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SÜRDÜRÜLEBİLİRLİK, YEŞİL FİNANS VE İLK TÜRK YEŞİL TAHVİL İHRACI

Yıl 2020, Cilt: 12 Sayı: 22, 267 - 283, 01.01.2020
https://doi.org/10.14784/marufacd.688425

Öz

Çevre kirliliğinin yaygınlaşması, endüstriyelleşmenin çevresel etkileri ve iklim değişikliğine ilişkin gelişmelerin derinleşmesi ile birlikte “hayatın sürdürülebilirliği”nin sağlanması hususu büyük önem kazanmıştır. Bu kapsamda, gerçekleştirilen 21. Birleşmiş Milletler (BM) İklim Değişikliği Taraflar Konferansı sonucunda, 196 ülke tarafından onaylanan Paris Anlaşması çerçevesinde küresel ısı artışı 1.5-2C olarak hedeflenmiştir. Yeşil projelerin finansmanı son beş yılda büyük ölçüde yeşil tahvil ihraçları ile gerçekleştirilmiştir. Bu kapsamda ilk Türk yeşil tahvil ihracı da bir Türk yatırım bankası tarafından 2016 yılı Mayıs ayında gerçekleştirilmiştir. Bu ihraç, ihraca hedeflenen tutarın 14 katı kadar teklif gelmesi ve bunun sonucunda hedeflenen fiyatta 62.5bps düşüş sağlanması sebebi ile çok başarılı bir sermaye piyasası işlemi nitelendirilmektedir. Bu ihracın başarısı yeşil tahvil ihracının diğer Türk finansal kuruluşları için de bir yeşil kaynak olacağını ortaya koymaktadır

