GREEN BONDS AS LONG-TERM SOURCE OF FINANCE FOR RENEWABLE ENERGY INVESTMENTS.

In a context where clean energy has become almost an imperative, investments in renewable energy projects play an important role for achieving the sustainability of scarce resources needed for the well-being of future generations. Driven by the fact of climate change and the very need for reduction of carbon dioxide emissions all around the world, renewable energy economy has expanded with increasing participation of investors and new types of innovative financial techniques. One of the most striking innovative financial techniques is green bonds, started with the issuance of the "climate awareness bond" by the European Investment Bank in 2007. International Capital Market Association's (ICMA) publication of the Green Bond Principles (GBPs) in 2014, further motivated the expansion of the green bond market. Green bonds, are fixed-income securities which are issued to finance exclusively positive impact generating projects related to environment and climate change. In this study, it is aimed to investigate the development of global green bond markets with their related advantages, disadvantages, and policy implications. A green policy proposal will be made for enhancing the financing of renewable energy projects. [ABSTRACT FROM AUTHOR]