Yıl 2017,
Cilt: 26 Sayı: 2, 159 - 175, 31.10.2017
Serkan Yılmaz Kandır
,
Soner Yakar
Kaynakça
- Abdmouleh, Z., Alammari, R.A.M. ve Gastli, A. (2015), Review of Policies Encouraging Renewable Energy Integration & Best Practices, Renewable and Sustainable Energy Reviews, 45, 249-262.
Abolhosseini, S. ve Heshmati, A. (2014), The Main Support Mechanisms to Finance Renewable Energy Development, Renewable and Sustainable Energy Reviews, 40, 876-885.
Bartels, Wim, Lars Kurznack, Laure Briaut ve Jochen Krimphoff (2016), Mainstreaming the green bond market, KPMG Report, https://assets.kpmg.com/content/dam/kpmg/lu/pdf/mainstreaming-the-green-bond-market-kpmg-wwf-2016.pdf (Erişim Tarihi: 18.08.2017)
Boulle, Bridget, Camille Frandon-Martinez, Jimmy Pitt-Watson (2016), Bonds and Climate Change The State of the Market in 2016, Climate Bonds initiative Report, https://www.climatebonds.net/resources/publications/bonds-climate-change-2016 (Erişim Tarihi: 19.08.2017)
CAIAA (2016), Chartered Alternative Investment Analyst Association, Alternative Investment Analyst Review, https://www.caia.org/sites/default/files/AIAR_Q2_2016_02_GreenBonds.pdf (Erişim Tarihi: 10.08.2016)
CBI (Climate Bonds Initiative) (2017), https://www.climatebonds.net/ (Erişim Tarihi: 08.08.2017)
Chiang, John (2017), Growing The U.S. Green Bond Market Volume 1: The Barriers and Challenges, California State Treasurer Report.
Cochu, Annica, Carsten Glenting, Dominic Hogg, Ivo Georgiev, Julija Skolina, Frederik Eisinger, Malene Jespersen, Rainer Agster, Steven Fawkes, Tanzir Chowdhury (2016), Study on the potential of green bond finance for resource-efficient investments, European Commission Report.
Duru, Uche ve Anthony Nyong (2016), Why Africa Needs Green Bonds, Africa Economic Brief, 7(2): 1-7.
Escarus (2016); İklimin Finansmanı Yeşil Tahviller/Karbon Fiyatlandırma, http://iklimekonomisi.org/uploads/rapor/6312613-turkce-escarus-insights-climate-finance.pdf, (Erişim Tarihi: 12.09.2017).
European Commission (2016); Study on the potential of green bond finance for resource- efficient investments, http://ec.europa.eu/environment/enveco/pdf/potential-green-bond.pdf, (Erişim Tarihi: 12.09.2017).
Flaherty, Michael, Arkady Gevorkyan, Siavash Radpour ve Willi Semmler (2016), Financing climate policies through climate bonds – A three stage model and empirics, Research in. International Business and Finance, http://dx.doi.org/10.1016/j.ribaf.2016.06.001.
Galaz, Victor, Johan Gars, Fredrik Moberg, Björn Nykvist ve Cecilia Repinski (2015), Why Ecologists Should Care about Financial Markets, Trends in Ecology & Evolution, 30(10): 571-580.
Gelişen İşletmeler Pazarı Kılavuzu, Borsa İstanbul Bilgilendirme Kitapçığı, http://www.borsaistanbul.com/data/kilavuzlar/Gelisen-%C4%B0sletmeler-Piyasasi.pdf.
ICMA - International Capital Market Association (2017), Green Bond Principles 2017, https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/GreenBondsBrochure-JUNE2017.pdf (Erişim Tarihi: 19.08.2016)
Jun, Ma, Christopher Kaminker, Sean Kidney ve Nicholas Pfaff (2016), Green Bonds: Country Experiences, Barrıers and Options, G20 Green Finance Study Group Report, http://unepinquiry.org/wp-content/uploads/2016/09/6_Green_Bonds_Country_Experiences_Barriers_and_Options.pdf (Erişim Tarihi: 16.08.2017).
Kandır Serkan Yılmaz, Yakar Soner, "Yenilenebilir Enerji Yatırımları için Yeni Bir Finansal Araç: Yeşil Tahviller", Maliye dergisi, pp.85-110, 2017.
Kochetygova, Julia ve Anadi Jauhari (2014), Climate Change, Green Bonds and Index Investing: The New Frontier, McGraw Hill Financial Report, http://us.spindices.com/documents/research/research-climate-change-green-bonds-and-index-investing-the-new-frontier.pdf (Erişim Tarihi: 20.08.2017)
Krupa, Joel ve Danny Harvey (2017), Renewable electricity finance in the United States: A state-of-the-art review, Energy, 135: 913-929.
