Ermilova M.I., Budaeva E.K., Rebeka E.E. Comprehensive Methodology for Efficiency Assessment of Municipal “Green Bonds”

Maria  I.  Ermilova
Plekhanov Russian University of Economics, Moscow, Russian Federation
Elizaveta  K.  Budaeva
Plekhanov Russian University of Economics, Moscow, Russian Federation
Evgeniy  E.  Rebeka
Plekhanov Russian University of Economics, Moscow, Russian Federation

Abstract. This study aims to develop and validate a comprehensive methodology for efficiency assessment of municipal “green bonds”. The research examines Russia’s first sub-federal “green bond” issuance by Moscow (70 billion rubles, 2021), grounded in ISO 37120:2018 standards, ACRA methodology, and IPCC recommendations. The proceeds were allocated to the construction of the Greater Circle Line metro system (85.4%) and the procurement of electric buses (14.6%). The evaluation framework integrates financial, environmental, and social metrics, systematically calculating “green premiums”, placement acceleration coefficients, environmental efficiency indicators, and social impact metrics. The analysis revealed high integral effectiveness (4.20 points): significant placement acceleration (coefficient 3.0), substantial greenhouse gas emissions reduction (39,000 tons annually), and meaningful coverage of 4.3% of the urban population through infrastructure improvements. Despite a negative “green premium” (–79 basis points), characteristic of emerging markets,  the issuance  demonstrated exceptional  investor interest,  with demand  exceeding  supply  by 1.23  times. The developed methodology enables the formulation of quantifiable indicators for replicable assessment of “green bond” effectiveness in other Russian regions. The results confirm that municipal “green bonds” are an effective financing instrument for sustainable urban development. Regional authorities and financial institutions can utilize the proposed practical frameworks for similar project realizations. The findings substantiate the feasibility of scaling green municipal debt mechanisms in emerging economies while maintaining international sustainability standards. As recommendations, the study proposes establishing regional “green bond” task forces and developing adapted assessment tools aligned with ESG principles for implementation in other Russian cities. Authors’ contribution. M.I. Ermilova – research supervision and conceptual framework development; formulation of research objectives and hypotheses; comprehensive theoretical analysis of “green bonds” mechanisms and international standards; methodology development for municipal “green bonds”  effectiveness  assessment;  interpretation  of analytical  results; conclusions  formulation  regarding  practical applications for Russian municipalities; manuscript review and final approval; E.K. Budaeva – empirical data collection and systematization on Moscow’s 74 th  bond issuance; financial indicators analysis including green premium and placement acceleration coefficient  calculations; environmental  efficiency  assessment  and greenhouse  gas emissions  reduction analysis; research results visualization including tables and figures preparation; contribution to conclusions formulation; E.E. Rebeka – data gathering on social impact indicators and infrastructure coverage; execution of calculations for social metrics  (geographic  coverage,  infrastructure  reach,  passenger  capacity); correlation  analysis  between  financial, environmental, and social parameters; integral effectiveness indicator computation; findings interpretation and contribution to practical recommendations development.
Key words:  “green  bonds”, municipal  financing, sustainable  development,  environmental  efficiency,  urban infrastructure, emissions reduction, methodology for efficiency assessment, emerging markets, sustainable investments.
Citation. Ermilova M.I., Budaeva E.K., Rebeka E.E., 2026. Comprehensive Methodology for Efficiency Assessment of Municipal “Green Bonds”. Regionalnaya ekonomika. Yug Rossii [Regional Economy. South of Russia], vol. 14, no. 1, pp. 92-101. (in Russian). DOI: https://doi.org/10.15688/re.volsu.2026.1.9

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