Publication: Yeşil tahviller ve iklim finansmanı
Abstract
Yeşil tahviller, iklim projelerinin finanse edilmesinde ve iddialı uluslararası iklimhedeflerine ulaşma yolunda artan faaliyetlerde dönüştürücü bir rol oynama potansiyeli ilebüyük heyecan duyulan araçlardır. Bu heyecan, yeşil tahvillerin geçtiğimiz 10 yılda aşırıbüyümeleri ve yoğun sermaye aktarımına olanak tanımaları göz önünde bulundurulduğundahaklı görünmektedir. Yatırımcıların artan talebi, büyüyen ihraççı topluluğu ve sürekli olarakiyileşen piyasa koşulları ile varlık sınıfı son yıllarda önemli ölçüde genişleyen yeşil tahviller vediğer iklim uyumlu tahvil evreninin piyasa büyüklüğü, 2018 yıl sonunda 1,5 trilyon ABDDoları’na ulaşmıştır.Bu çalışmanın temel amacı, yeşil tahviller ile geleneksel muadilleri arasındaki ilişkininvarlığını araştırarak elde edilen sonuçlara göre hem yatırımcılara bilgi sunmak hem de literatürekatkıda bulunmaktır. Bu amaçla Türkiye Sınai Kalkınma Bankası (TSKB) tarafından ihraçedilen yeşil tahvil ve geleneksel muadilinin Haziran 2016-Mart 2019 dönemindeki günlükverilerinin haftalık ortalamaları kullanılarak Johansen Eşbütünleşme ve Toda-YamamotoNedensellik Testleri yapılmıştır.Çalışmanın sonuçlarına göre, testlerin gerçekleştirildiği dönemde, yeşil tahvil ilegeleneksel tahvilin uzun dönemde eşbütünleşik ve aralarında çift yönlü nedensellik ilişkisininolduğu sonucuna varılmıştır.
Green bonds are a great excitement for the financing of the projects for climate andthe potential to play a transformative role in increasing activities to achieve ambitiousinternational climate goals. This enthusiasm seems to be justified as they have boomed andenabled intensive capital transfer over the past 10 years. With the help of the growing demandof investors, the growing issuers’ community and the ever improving market conditions, thesize of the asset class, of green bonds and the other climate-aligned bond universe haveexpanded in recent years and they have reached to USD 1,5 trillion by the end of 2018.The main purpose of this study is to provide information to investors and to contributeto the literature according to the results obtained by investigating the relationship between greenbonds and their conventional peers. For this purpose, Johansen Cointegration and Toda-Yamamoto Causality Tests were performed for the period between June 2016-March 2019 byusing a weekly average of daily data of the green and the conventional bonds issued by theIndustrial Development Bank of Turkey (TSKB).According to the results of the study, during the period studied, it was concluded thatthe green bond and its conventional peer were cointegrated in the long run and there was a bidirectionalcausality relationship between them.
Green bonds are a great excitement for the financing of the projects for climate andthe potential to play a transformative role in increasing activities to achieve ambitiousinternational climate goals. This enthusiasm seems to be justified as they have boomed andenabled intensive capital transfer over the past 10 years. With the help of the growing demandof investors, the growing issuers’ community and the ever improving market conditions, thesize of the asset class, of green bonds and the other climate-aligned bond universe haveexpanded in recent years and they have reached to USD 1,5 trillion by the end of 2018.The main purpose of this study is to provide information to investors and to contributeto the literature according to the results obtained by investigating the relationship between greenbonds and their conventional peers. For this purpose, Johansen Cointegration and Toda-Yamamoto Causality Tests were performed for the period between June 2016-March 2019 byusing a weekly average of daily data of the green and the conventional bonds issued by theIndustrial Development Bank of Turkey (TSKB).According to the results of the study, during the period studied, it was concluded thatthe green bond and its conventional peer were cointegrated in the long run and there was a bidirectionalcausality relationship between them.
Description
Keywords
Bankalar ve bankacılık, Banks and banking, Bonds, Bonolar, climate change, climate finance, düşük karbonlu ekonomi, green sukuk, iklim değişikliği, iklim finansmanı, Johansen Cointegration Test, Johansen Eşbütünleşme Testi, low carbon economy, Paris Agreement, Paris Anlaşması, Toda-Yamamoto Causality Test, Toda-Yamamoto Nedensellik Testi Green bonds, yeşil sukuk, Yeşil tahviller