Evaluation of the European Green Bond Standard role within the landscape of green bond market regulatory pluralism

Abstract

bonds and optional disclosures for bonds marketed as environmentally sustainable and for sustainability-linked bonds (EuGBS), evaluating its effectiveness among the first issuers. It further considers what elements, if any, require further legislative improvements and whether such adjustments are necessary at the early stages of implementation. Proclaimed by the European Commission as well as other reputable institutions as a ‘gold standard’ this paper aims to identify if such a label is appropriate by evaluating the EuGBS ability to address current market constraints and the shortcomings prevalent among the most commonly applied private governance regimes. The analysis of scholarly literature and legislative frameworks is supplemented with a case study on the first EuGBS corporate issues along with an expert interview, to determine whether theoretical implications translate to the practical cases. The thesis concludes that although the ‘gold standard’ may not be universally applicable across all aspects, it represents the most transparent and effective framework currently available.