The Legal Regime Of Green Bonds

The relevance of this research is formed due to several aspects: 1) the urgent need for the development of environmental projects in Russian Federation, that requires additional funding; 2) the equally urgent need for the development of the domestic financial market and the bond market, in particular, which requires the identification of promising instruments to stimulate investment; 3) a small number of Russian-language scientific papers, researching the green bonds as a type of bond that requires a special legal regime. Consideration of green bonds through the prism of determining the system of legal means that affect the will, consciousness and interests of individual reveals an insufficient degree of elaboration of the special legal regime of green bonds, which prevents the increase of it's attractiveness. To solve this problem, we suggest: 1) to allocate the borrowing on green bonds to a separate sector of of public legal entities accountings with increased limits; 2) to include an indication of the green nature of bonds among the criteria for attracting funds of unqualified investors into the structural green bonds; 3) to establish a mandatory minimum share of green bonds in the portfolio of institutional investors; 4) to put down the recommended tools for protecting the investor's interest in the implementation of an environmental project in the Principles of green bonds (for example, the ability to restructure the environmental obligations, an increased coupon rate in case of impossibility of project realisation, the use of structural bonds model with payment of the nominal value in case of project implementation).