Energy Security, Sustainable Development and the Green Bond Market

Arkadiusz Orzechowski () and Małgorzata Bombol
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Arkadiusz Orzechowski: Institute of Risk and Financial Markets, Warsaw School of Economics, al. Niepodległości 162, 02-554 Warsaw, Poland
Małgorzata Bombol: Institute of Risk and Financial Markets, Warsaw School of Economics, al. Niepodległości 162, 02-554 Warsaw, Poland

Energies, 2022, vol. 15, issue 17, 1-17

Abstract: Many countries are pursuing energy security (ES) in their economies while implementing sustainable development goals (SDGs). Relevant policies may include: (1) access to efficient alternative and preferably renewable energy sources (RESs); and (2) reductions in conventionally obtained energy consumption. As the demand for energy is growing and alternative energy resources are expensive, new ways of financing projects to improve ES are of special interest, e.g., issuing green bonds. In such cases, the obtained funds are allocated to projects that can both improve ES and help to achieve SDGs. The aim of the study was to explore the dependences (in the sense of Granger causality) between the green bond (GB) market, different aspects of sustainable development, as measured by global indicators taken from a family of environmental NASDAQ OMX indices, and ES represented by crude oil prices. The methodology is based on the vector autoregression model. The findings reveal evidence of a short-term dependence between the GB market, ES and the multidimensional nature of sustainable development.

Keywords: energy security; sustainable development goals; green bonds; Granger causality (search for similar items in EconPapers)
JEL-codes: Q Q0 Q4 Q40 Q41 Q42 Q43 Q47 Q48 Q49 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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