Meng, Alan Xiangrui, Bridget Boulle ve Diletta Giuliani (2017), The Role of Exchanges in Accelerating the growth of the green bond market, Climate Bonds Initiative, https://www.climatebonds.net/resources/reports/role-exchanges-accelerating-growth-green-bond-market (Erişim Tarihi: 09.08.2017)
NEPC (2016), An Introduction to Green Bonds , NEPC Impact Investing Committee Report.
Ng, T.H. ve Tao, J.Y. (2016), Bond Financing for Renewable Energy in Asia, Energy Policy, 95, 509-517.
OECD (2015), Green Bonds Mobilising the Debt Capital Markets for a Low Carbon Transition, OECD Report, https://www.oecd.org/environment/cc/Green%20bonds%20PP%20%5Bf3%5D%20%5Blr%5D.pdf (Erişim Tarihi: 08.08.2017)
Olsen-Rong, Tess, Katie House, Beate Sonerud ve Sean Kidney (2015), Bonds and Climate Change The State of the Market in 2015, Climate Bonds Initiative Report, https://www.climatebonds.net/files/files/CBI-HSBC%20report%207July%20JG01-Spreads.pdf (Erişim Tarihi: 20.08.2017).
Özer Mustafa (2017), Yeşil Tahviller, Gösterge Dergisi, https://www.tspb.org.tr/wp-content/uploads/2015/07/GOSTERGE_KIS_2017_opt.pdf (Erişim Tarihi: 13.09.2017).
Scholtens, Bert (2017), Why Finance Should Care about Ecology, Trends in Ecology & Evolution, 32(7): 500-505.
Securities Commission Malaysia (2017), Malaysia’s First Green Sukuk under SC’s Sustainable Responsible Investment Sukuk Framework, https://www.sc.com.my/post_archive/malaysias-first-green-sukuk-under-scs-sustainable-responsible-investment-sukuk-framework/ (Erişim Tarihi: 19.08.2017)
Shishlov, Igor, Romain Morel ve Ian Cochran (2016), Beyond transparency: unlocking the full potential of green bonds, Institute for Climate Economics Report, https://www.i4ce.org/download/unlocking-the-potential-of-green-bonds/ (Erişim Tarihi: 20.08.2017)
Tozzi, Arianna (2015), Green Bond Market’s Growth is Boosting Low Carbon Projects, The Climate Group Report, https://www.theclimategroup.org/news/green-bond-market%E2%80%99s-growth-boosting-low-carbon-projects (Erişim Tarihi: 20.08.2017)
Ünlü, D.E. (2016), Türkiye'nin İlk Yeşil Tahvili TSKB’den, http://www.dunya.com/surdurulebilir-dunya/turkiye039nin-ilk-yesil-tahvili-tskbden-haberi-316877 (Erişim Tarihi: 22.09.2017)
Van Dijk, Arnaud (2015), The benefits of going green, KPMG Report, https://assets.kpmg.com/content/dam/kpmg/pdf/2016/03/IPO-Insights-The-benefits-of-going-green.pdf Erişim Tarihi: 23.09.2017)
Wang, Yao ve Qiang Zhi (2016), The role of green finance in environmental protection: Two aspects of market mechanism and policies, Energy Procedia, 104, 311-316.
Wuester, Henning, Joanne Jungmin Lee ve Aleksi Lumijarvi (2016), Unlocking Renewable Energy Investment: The Role of Risk Mitigation and Structured Finance, International Renewable Energy Agency Report, www.irena.org/publications (Erişim Tarihi: 17.08.2017)
Yakar, Soner, Serkan Yılmaz Kandır ve Yıldırım Beyazıt Önal (2013), Yeni Bir Finansman Aracı Olarak "Sukuk-Kira Sertifikası" ve Vergisel Boyutunun İncelenmesi Bankacılar Dergisi, Sayı 84: 72-94.
https://www.climatebonds.net/market/explaining-green-bonds (Erişim Tarihi: 07.09.2017).
