绿色伊斯兰债券作为可持续融资工具的潜在增长和未来趋势

The Potential Growth and Future Trends ofGreen Sukukas a Tool for Sustainable Financingresearch team, comprised of Abdurrahman Yaz-ici, Shoaib Mohammady, Camelia Garchi, EsmaKarabulut,Mohd Radzuan Bin Ahmad Tajud-din, and Abdul-Jalil Ibrahim, is commended fortheir diligence in research, writing, and editorialprocesses. Special thanks to dedicated internsSherrindra Prasetyo and Yohane Sato for theiractive support in report preparation.We extend our gratitude tothe UNDP KuwaitCountry Office and Kuwait Finance House (KFH)for their steadfast support throughout the re-port’s development.Acknowledgment is also due to Carolina CarreraSaavedra for her exceptional creative contribu-tions to the report’s design.Copyright ©UNDP 2024. All rights reserved.One United Nations Plaza, New York, NY 10017, USAUnited Nations Development Programme (UNDP) is theleading United Nations organization fighting to end theinjustice of poverty, inequality and climate change. Workingwith our broad network of experts and partners in 170countries, we help nations build integrated, lasting solutionsfor people and the planet. Learn more at undp.org or followat @UNDP.The views expressed in this publication are those of theauthors and do not necessarily represent those of the UnitedNations, including UNDP or UN Member States. Cover Photo: UNEPUnitedNationsProgramme (UNDP)UNDPis the leading United Nationsorganization fighting to end the injus-tice of poverty, inequality and climatechange. Working with our broad net-work of experts and partners in 170countries, we help nations to build integrated,lasting solutions for people and the planet. Learnmore at undp.org or follow at @UNDP.ACKNOWLEDGMENTTheUnited Nations Development Programme(UNDP) Istanbul International Center for PrivateSector Development,alongside theUNDP Ku-wait Country Office and Kuwait Finance House(KFH),presents this comprehensive report, whichexplores the emergence, market dynamics, andregulatory frameworks of Green Sukuk, offeringa comprehensive guide to leveraging this instru-ment as a pillar of sustainable finance.Our appreciation extends toour researchers,editors, and interns for their unwavering dedi-cation and exceptional contributions. Dr. GulçinSalingan and Dr. Muniruddeen Lallmahomoodexpertly led the research team, ensuring theintegration of invaluable insights and construc-tive dialogue with key stakeholders. Our core Development The Potential Growth and Future Trends ofGreen Sukukas a Tool for Sustainable FinancingTABLE OFCONTENTSACKNOWLEDGEMENT.............................2LIST OF FIGURES........................................5LIST OF TABLES..........................................6LIST OF ABBREVIATIONS........................6EXECUTIVE SUMMARY......................81.GREEN SUKUK: EMERGENCE,MARKET DEVELOPMENTS ANDREGULATORY CHALLENGES91.1.Background......................................... 111.1.1.Climate Emergency and AchievingClimate and Sustainability Goals. 111.1.2.Climate Budget Tagging as aTool for Sustainable Finance....... 141.1.3.Changing Consumer Behavior,Market Demand, and the Need forTransparency..................................... 141.1.4.Catalyzing ESG InvestmentsThrough Strengthened Reportingand Disclosure.................................. 141.1.5.Developing Global Standardsfor Green Sukuk Issuance............. 151.1.6.National and Regional SustainableFinance Taxonomies andFrameworks....................................... 151.2.Overview of the Green Bondsand Sukuk Markets.......................... 161.2.1.Green Bonds Market Trendsand Performance............................. 161.2.2.The Emergence of Green Sukukas a Pioneering SustainableFinance Tool.......................................171.2.3.Latest Trends and Developmentsin the Green Sukuk Market........... 181.3.The ICMA’s Green BondPrinciples........................................... 221.4.Eligible Projects............................... 251.5.Strong Synergy between GBPand Green Sukuk........................... 271.5.1.Shariah Compliance: An AdditionalLayer of Governance in UsingProceeds............................................ 281.5.2.Negative/Positive Screening...... 281.5.3.Impact Reporting as a Tool forScaling Governance on PositiveScreening.......................................... 281.6.Regulatory Challengeshindering the development ofGreen Sukuk..................................... 291.6.1.Absence of a Clear Taxonomy... 291.6.2.Lack of StandardizedRegulations....................................... 291.6.3.Transparency and ReportingChallenges........................................ 291.6.4.Addressing Greenwashing Risks 292.CREATING AN ENABLINGENVIRONMENT FOR GREENSUKUK DEVELOPMENT2.1.Factors hindering the developmentof Green Sukuk: The investors’perspective........................................ 312.1.1.Data Gaps, GreenwashingRisks and Credible Use ofGreen Sukuk Proceeds.................. 312.1.2.Lack of availability inSustainability Data.......................... 322.1.3.Absence of