Financial Analysis of Green Bond Issuance Potential of Banks in Bulgaria in the Context of Sustainable Development

Ventsislav Vechev and Diana Papradanova

Economic Studies journal, 2026, issue 1, 135-151

Abstract: The objective of this study is to analyse the financial statements of banks operating in Bulgaria to assess their readiness to issue green bonds as a means of attracting financial resources and the various possibilities for subsequent investment of these resources to mitigate climate change and protect the environment. The research was conducted using the tools of statistical analysis and mathematical optimisation models. The findings revealed that the issuance of green bonds is a viable and pragmatic option for accumulating financial resources for both direct and indirect investments in climate change mitigation with moderate risk exposure and optimal expected return. The issuance of green bonds is a novelty for banks in the Republic of Bulgaria. Using economic analysis methods combined with established mathematical models, a comprehensive assessment was made of the readiness of banks to use green bonds as another tool for accumulating financial resources that can be transformed into investments aimed at improving the climate.

JEL-codes: C61 G21 M41 (search for similar items in EconPapers)
Date: 2026
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Persistent link: https://EconPapers.repec.org/RePEc:bas:econst:y:2026:i:1:p:135-151

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