The EU example of green bond application within the framework of sustainable development and its application in Turkey

In recent years, humanity has faced many natural disasters such as forest fires, floods and hurricanes as a result of the damage to natural life and environmental destruction reaching serious dimensions. When we look at the factors that cause this situation, we come across many topics such as increasing population, consumption and production habits, and the use of fossil fuels. Faced with the fact that the world's resources are limited, the concepts of sustainability and sustainable development have come to the fore in order to reverse this negative picture that humanity has carried to the present day with industrialization. The concept of development, which emerged when colonial countries started to gain their independence, especially in the post-World War II period, can be defined as a country catching up with developed countries in economic, social and environmental terms. The realization of production and consumption activities in order to meet the needs of the increasing population and the needs of this population without consuming the resources of future generations is called sustainability. Obtaining resources such as energy and raw materials needed in the production process from sustainable sources in order for development efforts to yield results brings us the concept of sustainable development. Initiatives that support environmental sustainability such as reducing fossil fuel use and carbon emissions, adapting to climate change and ensuring energy efficiency are called green projects. The financing of green projects to be realized with the sensitivity of environmental sustainability and protection of natural life requires serious costs. In order to meet these costs and to finance green projects in a sustainable manner, the concept of green bonds emerges. In this study, the concepts of sustainability, sustainable development, renewable energy, bonds and green bonds have been examined together with their history and a literature review on these concepts has been conducted. The historical course and implementation procedures of these concepts in the European Union and Turkey have been examined and the necessary information on these issues has been compiled.