| Abstract [eng] |
The main objective of this master's thesis is to theoretically identify the influence of climate risk factors, empirically assess their impact on the value of green bonds, and compare them with the price dynamics of traditional bonds. The thesis consists of three main parts: analysis of scientific literature, research methodology, research and its results, conclusions and recommendations. The literature analysis assesses the bond market, the importance of green bonds as a financial instrument, investor attitudes and criticism. The types of climate risk and their channels of manifestation are identified. The theoretical part presents an analysis of the factors influencing the value of traditional and green bonds. After analyzing the literature, the author found that climate risk can be physical, transitional, and reputational. These risks can manifest themselves through different channels, such as assets, investments, production networks, and credit. There are studies in the scientific literature that analyze the impact of macroeconomic, business, market dynamics, and environmental indicators on bond value. The study revealed that green bond prices are significantly influenced by climate variables such as damage caused by natural disasters (% of global GDP), the number of natural disasters per year, and changes in temperature and sea level. A comparison of the results with the dynamics of traditional bond prices showed that green bonds follow the changes in traditional bond prices but are less sensitive to fluctuations in independent variables. The conclusions summarize the main aspects of the analysis of scientific literature. Based on the results of the study, the author believes that investments in green bonds should be increased due to their lower sensitivity to macroeconomic and climate shocks. The issuance of these bonds should be encouraged more by governments, not only for environmental reasons, but also for financial stability. |
