HEC-Ecole de gestion de l'Université de Liège
HEC-Ecole de gestion de l'Université de Liège

What are the barriers and incentives of the green bond market development ?

Lombardo, Eva ULiège
Promotor(s) : Crutzen, Nathalie ULiège
Date of defense : 3-Sep-2019/10-Sep-2019 • Permalink :
Title : What are the barriers and incentives of the green bond market development ?
Author : Lombardo, Eva ULiège
Date of defense  : 3-Sep-2019/10-Sep-2019
Advisor(s) : Crutzen, Nathalie ULiège
Committee's member(s) : Ancion, Nicolas ULiège
Gillekens, Mikael 
Language : English
Discipline(s) : Business & economic sciences > Finance
Institution(s) : Université de Liège, Liège, Belgique
Degree: Master en sciences de gestion, à finalité spécialisée en Banking and Asset Management
Faculty: Master thesis of the HEC-Ecole de gestion de l'Université de Liège


[en] This master thesis aims to point out the barriers and incentives of the green bond market development. To do so, a qualitative research has been conducted to get experiences directly from the field, among a sample of professionals active in the green finance sector. These professionals gather investors, issuers and other market intermediaries like stock exchanges, second party opinion providers, as well as members of key players of the green bond market like the CBI or ICMA.

The most cited barriers during the conduct of interviews were: the lack of standardisation in green bond definitions, guidelines and methodologies, the lack of attractability of green bonds compared to traditional bonds, the high costs related to green bond issuance, the lack of eligible green projects supply, the lack of comparability among green projects and green bonds and the asymmetry between the green bond demand and supply.

The results concerning incentives during the conduct of the investigation were more scattered and have been accordingly classified into four purposes: standardisation, the rise of awareness on the market and development of communication networks, the stimulation of green projects supply, and finally incentives for issuers. Once again, a majority of participants in this research outlined that measures ought to be taken to standardise the market.

In addition, a small majority of interviewees favoured the possibility of green bonds going mainstream alongside the conventional bonds in the very distant future (20-30 years). This vision involves evaluation criteria not only considering financial features of bonds, but also taking into account factors like environmental impact and sustainability.

Keywords: green bonds, green finance, sustainability, ESG, sustainable development, low-carbon transition.



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  • Lombardo, Eva ULiège Université de Liège > Master sc. gest., à fin.


Committee's member(s)

  • Ancion, Nicolas ULiège Université de Liège - ULiège > Agronomie, Bio-ingénierie et Chimie (AgroBioChem) > Gestion durable des bio-agresseurs
    ORBi View his publications on ORBi
  • Gillekens, Mikael
  • Total number of views 139
  • Total number of downloads 3

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