Öz
Çevresel konularda yaşanan son dönemdeki gelişmeler devletlerin dikkatinin çevresel problemlere ve çeşitli çözümlere yönelmesine neden olmuştur. Bunun sonucunda birçok devlet ve uluslararası kuruluş çevresel sorunların yol açtığı olumsuzluklar karşısında çeşitli önlemler almıştır. Çevresel koruma önlemleri konusunda giderek artan ihtiyaç, daha fazla finansman kaynağını gerektirmiştir. Bu durumun sonucunda yenilikçi çözümler ortaya atılmaya başlanmış ve bu yenilikçi çözümlerden biri olan çevresel etkili tahvil ile özel yatırımcıların çevresel konuların çözümüne yönelik yatırım yapması sağlanmıştır. Çevresel etkili tahvil, “performansa dayalı ödeme” yapısı ve tüm taraflarına sağladığı faydalar ile öne çıkmasına karşın henüz sadece ABD’de uygulanmıştır. Yarattığı birçok avantaj yanında birtakım dezavantajlara sahip olan çevresel etkili tahviller hala dar bir uygulama alanına sahip olup atık su ve kanalizasyon problemlerinin aşılması ve ormanların dayanıklılığının arttırılması amacıyla uygulanmıştır.
Bu çalışmada çevresel etkili tahviller hakkında bilgi verilmiş, özellikleri ve ihraç süreci açıklanmış, tahvilin bileşenleri, örnekleri ve avantajları konuları incelenmiş ve potansiyeline ulaşmasının önündeki engeller belirlenmiştir. Son olarak çevresel etkili tahvilin Türkiye için uygulanabilirliğine değinilmiş ve dünyada uygulanma potansiyeline ulaşması yönünde çeşitli çözüm önerileri sunulmuştur.
Anahtar Kelimeler
Etki yatırımı Çevresel Sorunlar Etki Tahvilleri Çevresel Etkili Tahviller.
Kaynakça
- Ainsworth, D. (2022). What have we learned about development impact bonds 10 years on? . https://www.devex.com/news/what-have-we-learned-about-development-impact-bonds-10-years-on-102761 [Erişim Tarihi: 10 Ocak 2023].
- Balboa, C. M. (2016). Accountability of environmental impact bonds: The future of global environmental governance? Global Environmental Politics, 16(2), 33-41. https://doi.org/10.1162/GLEP_A_00352
- Bose, S., Dong, G., & Simpson, A. (2019). The financial ecosystem: The role of finance in achieving sustainability. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-05624-7_1
- Brand, M. W., Gudiño-Elizondo, N., Allaire, M., Wright, S., Matson, W., Saksa, P., & Sanders, B. F. (2020). Stochastic hydro-financial watershed modeling for environmental ımpact bonds. Water Resources Research, 56(8). https://doi.org/10.1029/2020WR027328
- Brand, M. W., Quesnel Seipp, K., Saksa, P., Ulibarri, N., Bomblies, A., Mandle, L., Allaire, M., Wing, O., Tobin-de la Puente, J., Parker, E. A., Nay, J., Sanders, B. F., Rosowsky, D., Lee, J., Johnson, K., Gudino-Elizondo, N., Ajami, N., Wobbrock, N., Adriaens, P., … Gibbons, J. P. (2021). Environmental impact bonds: A common framework and looking ahead. Environmental Research: Infrastructure and Sustainability, 1, 1-17. https://doi.org/10.1088/2634-4505/ac0b2c
- CDP. (t.y.). Project profile environmental impact bonds for green infrastructure. Geliş tarihi 23 Şubat 2023, gönderen https://www.forest-trends.org/wp-content/uploads/2017/11/Gammie_State-of-Green-Infra-Investment.pdf [Erişim Tarihi: 10 Ocak 2023].
- Chen, C., & Bartle, J. R. (2022). Innovative infrastructure finance: A guide for state and local governments (1st ed.). Palgrave Macmillan.