YEŞİL TAHVİL PİYASALARI: TÜRKİYE’DE YEŞİL TAHVİL PİYASASININ GELİŞTİRİLEBİLMESİ İÇİN ÖNERİLER
Yıl 2017,
Cilt: 26 Sayı: 2, 159 - 175, 31.10.2017
Serkan Yılmaz Kandır
,
Soner Yakar
Öz
Yeşil
tahviller çevreye ve iklime pozitif yönde etki eden ve yeşil projelerin
finansmanı için kullanılan finansal bir araçtır. Dünyada ilk defa 2007 yılında
Avrupa Yatırım Bankası tarafından ihraç edilen yeşil tahvillere zamanla ilgi
hızla artmıştır. Dünya genelinde 2017 yılının ilk yarısında dolaşımdaki yeşil
tahvil tutarı 200 milyar doları aştığı belirtilmektedir. Yeşil tahvillere olan
ilginin önümüzdeki yıllarda da artmaya devam edeceği ve 2020 yılında yeşil
tahvillerin küresel piyasa değerinin yaklaşık olarak 1 trilyon dolara ulaşması
beklenmektedir. Özellikle dünyada yeşil projelerin finansmanında önemli bir
araç haline gelen yeşil tahvillerden Türkiye’de yeterli miktarda
yararlanılamamaktadır. 2016 yılında Türkiye Sınai Kalkınma Bankası tarafından
ilk yeşil tahvil ihracı yapılmış olmasına rağmen yeşil tahvil piyasası henüz
istenen düzeyden çok uzaktadır. Türkiye’de yeşil projelerin finansmanında yeşil
tahvillerden daha fazla yararlanılabilmesi için yeşil tahvil piyasasını
geliştirecek bazı önlemlerin alınması gerekmektedir.
Kaynakça
- Abdmouleh, Z., Alammari, R.A.M. ve Gastli, A. (2015), Review of Policies Encouraging Renewable Energy Integration & Best Practices, Renewable and Sustainable Energy Reviews, 45, 249-262.
Abolhosseini, S. ve Heshmati, A. (2014), The Main Support Mechanisms to Finance Renewable Energy Development, Renewable and Sustainable Energy Reviews, 40, 876-885.
Bartels, Wim, Lars Kurznack, Laure Briaut ve Jochen Krimphoff (2016), Mainstreaming the green bond market, KPMG Report, https://assets.kpmg.com/content/dam/kpmg/lu/pdf/mainstreaming-the-green-bond-market-kpmg-wwf-2016.pdf (Erişim Tarihi: 18.08.2017)
Boulle, Bridget, Camille Frandon-Martinez, Jimmy Pitt-Watson (2016), Bonds and Climate Change The State of the Market in 2016, Climate Bonds initiative Report, https://www.climatebonds.net/resources/publications/bonds-climate-change-2016 (Erişim Tarihi: 19.08.2017)
CAIAA (2016), Chartered Alternative Investment Analyst Association, Alternative Investment Analyst Review, https://www.caia.org/sites/default/files/AIAR_Q2_2016_02_GreenBonds.pdf (Erişim Tarihi: 10.08.2016)
CBI (Climate Bonds Initiative) (2017), https://www.climatebonds.net/ (Erişim Tarihi: 08.08.2017)
Chiang, John (2017), Growing The U.S. Green Bond Market Volume 1: The Barriers and Challenges, California State Treasurer Report.
Cochu, Annica, Carsten Glenting, Dominic Hogg, Ivo Georgiev, Julija Skolina, Frederik Eisinger, Malene Jespersen, Rainer Agster, Steven Fawkes, Tanzir Chowdhury (2016), Study on the potential of green bond finance for resource-efficient investments, European Commission Report.
Duru, Uche ve Anthony Nyong (2016), Why Africa Needs Green Bonds, Africa Economic Brief, 7(2): 1-7.
Escarus (2016); İklimin Finansmanı Yeşil Tahviller/Karbon Fiyatlandırma, http://iklimekonomisi.org/uploads/rapor/6312613-turkce-escarus-insights-climate-finance.pdf, (Erişim Tarihi: 12.09.2017).
European Commission (2016); Study on the potential of green bond finance for resource- efficient investments, http://ec.europa.eu/environment/enveco/pdf/potential-green-bond.pdf, (Erişim Tarihi: 12.09.2017).
Flaherty, Michael, Arkady Gevorkyan, Siavash Radpour ve Willi Semmler (2016), Financing climate policies through climate bonds – A three stage model and empirics, Research in. International Business and Finance, http://dx.doi.org/10.1016/j.ribaf.2016.06.001.
Galaz, Victor, Johan Gars, Fredrik Moberg, Björn Nykvist ve Cecilia Repinski (2015), Why Ecologists Should Care about Financial Markets, Trends in Ecology & Evolution, 30(10): 571-580.
Gelişen İşletmeler Pazarı Kılavuzu, Borsa İstanbul Bilgilendirme Kitapçığı, http://www.borsaistanbul.com/data/kilavuzlar/Gelisen-%C4%B0sletmeler-Piyasasi.pdf.
ICMA - International Capital Market Association (2017), Green Bond Principles 2017, https://www.icmagroup.org/assets/documents/Regulatory/Green-Bonds/GreenBondsBrochure-JUNE2017.pdf (Erişim Tarihi: 19.08.2016)
Jun, Ma, Christopher Kaminker, Sean Kidney ve Nicholas Pfaff (2016), Green Bonds: Country Experiences, Barrıers and Options, G20 Green Finance Study Group Report, http://unepinquiry.org/wp-content/uploads/2016/09/6_Green_Bonds_Country_Experiences_Barriers_and_Options.pdf (Erişim Tarihi: 16.08.2017).
