El “Green Premium” en las finanzas sostenibles: reflexiones para Bolivia

Bernardo X. Fernández-Tellería; María Cecilia Uzqueda

doi:10.35319/lajed.2023esp311

Authors

Bernardo X. Fernández-Tellería Embajada Británica en Bolivia https://orcid.org/0009-0000-0207-401X
María Cecilia Uzqueda Universidad Libre de Bruselas https://orcid.org/0009-0008-9352-268X

DOI:

https://doi.org/10.35319/lajed.2023esp311

Keywords:

Sustainable finance, tragedy of the commons, green premium, Climate Change, Bolivia

Abstract

The existence of a green financial premium, defined as the positive spread between the yield of a conventional bond or financial instrument relative to its green or sustainable counterpart, implies that an investor or creditor is willing to accept a lower return for the green or sustainable asset relative to its conventional equivalent. Such an arrangement could significantly facilitate and accelerate the role of sustainable finance in global climate action and the achievement of the Sustainable Development Goals. This is because it allows the actors involved to share responsibilities for solving the problem of climate change, understood as the greatest “tragedy of the commons” faced by humanity. This document presents the main definitions and analyzes the empirical evidence on the green premium at the global and local scale, to offer reflections and policy recommendations for Bolivia.

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Author Biographies

Bernardo X. Fernández-Tellería, Embajada Británica en Bolivia

Boliviano. Doctor en Economía de la Universidad de Glasgow (UK) y Máster en Finanzas Internacionales de la Universidad de Strathclyde (UK). Fue Subgerente de Operaciones de Mercado Abierto del Banco Central de Bolivia y consultor de la Bolsa Boliviana de Valores. Es docente a tiempo parcial en la UCB y la UPB. Actualmente es Jefe de Programas de la Embajada Británica en Bolivia.

María Cecilia Uzqueda, Universidad Libre de Bruselas

Es Máster en Cooperación Internacional y Desarrollo de la Universidad Libre de Bruselas (Bélgica) y Licenciada en Ingeniería Comercial de la UCB. Ha adquirido una amplia experiencia en banca y finanzas multinacional financiera tras ocupar numerosos cargos de importancia en la multinacional BNP-Paribas. Especialista y docente en finanzas sostenibles.

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