| Abstract [eng] |
The main purpose of this thesis is to determine the impact of green bonds on achieving Sustainable Development Goal 13 in Nordic countries. The Master thesis is divided into three main sections: a literature review, the research methodology and its findings, and a conclusion with recommendations. Literature analysis reviews the concept of Sustainable Development Goals, sustainable financial systems, green finance, green financial products, and green bonds. Furthermore, the thesis includes bibliometric analysis, which explores published literature on green finance, green bonds, greenhouse gas emissions, and Sustainable Development Goals. This research is based on a sample of 4 countries such as Denmark, Sweden, Norway, and Finland. This study covers a period starting from 2017 to 2023 and focuses on Sustainable Development Goal 13 - take urgent action to combat climate change and its impacts. Data analysis methods, tools, and techniques, such as descriptive statistics, Pearson’s correlation analysis, redundant fixed effect test and least squares regression analysis, Breusch-Godfrey, Breusch-Pagan, and White tests, are used to achieve the aim, objectives, and answer research questions of this thesis. Results of descriptive statistics analysis indicate a steady and significant increase in the amount of green bonds issued and a decline in greenhouse gas emissions. The findings demonstrate a strong negative correlation between the amount of green bonds issued and greenhouse gas emissions. Least squares regression results demonstrate that green bonds have a strong negative impact on greenhouse gas emissions in Nordic countries and contribute to the achievement of Sustainable Development Goal 13. The conclusions and recommendations summarise key findings from the analysis of scientific literature, developed methodology, and the results of the study. The author believes that the findings of this thesis could offer valuable guidelines to investors who strive to enhance their investments in financial products that are in line with environmental sustainability. |
