Trends in the global green bond market

Subject. The article considers green bonds as one of innovative financial instruments used to finance environmentally friendly projects, and development trends in this market. Objectives. The purpose of this study is to analyze the dynamics of the global green bond market and factors that have the greatest impact on it. Climate Bond Initiative (CBI) analytical reviews for 2018–2023 served as the information base of the study. Methods. The study employs methods of descriptive statistics and time series analysis. The methodology under which bonds are identified as green bonds is based on the Climate Bonds Standard (CBS v4). Results. The overall dynamics of the global green bond market over the entire period of its existence is well described by an upward linear trend. At the same time, the situation varies significantly by region. The Russian green bond market is still underdeveloped. In terms of cumulative issuance volumes, Russia lags significantly behind its BRICS partners, not only China and India, but also Brazil and South Africa. Conclusions. In recent years, other types of financial instruments, primarily social and sustainable development bonds, have started to develop actively in the field of ESG investments. These types of financial innovations demonstrate high efficiency in solving various kinds of complex social problems with negative environmental consequences.