The objective of this study is to establish understanding of the success factors in issuing green bonds including the corresponding benefits and challenges of their issuance in Lithuania. The research methodology is comprised of the three parts: (1) a literature review to examine the success factors, benefits, and challenges of issuing green bonds as identified by researchers in different countries; (2) use of the methodological potential of the analysed field to formulate an expert survey via the analytical hierarchy process method; (3) summary of the results of the survey and proposals for its further development. Findings suggest that the reputation, good credit rating, and the environmental, social, and governance score of the issuer are the key considerations in the success of green bonds issuance. On the benefits side, green bonds bear low investment risks with the ability to raise large investment amounts while providing quantifiable and measurable benefits. The challenges related to the issuance of green bonds include greenwashing, the questionable role of the green bond market in environmental protection, and insufficient financial and economic benefits of issuance. Practical implications of the study are based on the notion that findings can be applied as a reference point by potential issuers willing to issue green bonds, investors willing to invest in green bonds, and policy-makers willing to promote sustainable and green finance. An original aspect of this paper is its study focus on peculiarities of the issuance of green bonds in the region, in a smaller country which can serve as a reference point for considering potential issuance of green bonds.
Purpose – to propose conceptual model for forecasting of waste trends and empirically implement the model based on the case of Lithuania and its regions. Research methodology – 1) scientific literature analysis on circular economy, zero waste and waste management, 2) gathering of statistical data on waste flows, composition and treatment 3) creation of conceptual model of forecasting with Exponential Smoothing for prediction of waste-related trends based on literature review. Findings – proposed conceptual model for prediction of waste-related trends is adequate for prognosis of waste flows, composition and treatment ways. The main forecasting results are that the total waste flows will increase in Lithuania, on a regional level, Alytus, Kaunas, Klaipėda, Telšiai, have a tendency of the increase in municipal waste flows. The results imply that in order to contribute to the reduction of waste, the active involvement on a regional level is necessary. Research limitations – the research can be extended with statistical data on waste of other countries to check adequacy of the conceptual model for waste-related trends prognosis. Practical implications – the findings of the research can be applied in planning and decision-making process of gov-ernment bodies on national or local level. The results are also useful for the general public in educational purposes. Originality/Value – the study provides original conceptual model for the forecasting of waste-related trends which provides robust results of predictions and can be replicated by different countries.
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