Development of Legal Regulation of Green Bonds in Ukraine

Анотація

This article describes the historical and legal aspects of the formation and development of the legal regulation of green bonds in Ukraine. The author analysed the prerequisites for the emergence of the need for the legal regulation of legal relations related to the placement of green bonds by issuers. It is asserted that the initiative to introduce the legal regulation of green bonds in Ukraine was driven by the need to comply with Ukraine’s commitments under international law in the field of sustainable development and the green economy, as well as the need to attract significant financing for investment projects. The author reviewed the official legislative acts that form the basis for the introduction of the legal regulation of green bonds in Ukraine from September 2018 to August 2020. The draft normative and legal acts that preceded the legislative forms of green bond regulation and the need for further development at the level of by-laws have been analysed. The peculiarities of the formation and development of the legal regulation of green bonds in Ukraine have been identified. It is stated that the first concept of green bond regulation in Ukraine was developed within technical assistance projects involving the State Agency on Energy Efficiency and Energy Saving of Ukraine and international organizations. The key trends in the development of green bond regulation, considering the peculiarities of its formation and development in Ukraine, have been highlighted. Such trends, among others, include the increasing influence of the EU acquis communautaire on green bonds, the integration of green bond regulation into the broader framework of sustainable finance, and continuous regulatory updates based on the experience of future offerings. It is stressed that the development of green bond regulation in Ukraine should align with the best international standards and practices. The article identifies prospective directions for further research in green bond regulation, which may include analysing its development within sustainable finance and the determining its place within the broader system of sustainable bonds.

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