Published By:
(ISSN:2581-6853; CODEN: GJNRA9; DOI: 10.33002/nr2581.6853) is an international, scientific double blind peer-reviewed open access journal published 3 times a year online by The Grassroots Institute.
Impact Factor: exaly
Open Access—free for readers, with article processing charges (APC) paid by authors or their institutions.
High Visibility: Indexed in Web of Science (Zoological Record, Biosis Previews, Biological Abstracts, Biosis Full Coverage Unique, and CAB Abstracts), EBSCO and other databases.
Time for Processing: Provisional acceptance of the submitted article is given in 1 week time. After consent of author(s), manuscript is peer-reviewed and a first decision provided to authors in 2-4 weeks after submission.
Recognition of Reviewers: The reviewers who provide timely, thorough peer-review reports receive vouchers entitling them to a discount on the APC of their next publication in the journal, in appreciation of the work done. Reviewers also receive Certificate for their voluntary service.
Coordinated and published by The Grassroots Institute, the Grassroots Journal of Natural Resources (GJNR) is an international journal dedicated to the latest advancements in natural resources throughout the world. The goal of this journal is to provide a platform for scientists, social scientists, policy analysts, managers and practitioners (on all academic and professional levels) all over the world to promote, discuss and share various new issues and developments in different arenas of natural resources.
Anastasiia Tsybuliak*1, Volodymyr Panchenko2, Kyrylo Oliinyk3, Viktoriia Karp4, Tetiana Savanchuk5
1Department of International Economics, Business and Management, Ukrainian-American Concordia University, Kyiv, Ukraine. E-mail: anastasiia.tsybuliak@uacu.edu.ua | ORCID: https://orcid.org/0009-0007-9601-0391
2Department of Economics and International Economic Relations, Mariupol State University, Kyiv, Ukraine.
Email: v.panchenko@mdu.in.ua | ORCID: https://orcid.org/0000-0002-5578-6210
3Economics and International Economic Relations Department, Mariupol State University, Kyiv, Ukraine.
Email: kyrylo.oliinyk@mdu.in.ua | ORCID: https://orcid.org/0009-0007-6413-7259
4Department of International Business, Educational and Scientific Institute of International Relations, Taras Shevchenko National University of Kyiv, Kyiv, Ukraine. Email: viktoriia.karp@gmail.com
ORCID: https://orcid.org/0000-0002-2231-8517
5Department of Accounting, Taxation and Management of Financial and Economic Security, Dnipro State Agrarian and Economic University, Dnipro, Ukraine. Email: savanchuk.t.m@dsau.dp.ua
ORCID: https://orcid.org/0000-0002-8584-0302
*Corresponding author
Grassroots Journal of Natural Resources, 8(2): 169-188. Doi: https://doi.org/10.33002/nr2581.6853.080209
Received: 09 June 2025
Reviewed: 12 July 2025
Provisionally Accepted: 15 July 2025
Revised: 15 July 2025
Finally Accepted: 09 August 2025
Published: 23 August 2025
This scientific article aims to study the dynamics of green bond issuance and identify the characteristics of key issuers’ participation in the digital environment. The study used data from Climate Bonds for the period February-April 2025, supplemented by incomplete data for January and May. The total volume of green bond issuance was calculated monthly, and to identify the largest issuers, they were classified by issuance volume. The projects financed by these bonds were analyzed, followed by the application of statistical methods (using Excel analysis tools) to identify key trends. The results of the study show that the green transformation of international business is taking place amid growing institutional adaptation, the introduction of environmentally oriented financial instruments, and, at the same time, significant regulatory and information barriers that are shaping a polycentric model of green investment. It has been noted that the distribution of companies based on green bond issuance volume shows the significant dominance of state-owned banks and multinational corporations that actively support the development of sustainable projects. An analysis of the main issuers allows us to identify key areas of financing, in particular decarbonization, the development of renewable energy sources, and environmentally friendly transport, which emphasizes the need for further integration of environmental initiatives into international business strategies. Therefore, green finance is a key tool for transforming international business in the digital economy, ensuring sustainable development and the introduction of innovative financial mechanisms. To fully realize the potential of green finance, it is essential to overcome barriers, including information asymmetry, fragmented regulation, and political instability in some regions.
