Çevresel Etkili Sukûk: Çevresel Sürdürülebilirlik İçin Bir Öneri

Year 2024, Volume: 7 Issue: 3, 25 - 45

Ahmet Ulusoy , Mehmet Ela

Abstract

İklim değişikliklerinin etkileri son yıllarda hızla artmakta, küresel bir sorun bağlamında dikkatleri üzerine çekmektedir. İklim değişiminden dolayı aşırı yağmur, kuraklık gibi hava olayları meydana gelmektedir. Bu olaylar sel, birleşik kanalizasyon taşması ve orman yangınları gibi ciddi sonuçları olan sorunlara yol açmaktadır. Sel ve orman yangını gibi olayların toplum sağlığı ve ekonomi üzerindeki olumsuz etkilerine karşı önlem alma gereği son zamanlarda gündemin ön sıralarında yer almaktadır. Ancak sel, yangın ve birleşik kanalizasyon taşması gibi olaylara karşı mücadeleye çalışan hükümetler bütçe kısıtı ile karşı karşıya kalmaktadırlar. Nitekim sel ve yangın gibi iklim olaylarına karşı uyum ve azaltım önlemleri oldukça maliyetli olup yüksek düzeyde finansman gerektirmektedir. Her ne kadar söz konusu olaylara karşı geleneksel finans kullanılmakta ise de sağlanan finansmanın yetersiz kaldığı ve inovatif finansman yöntemlerine ihtiyaç duyulduğuna vurgu yapılmaktadır. Bu çalışmada betimsel ve açıklayıcı bir yöntem kullanılarak, inovatif finans bağlamında ilk defa çevresel etkili sukûk ve bu sukûk yapısına ilişkin bir model önerisi yapmak amaçlanmıştır. Bu modelde çevresel etkili tahvillere benzer şekilde çevresel etkili sukûk, “başarı için ödeme” mekanizmasını içermektedir. Bu mekanizmada, çevresel etkili sukûk ihraç edilmeden önce projenin ulaşması beklenen çevresel hedefler (eşik değerler) belirlenmekte ve yatırımcılar projenin performansına göre ödeme almaktadırlar. Buna göre yatırımcılar, proje belirlenen eşik değere ulaştığında fazla, ulaşamadığında daha az ödeme almaktadırlar. Bu çalışmada, daha önceki “etki sukûku” yapılarından farklı olarak, yerel hükümet yararlanıcılar arasında sayılmakta ve ayrıca yararlanıcılar projenin performansına göre proje yürütücüsüne (girişimciye) ödeme yapmaktadırlar. Güncel çevresel gelişmelere karşı önlem alma ihtiyacı biliniyorken, çevresel etkili sukûkun uygulanabilmesi oldukça önemli olup, uygulanma potansiyeli gelişen sukûk ve etki yatırımı piyasası göz önüne alındığında oldukça fazladır. Ancak, çevresel etkili sukûkun karmaşıklığı ve maliyetli ihraç süreci gibi problemleri bu sukûk yapısının gelecekte uygulanma potansiyelini azaltmaktadır. Çalışmanın sonucuna göre, çevresel etkili sukûkun gelecekte daha yaygın uygulanabilmesi için ilk aşamada karşımıza çıkan problemlerin giderilmesi gerekmektedir.

Keywords

İslami Finans, Sukûk, Çevresel Etkili Sukûk, Etki Tahvilleri, İklim Değişimi

Ethical Statement

Etik kurul raporu vb. gerekmemektedir. Hazır veri ve tablo kullanılmıştır.

Supporting Institution

-Yoktur

Project Number

-Yoktur.

Thanks

-Yoktur.

Environmental Impact Sukuk: A Proposal for Environmental Sustainability

Abstract

The effects of climate change have been increasing rapidly in recent years and attracting attention in the context of a global problem. Climate change is leading to an increase in extreme weather events, including both excessive rainfall and droughts. These events lead to problems with serious consequences, such as flooding, combined sewer overflows and wildfires. Recently, the need to take measures against the negative impacts of events such as floods and wildfires on public health and the economy has been at the forefront of the agenda. However, governments attempting to take measures against floods, wildfires, and combined sewer overflows are often hindered by budget constraints. As a matter of fact, adaptation and mitigation measures against climate-related events such as floods and fires are quite costly and require substantial financing. Although traditional finance provides funding for such events, it is emphasized that the funding provided is insufficient, and innovative financing methods are required. In this study, we aim to propose for the first time environmental impact sukuk and a novel model of this sukuk structure in the context of innovative finance using a descriptive and explanatory method. In this model, similar to environmental impact bonds, environmental impact sukuk includes a “payment-for-success” mechanism. In this mechanism, before issuance of environmental impact sukuk, the project’s environmental goals (threshold values) are determined, and investors receive payments based on the performance of the project. Accordingly, if the project reaches the specified threshold values, investors receive higher payments; otherwise, they receive lower payments. Unlike previous “impact sukuk” structures, the proposed model in this study includes the local government as a beneficiary and allows beneficiaries to pay the project implementer (entrepreneur) based on project performance. Given the urgent need to address current environmental challenges, the implementation of environmental impact sukuk is crucial and holds significant potential, especially in the context of the growing sukuk and impact investing markets. However, challenges such as the complex structure and costly issuance process may hinder the launch of environmental impact sukuk in the future. According to the result of the study, for environmental impact sukuk to be launched more widely in the future, the problems encountered in the first stage must be resolved.

Keywords

Islamic Finance, Sukuk, Environmental Impact Sukuk, Impact Bonds, Climate Change

Ethical Statement

Ethics committee report etc. is not required. Ready data and tables were used.

Supporting Institution

-No

Project Number

-Yoktur.

Thanks

-No

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