Kandır Serkan Yılmaz, Yakar Soner, "Yenilenebilir Enerji Yatırımları için Yeni Bir Finansal Araç: Yeşil Tahviller", Maliye dergisi, pp.85-110, 2017.
Kochetygova, Julia ve Anadi Jauhari (2014), Climate Change, Green Bonds and Index Investing: The New Frontier, McGraw Hill Financial Report, http://us.spindices.com/documents/research/research-climate-change-green-bonds-and-index-investing-the-new-frontier.pdf (Erişim Tarihi: 20.08.2017)
Krupa, Joel ve Danny Harvey (2017), Renewable electricity finance in the United States: A state-of-the-art review, Energy, 135: 913-929.
Meng, Alan Xiangrui, Bridget Boulle ve Diletta Giuliani (2017), The Role of Exchanges in Accelerating the growth of the green bond market, Climate Bonds Initiative, https://www.climatebonds.net/resources/reports/role-exchanges-accelerating-growth-green-bond-market (Erişim Tarihi: 09.08.2017)
NEPC (2016), An Introduction to Green Bonds , NEPC Impact Investing Committee Report.
Ng, T.H. ve Tao, J.Y. (2016), Bond Financing for Renewable Energy in Asia, Energy Policy, 95, 509-517.
OECD (2015), Green Bonds Mobilising the Debt Capital Markets for a Low Carbon Transition, OECD Report, https://www.oecd.org/environment/cc/Green%20bonds%20PP%20%5Bf3%5D%20%5Blr%5D.pdf (Erişim Tarihi: 08.08.2017)
Olsen-Rong, Tess, Katie House, Beate Sonerud ve Sean Kidney (2015), Bonds and Climate Change The State of the Market in 2015, Climate Bonds Initiative Report, https://www.climatebonds.net/files/files/CBI-HSBC%20report%207July%20JG01-Spreads.pdf (Erişim Tarihi: 20.08.2017).
Özer Mustafa (2017), Yeşil Tahviller, Gösterge Dergisi, https://www.tspb.org.tr/wp-content/uploads/2015/07/GOSTERGE_KIS_2017_opt.pdf (Erişim Tarihi: 13.09.2017).
Scholtens, Bert (2017), Why Finance Should Care about Ecology, Trends in Ecology & Evolution, 32(7): 500-505.
Securities Commission Malaysia (2017), Malaysia’s First Green Sukuk under SC’s Sustainable Responsible Investment Sukuk Framework, https://www.sc.com.my/post_archive/malaysias-first-green-sukuk-under-scs-sustainable-responsible-investment-sukuk-framework/ (Erişim Tarihi: 19.08.2017)
Shishlov, Igor, Romain Morel ve Ian Cochran (2016), Beyond transparency: unlocking the full potential of green bonds, Institute for Climate Economics Report, https://www.i4ce.org/download/unlocking-the-potential-of-green-bonds/ (Erişim Tarihi: 20.08.2017)
Tozzi, Arianna (2015), Green Bond Market’s Growth is Boosting Low Carbon Projects, The Climate Group Report, https://www.theclimategroup.org/news/green-bond-market%E2%80%99s-growth-boosting-low-carbon-projects (Erişim Tarihi: 20.08.2017)
Ünlü, D.E. (2016), Türkiye'nin İlk Yeşil Tahvili TSKB’den, http://www.dunya.com/surdurulebilir-dunya/turkiye039nin-ilk-yesil-tahvili-tskbden-haberi-316877 (Erişim Tarihi: 22.09.2017)
Van Dijk, Arnaud (2015), The benefits of going green, KPMG Report, https://assets.kpmg.com/content/dam/kpmg/pdf/2016/03/IPO-Insights-The-benefits-of-going-green.pdf Erişim Tarihi: 23.09.2017)
Wang, Yao ve Qiang Zhi (2016), The role of green finance in environmental protection: Two aspects of market mechanism and policies, Energy Procedia, 104, 311-316.
Wuester, Henning, Joanne Jungmin Lee ve Aleksi Lumijarvi (2016), Unlocking Renewable Energy Investment: The Role of Risk Mitigation and Structured Finance, International Renewable Energy Agency Report, www.irena.org/publications (Erişim Tarihi: 17.08.2017)
Yakar, Soner, Serkan Yılmaz Kandır ve Yıldırım Beyazıt Önal (2013), Yeni Bir Finansman Aracı Olarak "Sukuk-Kira Sertifikası" ve Vergisel Boyutunun İncelenmesi Bankacılar Dergisi, Sayı 84: 72-94.
https://www.climatebonds.net/market/explaining-green-bonds (Erişim Tarihi: 07.09.2017).