- Croitoru, L., & Sarraf, M. (2014). How much does environmental degradation cost? The case of Morocco. Journal of Environmental Protection, 9, 254-265. https://doi.org/10.4236/jep.2018.93017
- Curley, M. (2022). The price of climate change: sustainable financial mechanisms (1st ed.). CRC Press.
- Dey, C., & Gibbon, J. (2018). New development: Private finance over public good? Questioning the value of impact bonds. Public Money & Management, 38(5), 375-378. https://doi.org/10.1080/09540962.2018.1477676
- EDF. (2018). Financing resilient communities and coastlines. https://doi.org/10.3133/sim3381 [Erişim Tarihi: 10 Ocak 2023].
- Ela, M. (2021). Kamusal kötüler (public bads): Genel bir bakış. Içinde T. E. Çiftçi (Ed.), Yeni tartışmalar ışığında maliye, ekonomi ve işletme yazıları (ss. 23-40). Gazi Kitabevi.
- Hall, D. (2017). Greening the future: a case for environmental impact bonds. Policy Quarterly, 13(2), 41-48. https://doi.org/10.26686/PQ.V13I2.4662
- Hall, D., Lindsay, S., & Judd, S. (2017). Permanent forest bonds: A pioneering environmental impact bond for Aotearoa New Zealand. http://researcharchive.vuw.ac.nz/handle/10063/8141 [Erişim Tarihi: 10 Ocak 2023].
- Harvell, L., Riggs, E., Thompson, A., Kirk, E., Mullins, E., Lapp, S., Kattula, R., & Barr, O. (2020). Identifying water infrastructure funding and financing options to assure safe, clean, affordable water for all Michigan citizens and communities. A guide to water sector infrastructure funding and financing tools. https://efc.sog.unc.edu/wp-content/uploads/sites/1172/2021/05/Michigan-Water-Infrastructure-Financing-Tools-1.pdf [Erişim Tarihi: 10 Ocak 2023].
- Herrera, D., Cunniff, S., DuPont, C., Cohen, B., Gangi, D., Kar, D., Peyronnin Snider, N., Rojas, V., Wyerman, J., Norriss, J., & Mountenot, M. (2019). Designing an environmental impact bond for wetland restoration in Louisiana. Ecosystem Services, 35, 260-276. https://doi.org/10.1016/J.ECOSER.2018.12.008
- ICE. (2022). 2021: The year impact bonds topped $1 trillion. Examining trends across global markets. https://www.ice.com/publicdocs/Impact_Bond_Analysis.pdf [Erişim Tarihi: 10 Ocak 2023].
- Johnson, J. A., Ruta, G., Baldos, U., Cervigni, R., Chonabayashi, S., Corong, E., Gavryliuk, O., Gerber, J., Hertel, T., Nootenboom, C., & Polasky, S. (2021). Economic case for nature. A global earth-economy model to assess development policy pathways. www.worldbank.org. [Erişim Tarihi: 10 Ocak 2023].
- Lee, Y. J., & Lindsay, M. (2021, Ekim 29). Environmental impact bonds: overview + case studies. https://d18lev1ok5leia.cloudfront.net/chesapeakebay/documents/3._environmental_impact_bonds_-_matt_lindsay__jason_lee.pdf [Erişim Tarihi: 10 Ocak 2023].
- Lypiridis, C., & Kuzio, M. (2019). Innovative finance solutions for climate-smart infrastructure new perspectives on results-based blended finance for cities. https://openknowledge.worldbank.org/bitstream/handle/10986/32192/Innovative-Finance-Solutions-for-Climate-Smart-Infrastructure-New-Perspectives-on-Results-Based-Blended-Finance-for-Cities.pdf [Erişim Tarihi: 10 Ocak 2023].
