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Green bonds can play an important role when it comes to financing a more sustainable European economy. However, lack of transparency in today's market for them prevents green bonds from achieving their full potential. The European Commission's proposal for a European green bond standard (EuGBS) does little to fight greenwashing and foster investor confidence. To establish the EuGBS as the new gold standard, the European Parliament and EU Council should improve it in three respects. They should (i) strengthen its environmental credentials, (ii) regulate the entire green bond market and not just the EuGBS niche, and (iii) ensure the enforceability of investor rights. That way, a credible EU public standard can become the new benchmark on financial markets and make a positive impact on the environment.

By 1840, a cohort of Chinese officers with strong personal bonds, forged through shared experiences of war and the patronage of a powerful commander named Yang Yuchun (1762-1837), had come to dominate the upper ranks of the Green Standards, the largely Chinese branch of the Qing (1644-1911) military. This article looks at how these bonds emerged during the Miao Revolt (1795) and White Lotus War (1796-1804) and then were consolidated during Yang Yuchun's lengthy tenures as provincial commander-in-chief of Guyuan and then Shaan-Gan governor-general. It also explores the discourse through which officers validated the cultivation of personal bonds in the face of a military system designed to prevent the formation of personal loyalties. The article argues that the image of the Green Standards as a largely impersonal military force, in contrast with the "personal armies" of the Taiping War period (1850-1864), needs to be reconsidered.

Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014–2019. The results reveal that rating, ESG index ; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market.

Green bonds are a new financial tool that has developed rapidly in the context of climate change risks. Their proceeds are used to finance only environmentally friendly projects. This paper aims to examine the determinant factors of the green bonds issue in the context of the European Union countries. Using linear regression, we explore the impact of environmental, social, governance, and macroeconomic indicators on the level of green bond issues in the period 2014-2019. The results reveal that rating, ESG index; fiscal balance, inflation rate, and population have a significant impact and lead to a higher volume of green bond issuances. Our findings provide valuable insights into the development of the green bond market.

-The market for green bonds is growing rapidly and has been boosted by the European Commission's plan to raise through green bonds 30 percent of the up to €750 billion that will be borrowed under the Next Generation EU coronavirus economic recovery programme. But while green bonds can reduce the financing costs of green projects and technologies, their current design means they fall short of fulfilling their full potential. Issuing green bonds alongside regular bonds fragments bond issues, reducing liquidity and thus increasing financing costs. Moreover, green bond prices reflect liquidity, credit risk and environmental performance jointly, which makes it difficult to isolate the part of the return on the bonds that relates to environmental performance. -We propose an alternative: issuance of regular bonds with attached green certificates that ensure earmarking for green purposes. The new design would lead to more liquid securities (as only regular bonds are issued), which would reduce financing costs and in turn would provide incentives to start a greater number of environmentally-friendly projects. The new design would also make market prices more informative about environmental performance. In addition, green certificates would address the criticism that green bonds are used mostly for refinancing existing green projects rather than for new projects. -Sovereigns are among the largest issuers of bonds and are therefore natural candidates for implementation of green certificates. The European Commission could also issue regular bonds and green certificates to finance the European Union's recovery package, and should include green certificates in the under-preparation EU Green Bond standard. Commission issuance of green certificates would give a major boost to EU bonds as liquid safe assets while promoting green investment.