GREEN BONDS AS AN INTEGRATOR OF INVESTMENTS IN THE DEVELOPMENT OF ECO-INDUSTRIAL PARKS IN THE CONDITIONS OF ENERGY TRANSFORMATION
Abstract
The article is devoted to the topical issues of financial support for energy transformation by attracting debt capital through bond financing aimed at the development of eco-industrial parks. The role of green bonds is substantiated, considering their stimulating role in energy transformation based on the systematization of the advantages that determine their stimulating impact. Systemic challenges and barriers arising during the implementation of the bond financing mechanism for "green" projects are analyzed. The expediency of implementing energy transformation within eco-industrial parks, which form a new organizational model of the "green development" concept in the industrial sector, is grounded. The typology of green bonds is studied to identify their features and advantages for financing the green transition by eco-industrial parks. It is revealed that the targeted allocation of raised capital to finance "green" projects creates a deterministic dependence between the issuance of green bonds and the practical implementation of energy transformation in eco-industrial parks. It is proposed to develop the toolkit for bond financing of "green projects" through Sustainability Bonds based on the study of cause-and-effect relationships by applying the "core-periphery" model. The typology of green bonds is investigated, and their features and benefits for financing energy transformation projects by eco-industrial parks are identified. Proposals for the implementation and development of the bond form of "green" financing at the level of an eco-industrial park in the context of energy transformation in Ukraine are developed. The necessity of implementing a differentiated regression scale for assessing coupon income based on KPIs is substantiated, alongside ensuring the development of a targeted state support mechanism for subsidizing the interest split, creating specialized regional funds, and expanding the powers of the State Fund for Decarbonization and Energy Efficient Transformation as institutional guarantors for the issuance of green bonds by management companies of eco-industrial parks.
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