- Mazur, L. (2018). Why environmental impact bonds are catching on. https://www.governing.com/gov-institute/voices/col-environmental-impact-bonds-washington-dc-baltimore-atlanta.html [Erişim Tarihi: 10 Ocak 2023].
- Nicola, D. J. (2013). Environmental impact bonds (#1; CASE i3 Working Paper ). The Fuqua School of Business. http://cpicfinance.com/wp-content/uploads/2017/03/CASEi3_EIB_Report_FINAL-links.pdf [Erişim Tarihi: 10 Ocak 2023].
- Orman Genel Müdürlüğü. (2018). Stratejik plan 2019-2023. https://www.ogm.gov.tr/tr/e-kutuphane-sitesi/StratejikPlan/Orman%20Genel%20M%C3%BCd%C3%BCrl%C3%BC%C4%9F%C3%BC%20Stratejik%20Plan%20(2019-2023).pdf [Erişim Tarihi: 10 Haziran 2023].
- T.C. Kalkınma Bakanlığı. (2018). Su kaynakları yönetimi ve güvenliği özel ihtisas komisyonu raporu. https://www.sbb.gov.tr/wp-content/uploads/2020/04/SuKaynaklariYonetimi_ve_GuvenligiOzelIhtisasKomisyonuRaporu.pdf [Erişim Tarihi: 10 Haziran 2023].
- Thompson, A. (2020, Temmuz 2). Environmental impact bonds: Where are they now? https://efc.web.unc.edu/2020/07/02/environmental-impact-bonds-where-are-they-now/ [Erişim Tarihi: 10 Ocak 2023].
- Thompson, B. S. (2023). Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk. Business Strategy and the Environment, 32(1), 353-368. https://doi.org/10.1002/BSE.3135
- Wong, A. (2019). Strategies to advance investments in coastal resilience solutions in Boston. Yayımlanmamış doktora tezi, Massachusetts Instıtute Of Technology, Environmental Science Barnard College.
- World Economic Forum. (2022). DC Water’s environmental impact bond. https://www3.weforum.org/docs/WEF_Urban_Transformation_Case_Study_DC_Water_2022.pdf [Erişim Tarihi: 10 Ocak 2023].
Öz
Recent developments in environmental issues have caused the attention of governments to focus on environmental problems and various solutions. As a result, many governments and international organizations have taken various measures against the negativities caused by environmental problems. The growing need for environmental protection measures required more funding sources. As a result of this situation, innovative solutions started to be put forward and as one of these innovative solutions, environmental impact bonds allowed private investors to invest in the solution of environmental issues. Although the environmental impact bond stands out with its “performance-based payment” structure and the benefits it provides to all parties, it has only been implemented in the USA yet. Environmentally effective bonds, which have some disadvantages as well as many advantages they create, still have a narrow application field and have been applied to overcome wastewater and sewage problems and to increase the resilience of forests.
In this study, information about environmentally effective bonds is given, their properties and issuance process are explained, the components, examples and advantages of the bond are examined and the obstacles to reaching its potential are determined. Finally, the applicability of the environmental impact bond for Turkey was mentioned and various solutions were offered to reach its potential to be implemented in the world.
Anahtar Kelimeler
Impact Investment Environmental Problems Impact Bonds Environmental Impact Bonds.
Kaynakça
- Ainsworth, D. (2022). What have we learned about development impact bonds 10 years on? . https://www.devex.com/news/what-have-we-learned-about-development-impact-bonds-10-years-on-102761 [Erişim Tarihi: 10 Ocak 2023].
