellerle sürdürülebilir etkileri olan projelere kaynak sağlama, uygulama ve altyapı oluşturma adına tüm yapılan girişimleri kapsar. Bir diğer deyişle Yeşil finans çevre ile ilgili konuların finansal sistemle bütünleştirilmesi sonucu oluşan bir kavramdır ve sıklıkla yeşil yatırımla birbirinin yerine kullanılmaktadır.
Bu araştırmada yeşil finans kavramı ile ilgili olarak ayrıntılı bir literatür taramasına yer verilerek hem akademik çalışmalar hem de işletme uygulamaları incelenmiş ve Türkiye’de yeşil finans konusunda gelinen durum değerlendirilmiştir. Çalışma sonucunda yeşil finans konusunda işletmelere yönelik bir yol haritası sunulmuştur.

References

  • [1] Berensman K, (2017) Upscaling Green Bond Markets: The Need for Harmonised Green Bond Standards, German Development Institute, Bonn, Germany. https://www.die-gdi.de/uploads/media/BP_12.2017.pdf, E.T. 25.08.2019 [2] Berensman K. and Lindenberg N. (2016) Green Finance: Actors, Challenges And Policy Recommendations, German Development Institute / Deutsches Institut für Entwicklungspolitik (DIE) [3] BIST Sürdürülebilirlik Endeksi https://www.borsaistanbul.com/ endeksler/bist-pay-endeksleri/surdurulebilirlik-endeksi E.T. 25.08.2019 [4] Carraro, C., Favero, A., & Massetti, E. (2012). “Investments and public finance in a green, low carbon, economy.” Energy Economics, Volume 34, Supplement 1, November 2012. [5] Climate Bonds Initiative (2018). Green Bonds The State of The Market 2018. [6] Climate Bonds Initiative (2019). 2019 Green Bond Market Summary. [7] Dauvergne, P., Alger, J., & Park, S. (2018). Green finance. In A Research Agenda for Global Environmental Politics. https://doi. org/10.4337/9781788110952.00008 [8] Ehlers, T., & Packer, F. (2016). Green Bonds – certification, shades of green and environmental risks. Bank for International Settlements. [9] Ehlers, T., & Packer, F. (2017). Green bond finance and certification. BIS Quarterly Review, September 2017. [10] Engen L, Prizzon A, (2018) A Guide To Multilateral Development Banks 2018 Edition .ODI , London, The UK [11] Flammer, C. (2019). Corporate Green Bonds. Academy of Management Proceedings. https://doi.org/10.5465/ambpp.2019.15250abstract [12] German Development Institute Briefin Paper: Green Finance: Actors, Challenges and Policy Recommendations 23/2016, Bonn, Germany. [13] Global Compact Türkiye Sürdürülebilir Finans Bildirisi (2019) https:// www.globalcompactturkiye.org/2019/04/09/global-compact-turkiyesurdurulebilir- finansman-bildirgesi-guncellendi E.T. 25.08.2019 [14] Green Finance Taskforce (2018). A report to Government by the Green Finance Taskforce: Acceleratıng Green Finance. [15] Gündoğan A.C. ve Bitlis M. (2018). Dönüşen Dünyada Fırsatları Yakalamak: Sürdürülebilir Finans Görünümü, ESCARUS, İstanbul, Türkiye [16] ICMA: The Green Bond Principles Voluntary Process Guidelines for Issuing Green Bonds (June,2018),Turkish Version pg:8, Paris, France. E.T: 21.08.2019 [17] IEA (2016) Energy Policies of IEA Countries Turkey 2016 Review (September, 2016), International Energy Agency, IEC Publishing, Paris, France [18] International Trade Center, What is Green Finance, www.intracen.org/ What-is-green-finance E.T. 25.08.2019 [19] Joint Report on Multilateral Development Banks’ Climate Finance 2018 Report (2019) [20] Kuloğlu E., Öncel M. (2015) Yeşil Finans Uygulaması ve Türkiye’de Uygulanabilirliği, Gazi Üniversitesi Sosyal Bilimler Dergisi, Vol/Cilt: 2 [21] Lindenberg N. (2016) Coordinating The Willing, Development and Cooperation