La rentabilidad sostenible de los bonos verdes

Resum

This Bachelor’s thesis focuses on the importance of sustainable finance, a key instrument to achieve sustainable development. Its main objective is to expose and examine green bonds, a form of sustainable debt that has gained great importance in recent years both internationally and nationally. Green bonds support the transition process towards a more sustainable financial model, where traditional profitability gives way to a new sustainable profitability. Thus, firstly, the origins of the concept of sustainable finance, its main characteristics, its regulation, and its future expectations are explained. Next, the specific topic of green bonds is addressed, offering an approach to their definition, their historical evolution, the principles that apply to them and their typology. In addition, the role of the actors involved in the green bond market is studied. Next, the situation of the green bond banking market in Spain is analysed, looking in depth at the initiatives adopted by banking entities, both public and private, that contribute to the promotion of green bonds. Finally, the theory is transferred to the reality of the Spanish banking market through a comparative analysis of the traditional and green bonds issued by CaixaBank, paying attention to its financial and extra-financial aspects. Thus, the evaluation of bonds is proposed from a more comprehensive and coherent to sustainable growth approach, including new performance parameters that consider transparency and sustainable impact.