| Abstract [eng] |
The master's thesis concerns the growing role of green finance in the implementation of the Sustainable Development Goals (SDGs) and their importance in the context of contemporary environmental and economic challenges. In the face of the climate crisis and the need to transform economies into low-emission ones, green finance is becoming a key tool supporting ecological projects, such as the development of renewable energy sources or sustainable infrastructure. The empirical part is based on a comparative analysis of two countries with different levels of green finance market development: Sweden – a pioneer and global leader in this field – and Latvia, where this market remains underdeveloped. The study formulates three research hypotheses regarding the impact of green finance on the achievement of the SDGs, differences in the effectiveness of instruments between developed and less developed markets, and the importance of implementing the EU Taxonomy. The study's methodology is based on data triangulation, combining quantitative and qualitative analysis. Statistical data (the share of renewable energy, GHG emissions per capita, and the share of green bonds in public debt) were drawn from Eurostat, EEA, and Climate Bonds Initiative databases, while qualitative data came from institutional reports (including Kommuninvest and the Latvian Ministry of Finance) and EU strategic documents. Quantitative analysis captured trends from 2015 to 2024, while qualitative analysis identified success factors and barriers, such as the role of institutions, a culture of trust, transparency in reporting, and the coherence of public policies. The results indicate a coherence of processes in Sweden – the development of the green bond market goes hand in hand with an increase in the share of renewable energy sources and a decrease in CO₂ emissions, confirming the effectiveness of green finance as a catalyst for transformation. In Latvia, the lack of a developed financial market and low institutional trust mean that even with favorable natural conditions and access to EU funds, the effects on the SDGs are limited. Critical reflection leads to the conclusion that green finance is a conditional tool – effective only in an environment of mature institutions, high transparency, and social trust. The paper makes a theoretical contribution by demonstrating the relationship between the development of green finance and the quality of institutions, and a practical one by pointing out that EU regulations require a differentiated approach – standardization in developed countries, and institutional and guarantee support in less developed countries. |
