Kamu Borçlanmasında ‘Yeşil Tahvil’ Seçenekleri: Türkiye’de Uygulanabilirlik ve Bütçe Katkısı Üzerine Bir Değerlendirme

Abstract

The growing environmental challenges on a global scale are reshaping the priorities of fiscal policies and redefining the way public resources are allocated. This transformation directly affects the nature of public borrowing and the direction of public investments. Alongside the traditional borrowing instruments designed to preserve economic stability, the need for new tools that also promote environmental sustainability has become increasingly evident. In this context, green bonds have emerged as a modern financing instrument that channels public investments toward environmentally compatible projects. The global expansion of green bonds has made it essential to examine their impact on public finance. Accordingly, the main objective of this study is to analyze the relationships among green bonds, public borrowing, budget policies, and public investments in various countries and in Türkiye and to assess their contribution to a sustainable fiscal management approach. Based on this framework, the study conducts a macroeconomic performance analysis of green bond practices using examples from different countries. Comparative findings indicate that green bond issuances generate positive effects on public finance indicators. The analysis demonstrates that green bonds constitute a strategic instrument that supports the financing of environmental objectives, accelerates the structural transformation of public finance, and strengthens the framework of sustainable fiscal management.