94 NEWSLETTER 2021 The bond issuer shall make the above-mentioned factsheets and reports available for review in a separate section under the title of “European Green Bonds” on its website. The Draft Regulation also introduces some regulations related to institutions that conduct external review. Institutions performing external review shall register with the ESMA and meet the requirements regarding expertise, record keeping, transparency and conflict of interest management. ESMA regularly monitors these external review bodies. Conclusion There is a fast increase in the Green Bonds and in general in the green finance in recent years. Such increase is fueled by the climate change and the Covid-19 pandemic, and concerns about climate and environmental problems have increased remarkably in recent years. While the interest of investors and bond issuers in the Green Bond market was initially driven by climate and sustainability related concerns, incentives for Green Bonds, along with the European Green Deal and the Paris Climate Agreement, may also play a large role in determining the future behavior of investors and bond issuers. The spread of Green Bonds in capital markets necessitates the establishment of uniform rules on green financing. Otherwise, it may lead to the misuse of the confidence of investors and issuers deviating from the purpose of Green Bonds. Considering the place of climate change in the European Union agenda, it should be expected that many innovations and changes may occur in this area in the upcoming days.
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