Green finance; Green technologies; Digital economy; International business; Sustainable development; Transformation
ABC (2025). Green Bond. Agricultural Bank of China (ABC). Available online at:
https://www.abchina.com/en/investor-relations/greendbond/ [accessed on 2 June 2025]
Bakulina, O.S. and Ternopilska, V.I. (2021). “Green” economy as a condition for sustainable
development. Herald of the Kyiv Institute of Business and Technologies, 48(2): 39-44. DOI:
https://doi.org/10.37203/kibit.2021.48.06.
Bhutta, U.S., Tariq, A., Farrukh, M., Raza, A. and Iqbal, M.K. (2022). Green bonds for sustainable
development: Review of literature on development and impact of green bonds. Technological Forecasting and Social Change, 175: 121378. DOI: https://doi.org/10.1016/j.techfore.2021.121378.
BoCom (2023). Green Bond Framework. Bank of Communications Co., Ltd. (BoCom). pp. 1-19.
Chowdhury, P.R., Medhi, H., Bhattacharyya, K.G. and Hussain, C.M. (2023). Severe deterioration in
food-energy-ecosystem nexus due to ongoing Russia-Ukraine war: A critical review. Science of The Total Environment, 902: 166131. DOI: https://doi.org/10.1016/j.scitotenv.2023.166131.
Climate Bonds (2025). Labelled Green Bonds Data: Latest 3 Months. Climate Bonds. Available online at:
https://shorturl.at/of3O8 [accessed on 2 June 2025]
Cugurullo, F. (2016). Urban eco-modernisation and the policy context of new eco-city projects: Where
Masdar City fails and why. Urban Studies, 53(11): 2417-2433. DOI: https://doi.org/10.1177/0042098015588727.
Dam, M.M., Durmaz, A., Bekun, F.V. and Tiwari, A.K. (2024). The role of green growth and institutional
quality on environmental sustainability: A comparison of CO2 emissions, ecological footprint and inverted load capacity factor for OECD countries. Journal of Environmental Management, 365: 121551. DOI: https://doi.org/10.1016/j.jenvman.2024.121551.
Desyatnyuk, O., Krysovatyy, A., Ptashchenko, O. and Kyrylenko, O. (2024). Financial Security in the
Conditions of Globalization: Strategies and Mechanisms for the Protection of National Interests. Economic Affairs, 69(Special Issue): 261-268. DOI: https://doi.org/10.46852/0424-2513.1.2024.27.
Desyatnyuk, O., Krysovatyy, A., Ptashchenko, O. and Kyrylenko, O. (2025b). The Role of Financial
Inclusion in Fostering Ecoentrepreneurship within The Digital Economy. International Journal of Ecosystems and Ecology Science (IJEES), 15(1): 77-86. DOI: https://doi.org/10.31407/ijees15.109.
Desyatnyuk, O., Ptashchenko, O., Murenets, I., Oliinyk, K. and Kyrylenko, O. (2025a). Ensuring
Financial Security: Approaches to Risk Management and Protection in the Digital Economy. Data and Metadata, 4: 674. DOI: https://doi.org/10.56294/dm2025674.
European Investment Bank (2025). EIB’s inaugural bond under European Green Bond Standard - EUR
3bn benchmark. European Investment Bank. Available online at: https://www.eib.org/en/investor-relations/press/all/fi-2025-09-eib-eugbs-eur-2037? [accessed on 2 June 2025].
Farooq, U., Subhani, B.H., Shafiq, M.N. and Gillani, S. (2023). Assessing the environmental impacts of
environmental tax rate and corporate statutory tax rate: Empirical evidence from industry-intensive economies. Energy Reports, 9: 6241-6250. DOI: https://doi.org/10.1016/j.egyr.2023.05.254.