E-Paper, https://www.dandc.eu/en/article/howinternational- financial-institutions-must-contribute-achievingsustainable- development, (Son Erişim: 22.08.2019) [22] Lindenberg, N. (2014), Definition of Green Finance, DIE Mimeo, 2014. https://ssrn.com/abstract=2446496 E.T. 18.08.2019 [23] Linnenluecke, M. K., Smith, T., & McKnight, B. (2016). Environmental finance: A research agenda for interdisciplinary finance research. Economic Modelling. https://doi.org/10.1016/j.econmod.2016.07.010 [24] Ng, A. W. (2018). From sustainability accounting to a green financing system: Institutional legitimacy and market heterogeneity in a global financial centre. Journal of Cleaner Production. https://doi.org/10.1016/j. jclepro.2018.05.250 [25] OECD (2016). Green Investment Banks: Scaling up Private Investmentin Low-Carbon, Climate- Resilient Infrastructure , Green Finance and Investment; OECD Publishing, Paris. http://dx.doi. org/10.1787/9789264245129-en S.18. [26] Ordonez C.D., Uzsoki, D., Dorji S.T. (2015) Green Bonds In Public-Private Partnership, The International Institute for Sustainable Development, Geneva,Switzerland [27] Shishlov, I., Morel, R., & Cochran, I. (2016). Beyond transparency: unlocking the full potential of green bonds. I4CE – Institute for Climate Economics. [28] Sustainable Development (2019) Advocacy Tool Mini Site https:// www.sustainabledevelopment2015.org/AdvocacyToolkit/index.php/ earth-summit-history/historical-documents/92-our-common-future, E.T. 25.08.2019 [29] Sürdürülebilir Bankacılık ve Finans https://www.globalcompactturkiye. org/surdurulebilir-bankacilik-ve-finans E.T. 21.08.2019 [30] Tang, D. Y., & Zhang, Y. (2019). Do shareholders benefit from green bonds? Journal of Corporate Finance. https://doi.org/10.1016/j. jcorpfin.2018.12.001 [31] Tek, Ö.B. ve Karaduman, İ. (2012) Lojistik Yönetimi Tedarik Zinciri Bakış Açısıyla, Küresel Yönetimsel Yaklaşım, Ekonomi Yayınları, İstanbul. [32] The New Climate Economy Report (2018): Unlocking The Inclusive Growth Story Of The 21st Century: Accelerating Climate Action In Urgent Times https://newclimateeconomy.report/2018/wp-content/uploads/ sites/6/2018/09/NCE_2018_FULL-REPORT.pdf E.T. 27.08.2019 [33] TİDS (2010) Türkiye İklim Değişikliği Stratejisi 2010-2023, TC Çevre ve Şehircilik Bakanlığı [34] TSKB (2016) Türkiye Sınai Kalkınma Bankası 2016 Yılı Faaliyet Raporu, http://www.tskb.com.tr/i/content/2965_1_TSKB_Faaliyet%20 Raporu_2016.pdf E.T. 01.01.2019 [35] UNDP Programme Policy and Programme Brief (2016). UNDP Support to the Implementation of the 2030 Agenda for Sustainable Development, New York, USA. [36] Wang, Y., & Zhi, Q. (2016). The Role of Green Finance in Environmental Protection: Two Aspects of Market Mechanism and Policies. In Energy Procedia. https://doi.org/10.1016/j.egypro.2016.12.053 [37] Zadek S. and Flynn C. (2013). South-Originating Green Finance: Exploring the Potential, The Geneva International Finance Dialogues.
There are 1 citations in total.

Details

Primary Language Turkish
Subjects Economics
Journal Section Research Article
Authors

Nurgün Komşuoğlu Yılmaz This is me

Publication Date October 1, 2019
Published in Issue Year 2019 Volume: 5 Issue: 2

Cite

APA Komşuoğlu Yılmaz, N. (2019). Sürdürülebilirlik Perspektifiyle Finansa Yeni Bir Yaklaşım: Yeşil Finans Ve Uygulamaları. Florya Chronicles of Political Economy, 5(2), 139-160.


All site content, except where otherwise noted, is licensed under a Creative Common Attribution Licence. (CC-BY-NC 4.0)

by-nc.png