Sujet de thèse :

Issuance, liquidity and market structure of sustainable financial instruments: a comparative analysis of developed and emerging markets.

Date de démarrage de la thèse :

Novembre 2021

Nom du (ou des) directeur(s) de thèse :

Pascal Barneto, Co-Director Yves Rannou

Résumé de la thèse :

The first climate bond was issued in 2007 by the IBRD to finance climate change and to promote the funding of green projects – projects that will have positive environmental impacts. Since the issuance of that first bond, there has been a myriad of instruments developed to finance not only green projects but also to mitigate and adapt to climate change and its effects.

This has led to the incorporation and advancement of ESG factors into finance with the aim of not only financing projects that will impact the environment positively but also projects that will contribute to the overall quality of life of individuals.

To fight climate change and to keep carbon emissions at 1.5 degrees by 2030, green bonds were coined to identify bonds that were issued to finance such projects. With the introduction of the SDGs by the UN in 2015, another class of financial instrument labelled social bonds were introduced to fund projects that will lead to the attainment of these goals. The climate bond initiative and the EU came up with taxonomies and principles to align the procedures that will both regulate and certify these instruments.Sustainable finance has been widely accepted by all markets especially developed markets like Europe and the USA whilst in emerging markets such as Africa, there is still a gap between adaptation and implementation. Whilst there are various academic research carried out on the various types of sustainable instruments in developed markets, there is a gap in literature on sustainable finance in Africa. In view of this , my study is to understand the factors that influences the issuances and liquidity of these sustainable instruments with particular attention to bonds that finance projects that contribute both to a positive environment and also initiate positive social impact.

Logo UB