Fusaro, P.C. (2005). What is Green Trading? Refocus, 6(2): 62-63. DOI:
Gilchrist, D., Yu, J. and Zhong, R. (2021). The limits of green finance: A survey of literature in the
context of green bonds and green loans. Sustainability, 13(2): 478. DOI:
https://doi.org/10.3390/su13020478.
Industrial Bank Co. (2023). IB Green Bond Impact Report 2023. Industrial Bank Co., Ltd. pp. 1-13.
Available online at: https://tinyurl.com/3n77dxnt [accessed on 2 June 2025]
Khrushch, O. (2021). Globalization, greed and glocal ecology: A psychological perspective. Grassroots
Journal of Natural Resources, 4(3): 1–12. DOI: https://doi.org/10.33002/nr2581.6853.040301.
Koval, V., Mikhno, I., Tamosiuniene, R., Kryshtal, H., Kovalenko-Marchenkova, Y. and Gui, H. (2023).
Ensuring sustainable consumption behaviours in circular economy engagement. Transformations in Business and Economics, 22(2): 161-177.
Kovalenko, V., Kolb, O., Bondarenko, O., Boldizhar, S. and Marko, S. (2023). Exploring the legal
dimensions of environmental policy within the framework of Ukraine's sustainable development strategy. Grassroots Journal of Natural Resources, 6(3): 46–66. DOI: https://doi.org/10.33002/nr2581.6853.060304.
Kovalko, O., Eutukhova, T. and Novoseltsev, O. (2022). Energy-related services as a business: Eco-
transformation logic to support the low-carbon transition. Energy Engineering: Journal of the Association of Energy Engineering, 119(1): 103-121. DOI: https://doi.org/10.32604/EE.2022.017709.
Krysovatyy, A., Desyatnyuk, O. and Ptashchenko, O. (2024). Digital Innovations and their Ramifications
for Financial and State Security. African Journal of Applied Research, 10(1): 431-441. DOI:
https://doi.org/10.26437/ajar.v10i1.713.
Lin, Y., Cai, L. and Huang, X. (2024). Digital Transformation and Green Investment: The Mediating Role
of Green Technological Innovation and Environmental Uncertainty. International Journal of Global Economics and Management, 4(2): 209-219. DOI: https://doi.org/10.62051/ijgem.v4n2.20.
Lin, Z., Liao, X. and Jia, H. (2023). Could green finance facilitate low-carbon transformation of power
generation? Some evidence from China. International Journal of Climate Change Strategies and Management, 15(2): 141-158. DOI: https://doi.org/10.1108/IJCCSM-03-2022-0039.
Lloyds Banking Group (2025). Sustainable, green, and social bonds. Lloyds Banking Group. Available
online at: https://tinyurl.com/5vj6mvha [accessed on 2 June 2025].
Market Us (2024). Global Green Finance Market Report by Type. Market Us, 374. Available online at:
https://market.us/report/green-finance-market/ [accessed on 2 June 2025].
Mia, M.M., Rizwan, S., Zayed, N.M., Nitsenko, V., Miroshnyk, O., Kryshtal, H. and Ostapenko, R.
(2022). The Impact of Green Entrepreneurship on Social Change and Factors Influencing AMO Theory. Systems, 10(5): 132. DOI: https://doi.org/10.3390/systems10050132.
Negi, L., Manpreet, M. and Singh, M. (2024). Green Finance and Digital Strategies. In: Advances in
Finance, Accounting, and Economics Book Series (pp. 281-304). IGI Global Scientific Publishing. DOI: https://doi.org/10.4018/979-8-3373-0578-3.ch013.
Nepal, R., Liu, Y., Dong, K. and Jamasb, T. (2024). Green Financing, Energy Transformation, and the
Moderating Effect of Digital Economy in Developing Countries. Environmental and Resource Economics, 87: 3357-3386. DOI: https://doi.org/10.1007/s10640-024-00922-6.
Ng, A.W., Nathwani, J., Fu, J. and Zhou, H. (2021). Green financing for global energy sustainability:
prospecting transformational adaptation beyond Industry 4.0. Sustainability: Science, Practice and Policy, 17(1): 377-390. DOI: https://doi.org/10.1080/15487733.2021.1999079.
