Çevresel Etkili Tahviller: Genel Bir Bakış

Year 2023, Issue: 51, 67 - 81, 31.08.2023

Mehmet Ela , Selim Coşkun

https://doi.org/10.52642/susbed.1275382

Abstract

Çevresel konularda yaşanan son dönemdeki gelişmeler devletlerin dikkatinin çevresel problemlere ve çeşitli çözümlere yönelmesine neden olmuştur. Bunun sonucunda birçok devlet ve uluslararası kuruluş çevresel sorunların yol açtığı olumsuzluklar karşısında çeşitli önlemler almıştır. Çevresel koruma önlemleri konusunda giderek artan ihtiyaç, daha fazla finansman kaynağını gerektirmiştir. Bu durumun sonucunda yenilikçi çözümler ortaya atılmaya başlanmış ve bu yenilikçi çözümlerden biri olan çevresel etkili tahvil ile özel yatırımcıların çevresel konuların çözümüne yönelik yatırım yapması sağlanmıştır. Çevresel etkili tahvil, “performansa dayalı ödeme” yapısı ve tüm taraflarına sağladığı faydalar ile öne çıkmasına karşın henüz sadece ABD’de uygulanmıştır. Yarattığı birçok avantaj yanında birtakım dezavantajlara sahip olan çevresel etkili tahviller hala dar bir uygulama alanına sahip olup atık su ve kanalizasyon problemlerinin aşılması ve ormanların dayanıklılığının arttırılması amacıyla uygulanmıştır.
Bu çalışmada çevresel etkili tahviller hakkında bilgi verilmiş, özellikleri ve ihraç süreci açıklanmış, tahvilin bileşenleri, örnekleri ve avantajları konuları incelenmiş ve potansiyeline ulaşmasının önündeki engeller belirlenmiştir. Son olarak çevresel etkili tahvilin Türkiye için uygulanabilirliğine değinilmiş ve dünyada uygulanma potansiyeline ulaşması yönünde çeşitli çözüm önerileri sunulmuştur.

Keywords

Etki yatırımı, Çevresel Sorunlar, Etki Tahvilleri, Çevresel Etkili Tahviller.

Environmental Impact Bonds: A General Overview

Abstract

Recent developments in environmental issues have caused the attention of governments to focus on environmental problems and various solutions. As a result, many governments and international organizations have taken various measures against the negativities caused by environmental problems. The growing need for environmental protection measures required more funding sources. As a result of this situation, innovative solutions started to be put forward and as one of these innovative solutions, environmental impact bonds allowed private investors to invest in the solution of environmental issues. Although the environmental impact bond stands out with its “performance-based payment” structure and the benefits it provides to all parties, it has only been implemented in the USA yet. Environmentally effective bonds, which have some disadvantages as well as many advantages they create, still have a narrow application field and have been applied to overcome wastewater and sewage problems and to increase the resilience of forests.
In this study, information about environmentally effective bonds is given, their properties and issuance process are explained, the components, examples and advantages of the bond are examined and the obstacles to reaching its potential are determined. Finally, the applicability of the environmental impact bond for Turkey was mentioned and various solutions were offered to reach its potential to be implemented in the world.

Keywords

Impact Investment, Environmental Problems, Impact Bonds, Environmental Impact Bonds.

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