Green bonds as a financing instrument green economy

Relevance. The growth of the economy is not imagined without the use of all kinds of natural resources. But, if earlier they were used more reasonably and in smaller amounts, with the development of production and industry, the issue of their irrational use has become more urgent. In this regard, the concept of “green” economy is aimed at revising the attitude to natural resources, their use, restoration by various methods, as well as making changes in the activities of enterprises in order to reduce their negative impact on the environment. In turn, green investment is one of the most capacious ways to show support and concern for the environment and nature. As the green finance market develops, its instruments are being transformed. Green bonds are becoming one of the most promising financing instruments. The purpose is to consider the essence of green investment and justify the prospects of using green bonds in the activities of economic entities. Objectives: to reveal the essence of green economy and its relationship with the strategy of green growth and processes of green investment; to characterize the current state of the market of green financing; to reveal the role of green bonds as an instrument of green financing; to provide economic justification for their use in the activities of economic entities. Methodology. The research is based on the use of methods of statistical data processing, generalization and grouping. To assess the interdependence of indicators of green bonds and financial indicators of enterprises, regression models with the use of the least squares method were applied. Results. Investing in green projects using green bonds allows the enterprise to actively manage environmental risks and long-term planning of its activities taking into account climatic and environmental factors. Conclusion. The dynamics of development of the market of “green” bonds and its rapid growth indicates the high investment attractiveness of this instrument.