Quel est l'impact de l'émission des obligations vertes du 8 février 2018 en Belgique ?
Zéler, Maëlys
Promotor(s) :
Broché, Patrick
Date of defense : 24-Jun-2020/26-Jun-2020 • Permalink : http://hdl.handle.net/2268.2/8936
Details
Title : | Quel est l'impact de l'émission des obligations vertes du 8 février 2018 en Belgique ? |
Translated title : | [en] What is the impact of the issue of the Green Bonds of 8 February 2018 in Belgium? |
Author : | Zéler, Maëlys ![]() |
Date of defense : | 24-Jun-2020/26-Jun-2020 |
Advisor(s) : | Broché, Patrick ![]() |
Committee's member(s) : | Bonesire, Thomas ![]() Richelle, Isabelle ![]() |
Language : | French |
Number of pages : | 153 |
Keywords : | [fr] investissement socialement responsable, émission des obligations vertes, développement durable, responsabilité sociale des entreprise. |
Discipline(s) : | Business & economic sciences > Finance Business & economic sciences > Social economics |
Target public : | Professionals of domain General public |
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 |
Abstract
[en] Nowadays, socially responsible investment (SRI), which are the financial equivalent of the corporate social responsibility (management style in the field of sustainable development) continues to grow in size. We are increasingly faced to everyday problems such as overexploitation of resources, economic inequality and climate changes. Thanks to a growing awareness of our society, we may be able to change the way we invest and thus come to an economic and energy transition. The purpose of this paper was to study one SRI product in particular, namely the Belgian green bonds and to find out whether the impact of the Belgian Green Bonds issue that took place on 8 February 2018 is positive or not.
In the first part of this master thesis, we began by identifying the origins and definition of SRI. Afterwards, we focused on the SRI market, the players that make it up and the forms it can take. Once these notions were studied in detail, we analysed the laws and norms implemented on the Belgian SRI market, and more specifically on the green bond market. We also, of course, gave a definition and a detailed study of the issue of these green bonds in Belgium.
In order to answer the question raised above, we considered appropriate to take into account the views of both retail investors and financial institutions operating in this sector. That is why, in the second part of this brief, we carried out a quantitative questionnaire with individuals. Once this was analysed, we then sent a more detailed qualitative questionnaire to some Belgian banks and asset management companies. The analysis of these two surveys allowed us to compare theoretical concepts learned with the answers collected during our practical analysis.
The main element to remember from this master thesis is that the impact of these green bonds issue depends on the research conducted on the reliability of the proposed investment funds. In the absence of Belgian legislation concerning the SRI market and green bonds, it is difficult to judge the reliability of these ones. Once legislation will be in place, it will be easier for Belgian investors to trust what products financial institutions are offering to them. Full transparency from the state on what will happen to the money invested is also necessary. Finally, if all these criteria are taken into account, the impact of future green bonds issue could only be almost fully positive. For the time being, there is still too much mistrust about the real destination of the invested amounts. The aim is to avoid greenwashing in the future and then, come to a responsible economic transition that will have a definite positive impact on the environment.
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