Lukšić Igor, Bošković Bojana, Novikova Aleksandra, Vrbensky Rastislav
University of Donja Gorica, Oktoih 1, Podgorica, Montenegro.
Institute for Climate Protection, Energy and Mobility (IKEM), Magazinstr. 15-16, 10179 Berlin, Germany.
Energy Sustain Soc. 2022;12(1):15. doi: 10.1186/s13705-022-00340-w. Epub 2022 Feb 22.
This paper is related to the current stage of development in the Western Balkans. Despite becoming growing instruments to finance sustainable green development, debt swaps and social or sustainability bonds are relative novelties in this region. At the same time, the development needs are huge, especially in the light of the COVID-19 aftermath.
The review of both historic financial instruments, such as the debt for nature swaps, and more recent ones, such as sustainability bonds in its variations, highlight the potential for use in developing countries. The relatively recent case from Montenegro and the recent issuance of the green bond in Serbia showcase the possibilities. The focus of this paper is an analysis of the public debt position of Western Balkan countries. The growing level of public debt over the past decade points to a lack of adequate interventions and a relatively imminent need for fiscal consolidation. The research suggests that environmental, social, governance/sustainability-linked bonds and debt-for-climate swap investments as innovative financial instruments that hold promise in leveraging additional finance to support the sustainability goals of the six countries of the Western Balkans. This influx of capital would be particularly advantageous, given their needs relative to EU accession and their economic and structural challenges. The recommendations for policymakers are derived based on the history and features of green bonds as well as debt-for-nature swaps and their diverse underlying mechanisms which are adaptable to the respective countries.
The related countries would benefit from exploring more innovative approaches to finance sustainable societies. In close cooperation with the EU and taking the European Green Deal into consideration, it is recommended that the six countries of the Western Balkans design financing mechanisms that will bring increased transparency to the different policies and more accountability for their implementation. Applying the recommended modality may help keep the problem of the public debt at bay, while additional funds may support implementation of structural reforms.
本文与西巴尔干地区的当前发展阶段相关。尽管债务互换以及社会或可持续发展债券正日益成为为可持续绿色发展融资的工具，但在该地区它们仍相对新颖。与此同时，发展需求巨大，尤其是考虑到新冠疫情的后果。
对诸如债务换自然等历史性金融工具以及诸如可持续发展债券变体等较新的金融工具的审查，凸显了其在发展中国家的使用潜力。黑山最近的案例以及塞尔维亚近期发行绿色债券展示了可能性。本文的重点是分析西巴尔干国家的公共债务状况。过去十年公共债务水平的不断上升表明缺乏充分的干预措施，且财政整顿的需求相对迫切。研究表明，环境、社会、治理/可持续发展挂钩债券以及债务换气候投资作为创新型金融工具，有望撬动额外资金以支持西巴尔干六国的可持续发展目标。鉴于它们在加入欧盟方面的需求以及经济和结构挑战，这种资本流入将特别有利。基于绿色债券以及债务换自然的历史和特点及其多样的潜在机制（这些机制可适应各自国家），为政策制定者提出了建议。
相关国家将受益于探索更多创新方法为可持续社会融资。建议西巴尔干六国与欧盟密切合作并考虑《欧洲绿色协议》，设计融资机制，以提高不同政策的透明度并增强其实施的问责制。应用所建议的模式可能有助于控制公共债务问题，同时额外资金可支持结构改革的实施。
