The NSSMC approved Recommendations on the implementation or financing of environmental projects by issuing green bonds at its meeting on 07.07.2021.
The development of the green bond market in Ukraine is consistent with the European provisions and provides for:
Emerging sectors of green financing in Ukraine are:
Taking into account international principles, the NSSMC prepared recommendations and key features of the green bond model issued in Ukraine:
The key point is the compliance of the project financed / refinanced with the funds from the placement of green bonds, the Taxonomy for Sustainable Activities.
Thus, the issuer of green bonds should ensure the proper implementation of all key features. This helps protect investors’ interests and increase investment in green bonds.
Failure to comply with at least one of the identified features is a reason not to classify bonds as green. An attempt to classify bonds as green if they do not meet the key characteristics gives grounds to regard it as greenwashing.
Greenwashing is a deliberate misleading of investors and government agencies regarding the use of funds received from the issue of green bonds. To prevent the facts of greenwashing and there was a need to develop international standards and the formation of countries’ own recommendations.
Green bonds are defined as any type of bond whose proceeds will be used solely to finance or refinance new and / or existing eligible green projects that have clear environmental benefits.
In other respects, green bonds are similar to regular bonds. In particular, pricing and costs are similar, bonds are listed, traded and regulated in the same way as other securities of this type.
Green bond issuers can be private companies and financial institutions, international development banks, municipalities, the state.
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