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shock of 2022, the desire to strengthen energy autonomy by accelerating the green transition is
expected to grow.
Another promising area for the development of green bonds is the municipal bond sector.
Currently, the share of municipal securities is about 1% of the total issue volume. However, the
implementation of a significant part of green projects takes place precisely at the level of individual
cities: initiatives on green construction, waste management and more environmentally friendly
transport are embodied in the development strategies of municipalities no less often than at the
corporate level. Successful examples can be found all over the world – New York, Paris, Cape Town,
Mexico City. Participation in municipal bond issues for the population of issuing cities is not only an
opportunity to diversify financial investments, but also a way to participate in the "life of the city",
which, in turn, increases loyalty and reduces the level of expectations regarding financial results. The
latter is critically important in conditions of macroeconomic and geopolitical instability, when raising
funds on the debt market is associated with an increased level of risk.
