A financial approach to fight climate change: using green bonds to fund sustainable investments

dc.contributor.advisorCalvo Silvosa, Anxo
dc.contributor.authorSchwab, Melanie Caroline
dc.date.accessioned2021-04-21T23:01:24Z
dc.date.available2021-04-21T23:01:24Z
dc.date.issued2021
dc.description.abstractThe present thesis deals with the research topic of how green bonds can be used to fund sustainable investments that fight climate change. A key focus lies on how the green bond market can possibly be improved in order to raise more funds and allow a better response to climate change. This thesis uses a literature research approach. This is done by looking at the issue of climate change and the policies and actions to fight it, first. Afterwards, the topic of environmental, social and governance (ESG) investments is treated with a particular focus on environmental investments and the types of financial assets, through which an investment can be made. Green bonds are the key subject of this work. Accordingly, their current situation is addressed by analyzing the variety of existing definitions, the market evolution, characteristics and types of green bonds, and their cost of capital. Attention is paid towards the main actors in the market, their role and what can be done by each type of actor to develop the market of green bonds. Additionally, some recent examples from the global market and the real performance of green bonds in the past years are discussed. Concluding the most important findings of this work, the major challenges identified in the global green bond market are the following ones: the missing definition and standards, the on average lower return than on conventional bonds, and the fact that green bonds are not focused on investments in the countries most affected by climate change where urgent adaptation measures are required. To overcome these challenges, it is recommended to establish obligatory standards for green bonds in order to provide security for issuers and investors. The standardization of the market could also provide the opportunity to develop their market in those countries where action is needed most urgently. It is further recommended for issuers and intermediaries to better address the preferences of certain types of investors and direct green bonds towards risk-averse and responsible investors.es_ES
dc.formatapplication/pdfes_ES
dc.identifier.urihttps://hdl.handle.net/20.500.12640/2253
dc.language.isoenges_ES
dc.publisherUniversidad ESANes_ES
dc.publisher.countryPEes_ES
dc.rightsinfo:eu-repo/semantics/openAccesses_ES
dc.rights.urihttps://creativecommons.org/licenses/by-nc-nd/2.5/pe/*
dc.subjectCambio climáticoes_ES
dc.subjectBonos verdeses_ES
dc.subjectFinanzas sostenibleses_ES
dc.subjectMercado financieroes_ES
dc.subject.ocdehttps://purl.org/pe-repo/ocde/ford#5.02.04es_ES
dc.titleA financial approach to fight climate change: using green bonds to fund sustainable investmentses_ES
dc.typeinfo:eu-repo/semantics/bachelorThesises_ES
dc.type.otherTrabajo de investigaciónes_ES
renati.advisor.cedulaES /
renati.advisor.orcidhttps://orcid.org/0000-0001-7760-7845es_ES
renati.author.pasaporteDE / C963NNT3K
renati.discipline413246es_ES
renati.jurorOlivos Rossini, Mariella
renati.jurorGonzales López, Rolando
renati.levelhttps://purl.org/pe-repo/renati/level#bachilleres_ES
renati.typehttps://purl.org/pe-repo/renati/type#trabajoDeInvestigaciones_ES
thesis.degree.disciplineAdministración y Finanzases_ES
thesis.degree.grantorUniversidad ESAN. Facultad de Ciencias Económicas y Administrativases_ES
thesis.degree.nameBachiller en Administración y Finanzases_ES
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