FOREIGN EXPERIENCE OF USING GREEN BONDS AS A SOURCE OF FINANCING CAPITAL INVESTMENTS IN SUSTAINABLE DEVELOPMENT

Abstract

The article analyzes the goals of sustainable development and states that the key role in its implementation is played by capital investments, which are the fundamental basis of the reproductive process. Capital investment in sustainable development is investing in projects and initiatives that contribute to economic growth, social justice and environmental protection. Capital investments in sustainable development include investments in energy efficiency and renewable energy sources, which can help reduce dependence on fossil fuels, reduce greenhouse gas emissions and stimulate the development of green technologies; investments in environmentally friendly transport, which allows to reduce air pollution and noise pollution, as well as improve people's health; investment in education and health care, which contributes to the development of human capital, improves the quality of life and stimulates economic growth; investing in social housing and infrastructure that tackles poverty, improves access to basic services and contributes to a more inclusive society. Financial innovations are used to finance capital investments in sustainable development, in particular, the creation of "green" financing clusters on the basis of international financial centers, which include various "green" instruments, primarily the issuance of "green" bonds. The article provides the "principles of green bonds", namely the use of proceeds, the process of project evaluation and selection, management of proceeds, and reporting. Examples of green bond issues by various companies are given. It was concluded that increasing the output of "green" investments allows for additional financing of capital investments in sustainable development and becomes an integral part of "green" finance. The positive value of additional financing of capital investments for the economic development of the country was revealed, namely: stimulating economic growth by creating new jobs, stimulating innovation and developing new markets; maintaining social justice - reducing poverty, improving access to education and health care, gender equality; improving environmental protection - reducing pollution, combating climate change and preserving natural resources.