- Balboa, C. M. (2016). Accountability of environmental impact bonds: The future of global environmental governance? Global Environmental Politics, 16(2), 33-41. https://doi.org/10.1162/GLEP_A_00352
- Bose, S., Dong, G., & Simpson, A. (2019). The financial ecosystem: The role of finance in achieving sustainability. Palgrave Macmillan. https://doi.org/10.1007/978-3-030-05624-7_1
- Brand, M. W., Gudiño-Elizondo, N., Allaire, M., Wright, S., Matson, W., Saksa, P., & Sanders, B. F. (2020). Stochastic hydro-financial watershed modeling for environmental ımpact bonds. Water Resources Research, 56(8). https://doi.org/10.1029/2020WR027328
- Brand, M. W., Quesnel Seipp, K., Saksa, P., Ulibarri, N., Bomblies, A., Mandle, L., Allaire, M., Wing, O., Tobin-de la Puente, J., Parker, E. A., Nay, J., Sanders, B. F., Rosowsky, D., Lee, J., Johnson, K., Gudino-Elizondo, N., Ajami, N., Wobbrock, N., Adriaens, P., … Gibbons, J. P. (2021). Environmental impact bonds: A common framework and looking ahead. Environmental Research: Infrastructure and Sustainability, 1, 1-17. https://doi.org/10.1088/2634-4505/ac0b2c
- CDP. (t.y.). Project profile environmental impact bonds for green infrastructure. Geliş tarihi 23 Şubat 2023, gönderen https://www.forest-trends.org/wp-content/uploads/2017/11/Gammie_State-of-Green-Infra-Investment.pdf [Erişim Tarihi: 10 Ocak 2023].
- Chen, C., & Bartle, J. R. (2022). Innovative infrastructure finance: A guide for state and local governments (1st ed.). Palgrave Macmillan.
- Croitoru, L., & Sarraf, M. (2014). How much does environmental degradation cost? The case of Morocco. Journal of Environmental Protection, 9, 254-265. https://doi.org/10.4236/jep.2018.93017
- Curley, M. (2022). The price of climate change: sustainable financial mechanisms (1st ed.). CRC Press.
- Dey, C., & Gibbon, J. (2018). New development: Private finance over public good? Questioning the value of impact bonds. Public Money & Management, 38(5), 375-378. https://doi.org/10.1080/09540962.2018.1477676
- EDF. (2018). Financing resilient communities and coastlines. https://doi.org/10.3133/sim3381 [Erişim Tarihi: 10 Ocak 2023].
- Ela, M. (2021). Kamusal kötüler (public bads): Genel bir bakış. Içinde T. E. Çiftçi (Ed.), Yeni tartışmalar ışığında maliye, ekonomi ve işletme yazıları (ss. 23-40). Gazi Kitabevi.
- Hall, D. (2017). Greening the future: a case for environmental impact bonds. Policy Quarterly, 13(2), 41-48. https://doi.org/10.26686/PQ.V13I2.4662
- Hall, D., Lindsay, S., & Judd, S. (2017). Permanent forest bonds: A pioneering environmental impact bond for Aotearoa New Zealand. http://researcharchive.vuw.ac.nz/handle/10063/8141 [Erişim Tarihi: 10 Ocak 2023].
- Harvell, L., Riggs, E., Thompson, A., Kirk, E., Mullins, E., Lapp, S., Kattula, R., & Barr, O. (2020). Identifying water infrastructure funding and financing options to assure safe, clean, affordable water for all Michigan citizens and communities. A guide to water sector infrastructure funding and financing tools. https://efc.sog.unc.edu/wp-content/uploads/sites/1172/2021/05/Michigan-Water-Infrastructure-Financing-Tools-1.pdf [Erişim Tarihi: 10 Ocak 2023].
- Herrera, D., Cunniff, S., DuPont, C., Cohen, B., Gangi, D., Kar, D., Peyronnin Snider, N., Rojas, V., Wyerman, J., Norriss, J., & Mountenot, M. (2019). Designing an environmental impact bond for wetland restoration in Louisiana. Ecosystem Services, 35, 260-276. https://doi.org/10.1016/J.ECOSER.2018.12.008
- ICE. (2022). 2021: The year impact bonds topped $1 trillion. Examining trends across global markets. https://www.ice.com/publicdocs/Impact_Bond_Analysis.pdf [Erişim Tarihi: 10 Ocak 2023].
