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Why do firms issue green bonds?

FRANCK BANCEL, & DEJAN GLAVAS. (2020). Why do firms issue green bonds?. Bankers, Markets & Investors, 160(1), 51-56.

Posted: 10 Mar 2022

See all articles by Dejan Glavas

Dejan Glavas

ESSCA school of management

Date Written: June 4, 2020

Abstract

The first green bond was issued by the European Investment Bank in 2007. Since then, the market has sharply increased from a less than USD1bn annual issuance to a higher than USD100bn annual issuance between 2007 and 2017. In this article, we investigate drivers of the green bond market’s success. We first look at whether green bonds benefit from any direct or indirect economic benefit as compared to non-green bonds. We then more deeply investigate the motives of firms deciding to issue green bonds. Aside from economic benefits, we show that firm characteristics, as well as the environment-related regulatory context, are key drivers of green bond issuance.

Keywords: green bonds, green finance, climate finance

JEL Classification: G3

Suggested Citation

Glavas, Dejan, Why do firms issue green bonds? (June 4, 2020). FRANCK BANCEL, & DEJAN GLAVAS. (2020). Why do firms issue green bonds?. Bankers, Markets & Investors, 160(1), 51-56., Available at SSRN: https://ssrn.com/abstract=4049875

Dejan Glavas (Contact Author)

ESSCA school of management ( email )

1 avenue Lakanal
Angers, 49000
France

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