THE FORMATION OF THE GREEN BOND MARKET: GENESIS, TRENDS, AND DEVELOPMENT PROSPECTS

This article examines the key aspects of the formation and development of the global green bond market - one of the most dynamically growing segments of sustainable finance. The study traces the history of green bonds from the first issuance by the European Investment Bank in 2007, analyses the main stages of market development, its regulatory framework, leading issuers, and investors. Based on data from the Climate Bonds Initiative, the International Monetary Fund, and the International Finance Corporation, a quantitative analysis of issuance volume dynamics, geographical distribution, and sectoral structure of the market is conducted. The main barriers to growth are identified, including the problem of greenwashing, and promising directions for further market development are outlined.