Green Economy and Access to Finance in Georgia (Going Beyond the Commercial Banking Sector to Finance Businesses in Georgia)

Journal of Economics and Business

ISSN 2615-3726 (Online)

ISSN 2621-5667 (Print)

Published: 08 August 2019

Green Economy and Access to Finance in Georgia (Going Beyond the Commercial Banking Sector to Finance Businesses in Georgia)

David Aslanishvili, Kristine Omadze

Caucasus University, Tbilisi State University

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10.31014/aior.1992.02.03.125

Pages: 761-772

Keywords: Economy Growth, Green economy, GDP, Energy Policy, Stock Market

Abstract

In this article we have overviewed the green economy recent trend and situation in Georgia. Our research has studied the financial vehicles that go beyond traditional sources of private capital offered by commercial banks. We have studied the international experience and the opportunities to use public support, green bonds to raise green finance as well as the work of energy service companies (ESCOs) to finance green investments. We have highlighted the present conditions of Georgia and proposed some ideas about how to turn Georgia from a backward country into a developed one. In that field it is studied the readiness and the importance of the strong and reliable green energy economy for sustainable economic growth, their interaction, the luck of market tools and market price (capitalization) in Georgia. At the same time, we have highlighted and presented the negative gap between the per capita GDP of Georgia and developed countries, like Switzerland, Hungary and Poland and the Europe. Also, it had investigated the problems of stock market in Georgia and the ways how to encourage economic growth in Georgia based on modern market tools and green bonds issues.

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