Kaynakça

  • ASEAN Capital Markets Forum. (2017, Kasım). ASEAN Green Bond Standards. BACHELET, M.J., BECCHETTİ, L. ve MANFREDONİA, S.(2019). "The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification," Sustainability, MDPI, Open Access Journal, vol. 11(4), 1-22. BARCLAYS (2015). The Cost of Being Green. Credit Research. BARTELS, W., LARS, K., LAURE, B. ve J. KRİMPHOFF (2016), Mainstreaming the green bond market, KPMG Report, https://assets.kpmg.com/content/dam/kpmg/lu/pdf/mainstreaming-the-green-bond-market-kpmg-wwf-2016.pdf BLOOMBERG (2017). Investors are willing to pay a "Green" premium. Bloomberg New Energy Finance report. BOSSELMANN, K. (2016). The principle of sustainability: transforming law and governance. Routledge. BROWN HS, DE JONG M, LESSİDRENSKA T. (2010) The rise of Global Reporting Initiative as a case of institutional entrepreneurship. Corporate Social Responsibility initiative working paper #36. Cambridge, MA: John F. Kennedy School of Government, Harvard University. Available from:, http://www.hks.harvard. edu/m-rcbg/CSRI/publications/workingpaper_36_brown.pdf CAIAA (2016), Chartered Alternative Investment Analyst Association, Alternative Investment Analyst Review, https://www.caia.org/sites/default/files/AIAR_Q2_2016_02_GreenBonds.pdf Climate Bonds Initiative. Green Bond Policy: Highlights from 2017. Available online: https://www.climatebonds.net/files/reports/cbi-policyroundup_2017_final_3. COCHU, A., GLENTİNG, C., HOGG, D., GEORGİEV, I., SKOLİNA, J., EİSİNGER, F., JESPERSEN, M., AGSTER, R., FAWKES, S., vr CHOWDHURY, T. (2016), Study on the potential of green bond finance for resource-efficient investments, European Commission Report. EPSC STRATEGİC NOTES. (2007). Financing Sustainability: Triggering Investments for the Clean Economy. EU NON-FİNANCİAL REPORTİNG DİRECTİVE (2018) EU HİGH-LEVEL EXPERT GROUP ON SUSTAİNABLE FİNANCE. (2018).Final report 2018 by the high-level expert group on sustainable finance. https://ec.europa.eu/info/sites/info/files/180131-sustainable-finance-final-report_en.pdf
  • EUROPEAN COMMİSSİON. (2018). Communication from the commission action plan: financing sustainable growth. Brussels. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX:52018DC0097 EUROPEAN COMMİSSİON INİTİATİVE ON SUSTAİNABLE FİNANCE, (2018) https://sustainabledevelopment.un.org/partnership/?p=29794 GİANFRATE VE PATİ (2018) The Green Advantage:A Propensity-score Matching Analysis of Green Bonds’ Pricing at Issuance GREENBOND GRANT SCHEME (2018) http://gia.info.gov.hk/general/201806/15/P2018061500373_286122_1_1529034245441.pdf GÜNDOĞAN A.C. ve BİTLİS, M. (2018) Dönüşen Dünyada Fırsatları Yakalamak: Sürdürülebilir Finans Görünümü 2018, ESCARUS. HİRTENSTEİN, A. (2017). Evidence Mounts for Green Bonds Outperforming Conventional: HSBC. Bloomberg Markets, 5 September 2017. I4CE (2016). Enhancing Green bonds’ contribution to the low-carbon and climate resilient transition. Institute for Climate Economics ICMA. 2017. The Green Bond Principles 2017. Voluntary Process Guidelines for Issuing Green Bonds. https://www.icmagroup.org/assets/documents/Regulatory/GreenBonds/GreenBondsBrochure-JUNE2017.pdf. IPCC, 2018. Global Warming of 1.5 _C. An IPCC Special Report on the Impacts of Global Warming of 1.5 _C above Pre-Industrial Levels and Related Global Greenhouse Gas Emission Pathways, in the Context of Strengthening the Global Response to the Threat of Climate Change, Sustainable Development, and Efforts to Eradicate Poverty available at. https://www.ipcc.ch/sr15/. JUN, M., KAMİNKER, C., KİDNEY, S. ve PFAFF, N. (2016), Green Bonds: Country Experiences, Barrıers and Options, G20 Green Finance Study Group Report, http://unepinquiry.org/wp-content/uploads/2016/09/6_Green_Bonds_Country_Experiences_Barriers_and_Options.pdf KARPF, A. VE MANDEL, A. (2017). Does it pay to be Green? Working Paper. MEADOWS, D.H., MEADOWS, D.L., RANDERS, J., BEHRENS_III, W.W., 1972. The Limits to Growth: A Report for the Club of Rome’s Project on the Predicament of Mankind. Universe Books, New York. Memorandum To The Board Dısclosure Requırements For Issuance And Lıstıng Green Bonds (2016) Securıtıes And Exchange Board Of Indıa https://www.sebi.gov.in/sebi_data/meetingfiles/1453349548574-a.pdf Morgan Stanley (2017). Why We Think Green Bonds Will Continue to Grow: A Primer. Morgan Stanley report https://www.morganstanley.com/ideas/Green-bond-boom NATİXİS (2017). Is the EIB paving the way for a "Green Premium"? Natixis Report. SAKUDA, M. (2015). Hawaii’s Green Energy Market Securitization(GEMS) Program. Presentation, Hawaii. https://naseo.org/Data/Sites/1/naseo-gems-update-2015-08-04.pdf SCHOENMAKER, D. (2017) Investing for the common good: a sustainable finance framework, Bruegel Essay And Lecture Serıes STUBER, W. (2014) The Social And Environmental Responsibility Policy Of The Brazilian Financial Institutions. http://www.mondaq.com/brazil/x/311440/Financial Services/The Social And Environmental Responsibility Policy Of The Brazilian FinancialInstitutions Sustainable Development (2015) Advocacy Toolkit Mini-site. https://www.sustainabledevelopment2015.org/AdvocacyToolkit/index.php/earth-summit-history/historical-documents/92-our-common-future The Sustainability Bond Guidelines (SBG) 2018 https://www.icmagroup.org/green-social-and-sustainability-bonds/sustainability-bond-guidelines-sbg/TSKB Green / Sustaınable Bond, Allocatıon & Impact Reportıng 2017 Turseff1000. Projede. (2018). http://www.turseff.org/haber/460 . UN 2030 Agenda and Sustainable Development Goals UN Brundtland Commission Report (1987) ZERBİB, O. D. (2019) Is There a Green Bond Premium? The Yield Differential Between Green and Conventional Bonds, Journal of Banking and Finance, Vol. 98 (p. 39-60). WOETZEL, E. (2016). Bridging Global Infrastructure Gaps. McKinsey Global Institute. https://www.un.org/pga/71/wp-content/uploads/sites/40/2017/06/Bridging-Global-Infrastructure-Gaps-Full-report-June-2016.pdf.
Toplam 2 adet kaynakça vardır.

Ayrıntılar

Birincil Dil Türkçe
Bölüm Makaleler
Yazarlar

Neslihan Turguttopbaş Bu kişi benim

Yayımlanma Tarihi 1 Ocak 2020
Gönderilme Tarihi 14 Ekim 2019
Yayımlandığı Sayı Yıl 2020 Cilt: 12 Sayı: 22

Kaynak Göster

APA Turguttopbaş, N. (2020). SÜRDÜRÜLEBİLİRLİK, YEŞİL FİNANS VE İLK TÜRK YEŞİL TAHVİL İHRACI. Finansal Araştırmalar Ve Çalışmalar Dergisi, 12(22), 267-283. https://doi.org/10.14784/marufacd.688425