Pic.1 Areas of application of green bonds




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Pic.1 Areas of application of green bonds 
Qualitative and quantitative criteria have been established for each direction. 
Otherwise, green bonds have the same basic parameters as classic bonds. 
Whereas ordinary bonds can be placed by the company for replenishment of working capital 
or for current activities. 
At the same time, due to the high demand for «green» bonds, rates on them are usually lower 
than on other debt securities of the same issuers. This allows you to reduce the cost of borrowing, 
while simultaneously gaining the status of a progressive company that pays attention to the 
environment. 
In 2023, the green bond market, against the background of adaptation of the global economy 
to new conditions and reduction of recession risks, began to gradually exit this zone of turbulence, as 
evidenced by both an increase in the issuance of debt ESG instruments by 18.6% as a whole, and an 
increase in sales of green bonds by 22.2% in the first half of 2023 compared to the same period in 
2022. Probably, green debt financing in the near future, as the economies of developed countries 
soften, will become even more widespread than before, since in the same Europe, after the painful 
A green project can be 
launched in such areas:
industry
construction
energy 
industry
waste 
managemen
conservation 
of 
biodiversity 
and the 
environment
agricultural 
industry
water supply
transport


456 
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. 

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Pic.1 Areas of application of green bonds

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