Olasehinde-Williams, G. and Folorunsho, A. (2023). Environmental policy, green trade and sustainable
development in Europe: New perspective on the Porter hypothesis. Energy & Environment, 0(0). DOI: https://doi.org/10.1177/0958305X231193870.
Ostapenko, I., Zadykhaylo, D., Lyseiuk, A., Tunitska, Y. and Sierova, L. (2024). Global Practices and
Experiences in Developing a Green Economy amid Financial Crises. Grassroots Journal of Natural Resources, 7(3): 244–270. DOI: https://doi.org/10.33002/nr2581.6853.070314.
Park, S.K. (2018). Social bonds for sustainable development: A human rights perspective on impact
investing. Business and Human Rights Journal, 3(2): 233-255. DOI: https://doi.org/10.1017/bhj.2018.6.
Popescu, I.S., Hitaj, C. and Benetto, E. (2021). Measuring the sustainability of investment funds: A
critical review of methods and frameworks in sustainable finance. Journal of Cleaner Production, 314: 128016. DOI: https://doi.org/10.1016/j.jclepro.2021.128016.
Qamruzzaman, M. and Karim, S. (2024). Green energy, green innovation, and political stability led to
green growth in OECD nations. Energy Strategy Reviews, 55: 101519. DOI:
https://doi.org/10.1016/j.esr.2024.101519.
Reznikova, N., Panchenko, V., Karp, V., Grod, M. and Stakhurska, S. (2024). The Relationship between
the Green and Digital Economy in the Concept of Sustainable Development. Economic Affairs, 69(Special Issue): 389-399. DOI: https://doi.org/10.46852/0424-2513.1.2024.41.
Safi, A., Kchouri, B., Elgammal, W., Nicolas, M.K. and Umar, M. (2024). Bridging the green gap: Do
green finance and digital transformation influence sustainable development? Energy Economics, 134: 107566. DOI: https://doi.org/10.1016/j.eneco.2024.107566.
Saidin, M.I.S. and O’Neill, J. (2022). Climate Change and the Diversification of Green Social Capital in
the International Political Economy of the Middle East and North Africa: A Review Article. Sustainability, 14(7): 3756. DOI: https://doi.org/10.3390/su14073756.
Statista (2024). Value of green bonds issued worldwide from 2014 to 2023. Statista Research
Department. Available online at: https://shorturl.at/20DEX [accessed on 2 June 2025]
Sustainalytics (2025). Green Finance Framework - SWCH 2025-DATA CMBS Second-Party Opinion.
Sustainalytics. Available online at: https://shorturl.at/BouRh [accessed on 2 June 2025]
Tan, W., Yan, E.H. and Yip, W.S. (2025). Go green: How does Green Credit Policy promote corporate
green transformation in China. Journal of International Financial Management & Accounting, 36(1): 38-67. DOI: https://doi.org/10.1111/jifm.12218.
Usatenko, O., Pashkevych, M., Makurin, A., Smirnova, I. and Andrushko, R. (2025). Green Accounting
Within the Framework of Corporate Social Responsibility and Sustainable Development. Grassroots Journal of Natural Resources, 8(1): 452–469. DOI: https://doi.org/10.33002/nr2581.6853.080118.
van Zanten, J.A., Sharma, B. and Christensen, M. (2023). Sustainability Integration for Sovereign Debt
Investors: Engaging with Countries on the SDGs. Journal of Sustainable Finance & Investment, 13: 1300-1317. DOI: https://doi.org/10.1080/20430795.2021.1929806.
Wang, L. and Yan, Y. (2023). The Development of Green Finance Based on the Digital Economy
Exploration. Financial Engineering and Risk Management, 6(11): 75-81. DOI:
https://doi.org/10.23977/ferm.2023.061111.
Yang, Y., Ren, H., Liu, Y. and Yang, Y. (2025). Integration of technology and finance, digital
transformation and corporate green innovation. Finance Research Letters, 71: 106444. DOI:
https://doi.org/10.1016/j.frl.2024.106444.
