https://doi.org/10.21697/2023.21.4.09
The article analyses trends related to digital green bonds using distributed ledger technology (DLT), including blockchain. The author points out that for bonds to be classified in this category, they must meet both green bond standards (e.g. ICMA Green Bond Principles or EU Green Bond Standard) and be digital in nature, i.e. registered and traded in a decentralised register. The process of bond tokenisation, the role of smart contracts and the potential of DLT in automating the issuance, settlement and reporting of non-financial data relevant to sustainable finance regulation are discussed. The paper presents the development of regulations in the area of sustainable finance, in particular green bonds, against the backdrop of the European Union’s climate policy and international climate commitments. Examples of practical digital green bond issuances were presented, including in Hong Kong, by the European Investment Bank and the private sector, highlighting different legal and technological models. The conclusions emphasise that digital green bonds are no longer just a theoretical concept and are becoming part of real market practice, although their further development depends on the establishment of a coherent regulatory framework and an assessment of the environmental impact of the DLT technologies used.
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