ESG investment market has received a significant boost in its development, which is largely due to a change in society’s attitude to environmental issues and the implementation of socially significant projects. But not only the ethical, spiritual and moral aspect determines the speed of market development, in many ways the process of rapid development and effective functioning of ESG investing is associated with the economic effects that participants in this market segment can receive. The purpose of the article is to assess the level of investor interest in acquiring green financial instruments, which will, in turn, allow us to assess the market capacity and identify the factors that constrain its development. Comparative statistical analysis has revealed the most attractive bonds in terms of investment. The authors of the article prove that in current Russian practice, investing in green bonds is not yet profitable. It is necessary to change the government approach to facilitating the activity of ESG investment market participants.

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Assessing the Investment Attractiveness of ESG Investments (Using Green Bonds as an Example)

  • Olga Kuzmina,
  • Maria Konovalova,
  • Sergey Zhironkin,
  • Lenar Safiullin,
  • Rustam Sagdeev

摘要

ESG investment market has received a significant boost in its development, which is largely due to a change in society’s attitude to environmental issues and the implementation of socially significant projects. But not only the ethical, spiritual and moral aspect determines the speed of market development, in many ways the process of rapid development and effective functioning of ESG investing is associated with the economic effects that participants in this market segment can receive. The purpose of the article is to assess the level of investor interest in acquiring green financial instruments, which will, in turn, allow us to assess the market capacity and identify the factors that constrain its development. Comparative statistical analysis has revealed the most attractive bonds in terms of investment. The authors of the article prove that in current Russian practice, investing in green bonds is not yet profitable. It is necessary to change the government approach to facilitating the activity of ESG investment market participants.