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Author
Galindo Giraldo, Lina Marcela
Arevalo Tirado, Johana Marcela
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Abstract
Within the framework of the last 15 years, the economy and the global financial movement have gradually incorporated an instrument into the capital market in the field of fixed income, green bonds, a type of tool used by public and private entities, in response to a critical and worrying environmental outlook, climate change.
This type of bonus arises after an alarming horizon of different entities that attend the various World Summits for Climate Change, for which different agreements are signed and measures are taken to prevent and mitigate negative impacts on the planet. Some investors evaluate the possibility of allocating their capital to this type of asset, since they effectively compare its rate of return with other investment options, among which the ordinary fixed income bond appears.
For this reason, through a univariate, bivariate and multivariate analysis, the profitability of ordinary bonds and green bonds is evaluated in China, France, Germany, Sweden and the United States, countries with the highest green bond issuance between 2015 and 2018. The results allow us to observe that, in general terms, with a mean difference test it is shown that ordinary bonds present a higher return than green ones, but if it is disaggregated, only in France this test is not statistically significant.
However, despite obtaining lower returns, many investors are committed to climate change, and issuing institutions also state Corporate Social Responsibility as a fundamental pillar within their practices, so that, in the financial market, each time plus green bonds are issued to finance socially responsible projects with the environment.
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