STUDY OF THE ECONOMIC EFFICIENCY OF GREEN BONDS, ECOLOGICAL LOANS, AND GREEN INVESTMENT FUNDS, AS WELL AS THEIR IMPORTANCE IN THE FINANCIAL SYSTEM
DOI:
https://doi.org/10.5281/zenodo.17951892Keywords:
Green bonds, green loans, green investment funds, economic efficiency, sustainable finance, financial system, ESG performance, emissions reduction, green innovationAbstract
This study investigates the economic efficiency of green bonds, green loans, and green investment funds,
along with their pivotal role in the financial system. Drawing from recent empirical evidence, green bonds lower financing
costs by offering reduced coupon rates and shorter capital occupation periods compared to conventional bonds, while
enhancing ESG performance, though their direct impact on emissions reduction can vary based on issuer practices.
Green loans improve firm operational performance, with post-loan increases in operating income relative to assets by
1,1%–1,2% and reductions in CO2 emissions per revenue. Green investment funds drive green innovation by increasing
patent applications in sustainable technologies and strengthening governance in firms with weaker structures. Collectively,
these instruments channel financial flows towards sustainable projects, supporting economic growth, job creation, and
the transition to a low-carbon economy, with the green finance market projected to expand significantly.
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