Dragan Stojkovic, Milena Jovanovic-Kranjec, Maja Lukovic

DOI Number
First page
Last page


Since the onset of the global financial crisis at the end of 2008 green projects are becoming increasingly important, and green economy is becoming more and more interesting as an area of research for numerous authors. In this regard, the paper will analyze green bonds that represent an integral part of green finances, i.e. a significant instrument of green economy and a useful mean in fighting climate changes. These securities mostly represent non-taxable financial instruments and have high credit rating, which is why they are very attractive to investors. Green bonds attract more and more attention in the largest world economies, i.e. in China and USA as the major emitters of greenhouse gases. However, they also have a notable role on the markets of some other countries, i.e. France, Germany, Norway, Sweden, Denmark, Finland, India, and South Africa. Green bonds can be of a great significance for the Republic of Serbia, as well. The Republic of Serbia has adopted, in the process of joining the European Union in early 2020, a Negotiating position for the Chapter 27, i.e. the chapter related to environment and climate changes.


green economy, environment, climate changes, green bonds, standards

Full Text:



Abou Arrage, J. & Abdel Hady, S. (2019). Ecotourism and sustainability: Practices of the Lebanese nature-based operators, Hotel and Tourism Management, Vol. 7, No. 1, 11-23, Vrnjačka banja, DOI:;

Berensmann, K., Dafe, F., & Lindenberg, N. (2017). Demystifying green bonds. In S. Boubaker, D. Cummings, & D. Nguyen (Eds.), Sustainable investing and financial markets. Cheltenham: Edward Elgar;

Berensmann, Kathrin (2017). Upscaling green bond markets: the need for harmonised green bond standards, Briefing Paper, No. 12/2017, Deutsches Institut für Entwicklungspolitik (DIE), Bonn,;

Chiang John (2017). Growing The U.S. Green Bond Market, California State Treasurer

Climate Bonds Initative – Certification, certification (visited on March 7, 2020);

Climate Bonds Initiative (2017b). Post Issuance Reporting in the Green Bond Market, (visited on February 18 2020);

Climate Bonds Initiative (2017c). Bonds and Climate Change: State of the Market 2017, (visited on February 19, 2018);

Climate Bonds Initiative (2019). Green Bond Market Summary (, website visited on April 28, 2020;

Climate Bonds Initiative, (2017a).;

Climate Brief N°14 – Financing the transition to a green economy: their word is their (green) bond?

Echo Kaixi Wang (2018). Financing Green: Reforming Green Bond Regulation In The United States, Brooklyn Journal of Corporate, Financial & Commercial Law, Vol 12, Issue 2;

Ehlers, T. & Packer, F. Green bond finance and certification, BIS Quarterly Review, September 2017;

Gearing up for green bonds, KPMG 3, (visited on February 31, 2020) (referencing Massachusetts as first US state to issue green bond);

Josué Banga (2019). The green bond market: a potential source of climate finance for developing countries, Journal of Sustainable Finance & Investment, 9:1, 17-32, DOI:10.1080/20430795.2018.1498617;

Kaminker, C., & Steward, F. (2012). The Role of Institutional Investors in Financing Clean Energy. OECD Working Papers on Finance. Insurance and Private Pensions. No. 23;

Kaminker, C., Kidney, S. & Pfaff. N. (2016). Green Bonds Country Experiences Barriers and Options. Input Paper In support of the G20 Green Finance Study Group.

Kate Allen, Financial Times, 2018,, website visited on April 28, 2020.

Kevin M. Talbot, What Does "Green" Really Mean?: How Increased Transparency and Standardization Can Grow the Green Bond Market, 28 Vill. Envtl. L.J. 127-145, (2017). Available at:;

Laskowska, A. (2017). The Green bond as a prospective instrument of the global debt market. Copernican Journal of Finance & Accounting, 6(4), 69–83.;

Marszałek, J., & Daszyńska-Żygadło, K. (2016). Charakterystyka globalnego rynku obligacji klimatycznych. (The Climate Bond Global Market Characteristics.) Finance, Rynki Finansowe, Ubezpieczenia, (Finance, Financial Markets, Insurance.) 4(82), 945––955.;

Ministry of the environmental protection, the Republic of Serbia, 2017), website visited on April 28 2020;

Nassiry, D. (2018). Green bond experience in the Nordic countries, Asian Development Bank Institute, Working paper, No. 816.

OECD Publishing.;

OECD, & Bloomberg Philanthropies (2015). Green Bonds: Mobilizing the Debt Capital Markets for a Low-Carbon Transition: Policy Perspectives, , (visited on March 17, 2020);

Phillip Ludvigsen, Advanced topics in green bonds: Risk, ENVIRONMENTAL FINANCE (Nov. 24, 2015), (describing “greenwashing” and relation to green bonds);

Negotiation group 27 (, website visited on April 25, 2020.

S&P Global. 2017. Beyond Green Bonds: Sustainable Finance Comes of Age. Visited on May 24, 2018.

Scott M. Stringer (2014). A Green Bond Program for New York City, Bureau of Public Finance, Office of the Comptroller, City of New York;

The Green Bond Base, (visited on April 7, 2020);

The People‘s Bank of China. Guidelines for Establishing the Green Financial System; The People‘s Bank of China: Beijing, China, 2016. Available online: (visited on April 7, 2020).

Thiam Hee Ng, Jacqueline Yujia Tao (2016). Bond financing for renewable energy in Asia, Energy Policy, DOI:10.1016/ j.enpol.2016.03.015;

Trompeter Luke (2017). Green Is Good: How Green Bonds Cultivated into Wall Street’s Environmental Paradox, Sustainable Development Law & Policy, Vol. 17, Issue 2

Trompeter, L. (2017). Green Is Good: How Green Bonds Cultivated into Wall Street’s Environmental Paradox. Sustainable Development Law & Policy, 17(2), 3–11; 40–43;

Ulrik Ross, (2015). Green Bond Drivers, Global Head of Public Sector & Sustainable Financing, Capital Financing, HSBC Holdings plc,

Xiaoguang Zhou & Yadi Cui (2019) Green Bonds, Corporate Performance, and Corporate Social Responsibility, Sustainability, 11, 6881; doi:10.3390/su11236881,

Yao Wang & Ricco Zhang, China’s green bond market, International Capital Market Features, Issue 44, First Quarter 2017;



  • There are currently no refbacks.

© University of Niš, Serbia
Creative Commons licence CC BY-NC-ND
Print ISSN: 0353-7919
Online ISSN: 1820-7804