- Johnson, J. A., Ruta, G., Baldos, U., Cervigni, R., Chonabayashi, S., Corong, E., Gavryliuk, O., Gerber, J., Hertel, T., Nootenboom, C., & Polasky, S. (2021). Economic case for nature. A global earth-economy model to assess development policy pathways. www.worldbank.org. [Erişim Tarihi: 10 Ocak 2023].
- Lee, Y. J., & Lindsay, M. (2021, Ekim 29). Environmental impact bonds: overview + case studies. https://d18lev1ok5leia.cloudfront.net/chesapeakebay/documents/3._environmental_impact_bonds_-_matt_lindsay__jason_lee.pdf [Erişim Tarihi: 10 Ocak 2023].
- Lypiridis, C., & Kuzio, M. (2019). Innovative finance solutions for climate-smart infrastructure new perspectives on results-based blended finance for cities. https://openknowledge.worldbank.org/bitstream/handle/10986/32192/Innovative-Finance-Solutions-for-Climate-Smart-Infrastructure-New-Perspectives-on-Results-Based-Blended-Finance-for-Cities.pdf [Erişim Tarihi: 10 Ocak 2023].
- Mazur, L. (2018). Why environmental impact bonds are catching on. https://www.governing.com/gov-institute/voices/col-environmental-impact-bonds-washington-dc-baltimore-atlanta.html [Erişim Tarihi: 10 Ocak 2023].
- Nicola, D. J. (2013). Environmental impact bonds (#1; CASE i3 Working Paper ). The Fuqua School of Business. http://cpicfinance.com/wp-content/uploads/2017/03/CASEi3_EIB_Report_FINAL-links.pdf [Erişim Tarihi: 10 Ocak 2023].
- Orman Genel Müdürlüğü. (2018). Stratejik plan 2019-2023. https://www.ogm.gov.tr/tr/e-kutuphane-sitesi/StratejikPlan/Orman%20Genel%20M%C3%BCd%C3%BCrl%C3%BC%C4%9F%C3%BC%20Stratejik%20Plan%20(2019-2023).pdf [Erişim Tarihi: 10 Haziran 2023].
- T.C. Kalkınma Bakanlığı. (2018). Su kaynakları yönetimi ve güvenliği özel ihtisas komisyonu raporu. https://www.sbb.gov.tr/wp-content/uploads/2020/04/SuKaynaklariYonetimi_ve_GuvenligiOzelIhtisasKomisyonuRaporu.pdf [Erişim Tarihi: 10 Haziran 2023].
- Thompson, A. (2020, Temmuz 2). Environmental impact bonds: Where are they now? https://efc.web.unc.edu/2020/07/02/environmental-impact-bonds-where-are-they-now/ [Erişim Tarihi: 10 Ocak 2023].
- Thompson, B. S. (2023). Impact investing in biodiversity conservation with bonds: An analysis of financial and environmental risk. Business Strategy and the Environment, 32(1), 353-368. https://doi.org/10.1002/BSE.3135
- Wong, A. (2019). Strategies to advance investments in coastal resilience solutions in Boston. Yayımlanmamış doktora tezi, Massachusetts Instıtute Of Technology, Environmental Science Barnard College.
- World Economic Forum. (2022). DC Water’s environmental impact bond. https://www3.weforum.org/docs/WEF_Urban_Transformation_Case_Study_DC_Water_2022.pdf [Erişim Tarihi: 10 Ocak 2023].
Ayrıntılar
| Birincil Dil | Türkçe |
|---|---|
| Konular | Maliye Politikası |
| Bölüm | Araştırma Makaleleri |
| Yazarlar | |
| Yayımlanma Tarihi | 31 Ağustos 2023 |
| Gönderilme Tarihi | 1 Nisan 2023 |
| Yayımlandığı Sayı | Yıl 2023 Sayı: 51 |
- Makale Dosyaları