Yi, C., Chao Ma, H. and Zhao, K. (2024). Impacts of digital economic transformation and green growth
on trade flows of mineral resources. Resources Policy, 90: 104664. DOI:
https://doi.org/10.1016/j.resourpol.2024.104664.
Zairis, G., Liargovas, P. and Apostolopoulos, N. (2024). Sustainable finance and ESG importance: A
systematic literature review and research agenda. Sustainability, 16(7): 2878. DOI:
https://doi.org/10.3390/su16072878.
Zhang, L. and Zhao, Y. (2023). Research on the coupling coordination of green finance, digital economy,
and ecological environment in China. Sustainability, 15(9): 7551. DOI:
https://doi.org/10.3390/su15097551.
Zheng, Z., Feng, L. and Huang, H. (2024). Research on Empowering the Development of Green Finance
in the Yangtze River Delta Economic Belt with Digital Economy. Frontiers in Sustainable Development, 4(4): 183-190. DOI: https://doi.org/10.54691/6wzv0x44.
Zhironkin, S. and Cehlár, M. (2022). Green economy and sustainable development: The outlook.
Energies, 15(3): 1167. DOI: https://doi.org/10.3390/en15031167.
Zhu, M. (2024). Green Finance and Sustainable Development: Paths and Policies for Global Economic
Transformation. International Journal of Global Economics and Management, 2(1): 194-201. DOI: https://doi.org/10.62051/ijgem.v2n1.25.
Tsybuliak, A., Panchenko, V., Oliinyk, K., Karp, V. and Savanchuk, T. (2025). Transformational Potential of Green Finance on International Business Arena: Digital Paradigm of New Economy. Grassroots Journal of Natural Resources, 8(2): 169-188. Doi: https://doi.org/10.33002/nr2581.6853.080209
Tsybuliak, A., Panchenko, V., Oliinyk, K., Karp, V., & Savanchuk, T. (2025). Transformational Potential of Green Finance on International Business Arena: Digital Paradigm of New Economy. Grassroots Journal of Natural Resources, 8(2), 169-188. https://doi.org/10.33002/nr2581.6853.080209
Tsybuliak A., Panchenko V., Oliinyk K., Karp V., Savanchuk T. Transformational Potential of Green Finance on International Business Arena: Digital Paradigm of New Economy. Grassroots Journal of Natural Resources, 2025, 8 (2), 169-188. https://doi.org/10.33002/nr2581.6853.080209
Tsybuliak, Anastasiia, Panchenko, Volodymyr, Oliinyk, Kyrylo, Karp, Viktoriia, Savanchuk, Tetiana. 2025. “Transformational Potential of Green Finance on International Business Arena: Digital Paradigm of New Economy”. Grassroots Journal of Natural Resources, 8 no. 2: 169-188. https://doi.org/10.33002/nr2581.6853.080209
Tsybuliak, Anastasiia, Volodymyr Panchenko, Kyrylo Oliinyk, Viktoriia Karp and Tetiana Savanchuk. 2025. “Transformational Potential of Green Finance on International Business Arena: Digital Paradigm of New Economy”. Grassroots Journal of Natural Resources, 8 (2): 169-188. https://doi.org/10.33002/nr2581.6853.080209
| Internet Archive: | https://archive.org/details/m-00558_202602 |
| WorldCat: | https://search.worldcat.org/title/10963177604 |
© 2025 by the author(s). Licensee Grassroots Journal of Natural Resources. This article is an open access article distributed under the terms and conditions of the Creative Commons Attribution (CC BY) license (http://creativecommons.org/licenses/by/4.0/). We allow to freely share (copy and redistribute the material in any medium or format) and adapt (remix, transform, and build upon the material for any purpose, even commercially) with a legal code: https://creativecommons.org/licenses/by/4.0/legalcode.
Grassroots Journal of Natural Resources by The Grassroots Institute is licensed under a Creative Commons Attribution 4.0 International License. Based on a work at www.grassrootsjournals.org.
Go to Top
