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ESG 채권 현황 및 활성화 방안에 관한 연구

Status, Challenges and Strategic Directions for the ESG Bond Market in Korea

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Recently, ESG bond issuance has been gradually spreading to banks and non-financial private companies in Korea. However, the Korean ESG bond market is still in its infancy in terms of size, diversity and investor base compared to the global ESG bond market. In other words, ESG bonds are rapidly forming in the global market, but are still in the formation stage in the domestic market, and various policy and practical measures such as system, incentives, and infrastructure are needed to activate them. In this paper, we examine the domestic and international status of ESG bonds in relation to responsible investment. In addition, this paper explores specific measures to revitalize the domestic ESG bond market in four aspects: establishing ESG bond standards, procedures and regulations, increasing ESG bond investment demand, increasing ESG bond issuance, building market infrastructure and market efforts. This study is expected to contribute to the development of the domestic ESG bond market and responsible investment.

Abstract

Recently, ESG bond issuance has been gradually spreading to banks and non-financial private companies in Korea. However, the Korean ESG bond market is still in its infancy in terms of size, diversity and investor base compared to the global ESG bond market. In other words, ESG bonds are rapidly forming in the global market, but are still in the formation stage in the domestic market, and various policy and practical measures such as system, incentives, and infrastructure are needed to activate them. In this paper, we examine the domestic and international status of ESG bonds in relation to responsible investment. In addition, this paper explores specific measures to revitalize the domestic ESG bond market in four aspects: establishing ESG bond standards, procedures and regulations, increasing ESG bond investment demand, increasing ESG bond issuance, building market infrastructure and market efforts. This study is expected to contribute to the development of the domestic ESG bond market and responsible investment.

참고문헌 (13)

  1. Crédit Agricole, "Green and Social Bond Market Overview: A Strong Continued Momentum", ~ (2019)
  2. Eurosif, "Eurorean SRI Study 2018", ~ (2019)
  3. Global Sustainable Investment Alliance, "2018 Global Sustainable Investment Review", ~ (2019)
  4. Han, Kwang-Yeol, "ESG Bonds: Required, Not Optional", NH Credit Strategy, 2019, 2019, pp.1~16
  5. "Issuance of 400 Billion Won Worth of Social Bonds in the Korean Won" (2019)[URL]
  6. "Social MBS Issue" (2019)[URL]
  7. "Acquiring International Certification of Social and Green Bond Eligible Issuers" (2018)[URL]
  8. "Issuing All Bonds as Social Value Bonds" (2019)[URL]
  9. Lee, Hun-Young, "Growth of the Green Bond Market and Future Challenges", KDB Monthly, 732, pp.37~71 (2016)
  10. Ministry of Economy and Finance, "2019 Fund Management Evaluation Guide Ⅰ", ~ (2019)
  11. "Korea Issues US $1.5 Billion Foreign Exchange Stabilization Fund Bonds" (2019)[URL]
  12. Myers, S., "Corporate Financing and Investment Decisions When Firms Have Information That Investors Do Not Have", Journal of Financial Economics, 13(2), pp.187~221 (1984)
  13. Do Shareholders Benefit from Green Bonds?, "Tang, D. Y.", SSRN, 1~55 (2018)

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