Green Financial Instruments of Cleaner Production Technologies

Koval, Viktor; Laktionova, Olga; Atstāja, Dzintra; Grasis, Janis; Lomachynska, Iryna; Shchur, Roman

doi:10.3390/su141710536

Cited by 16 publications

(7 citation statements)

References 53 publications

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“…As this type of funding increases, the negative environmental impact decreases, and the share of renewable energy in the total energy supply and the supply of renewable energy increases as green bond funding increases. The result obtained is consistent with findings of other studies [18,23,54,55,58,60,62,74].…”

Section: Discussionsupporting

confidence: 93%

The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges

Mavlutova,

Spilbergs,

Verdenhofs

et al. 2023

Energies

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Nowadays, European countries, while implementing the goals of sustainable development, are trying to be energy secure by reducing energy consumption and switching to renewable energy sources; the issue of green bonds is essential in the financing of these projects. This study aims to investigate the current situation and trends in green finance, identifies its problems and challenges, as well as determines the importance of green bonds in sustainability in general and renewable energy supply in particular. The authors conducted a bibliometric analysis of green finance and renewable energy, followed by an extensive literature review identifying the benefits and challenges of green bond investments, continued with an empirical study that included hypothesis testing and the creation and analysis of the EU countries clusters, which have not been sufficiently studied to date. A study examining trends in green finance, identifying its benefits and challenges, found that green bond investments have a positive impact on carbon reduction and renewable energy supply in the EU OECD countries, and cluster analysis of the European OECD countries indicated a positive relationship between economic performance and overall ESG risk.

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Section: Discussionsupporting

confidence: 93%

The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges

Mavlutova,

Spilbergs,

Verdenhofs

et al. 2023

Energies

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“…They are willing to disinvest in a company if its environmental, social, or governance performance is poor. More than 2500 investment funds with almost $90 trillion under management have signed up to the UN Principles for Responsible Investment (Koval et al, 2022;Li, 2020), pledging to incorporate ESG factors into their investment analysis and decision-making processes and mechanisms. (According to PwC, global assets under management of companies investing in green technologies in 2022 were $110 trillion (Bosshardt et al, 2020;Megits et al, 2022)) Many institutional funds have already analysed their investment strategies for compliance with ESG standards.…”

Section: Resultsmentioning

confidence: 99%

Impact of Investments in Green Technologies on Energy Security and Sustainable Development in the Future

2023

Futurity of Social Sciences

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One of the key areas of technological development in the world is the development of the so-called green technologies, which allow to ensure the required level of economic growth without creating additional environmental risks. In recent years, green investments in general, and green bonds, in particular, have become an effective tool for financing green projects. The purpose of the study was to determine the impact of the development of green technologies on energy security and sustainable development of energy technologies. To achieve this goal, the following tasks were solved: the essence and main directions of development of investments in green technologies in the modern investment space were determined; the volume of investments in green technologies in the world was estimated; possible directions of influence of investments in green technologies on energy security were outlined. It is established that green bonds and green investments in general can attract investors and create prerequisites for effective ensuring a sufficient level of environmental safety. It is also noted that ESG criteria are increasingly penetrating the financial sector. The emergence of green investments is associated with growing requirements for environmental friendliness of production and corporate social responsibility. According to market participants, over the next five years, many of the world's largest companies will add ESG ratings to traditional credit ratings and metrics. In general, analysing the effectiveness of investments in green technologies will help to make informed decisions and choose optimal development strategies that help to reduce the negative impact on the environment and increase the competitiveness of companies in the global market. The study concluded that investments in green technologies have potential opportunities for companies in various industries, but the success of such investments depends on a thorough financial assessment, risk management, and long-term development strategy.

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“…Rate changes are also proposed as environmental taxation for the influx of foreign aid to ensure the development of clean technologies. In developing countries [35,36], it is proposed to encourage capand-trade through programs to reduce tax rates and increase competition in financial markets through the privatization of domestic and international liberalization. In developed countries, it is recommended to introduce high taxes and fines for activities that damage the quality of the environment.…”

Section: Environmental Taxes In Green Finance For Clean Technology De...mentioning

confidence: 99%

Environmental Taxation Assessment on Clean Technologies Reducing Carbon Emissions Cost-Effectively

et al. 2022

Self Cite

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Anthropogenic emissions increase the concentration of greenhouse gases, including carbon dioxide, which necessitates the promotion of environmental protection as one of the most urgent tasks of European environmental policy. The reduction of greenhouse gas emissions and the development of clean technologies in production also depends on the impact of environmental taxation; in this regard, a methodology for analyzing its impact and assessment on the development of eco-friendly technologies is proposed. An analysis of environmental tax revenues to the budgets of the EU countries revealed the insufficiency of environmental revenues to cover the costs of environmental protection from the damage caused by greenhouse gas emissions, which requires the transformation of the system of fiscal mechanisms. The total receipts of all environmental taxes in the EU budget for the period 2000–2020 increased by 53%, and the receipts from taxes on greenhouse gas emissions into the atmosphere increased by 71% in the EU budget, with a tax rate increase of 1.5-fold over this period. The application of the proposed methodology made it possible to determine, on the basis of the correlation coefficient, a high connection strength of +0.971 for the period 2000–2020 between the receipts of the environmental tax for greenhouse gas emissions into the atmosphere and the total values of all environmental taxes, as well as a fairly strong feedback of +0.913 from the receipts of the environmental tax to the EU budget with gross domestic product. Therefore, it is proposed to use differentiated environmental tax rates for different stages of the development of clean technologies.

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Green Financial Instruments of Cleaner Production Technologies

Cited by 16 publications

References 53 publications

The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges

The Role of Green Finance in Fostering the Sustainability of the Economy and Renewable Energy Supply: Recent Issues and Challenges

Impact of Investments in Green Technologies on Energy Security and Sustainable Development in the Future

Environmental Taxation Assessment on Clean Technologies Reducing Carbon Emissions Cost-Effectively

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