Green economy: mobilization of international capital for financing projects of renewable energy sources

The aim of the paper is to analyze the sustainability of green economy financing, to determine how and to what extent green economy is financed in the Republic of Serbia, the countries of the ASEAN Association, and what the economic instruments for achieving green growth are. The emphasis will be placed on green bonds, modern securities, as well as the impact they have on international projects for using renewable energy sources. At the Earth Summit of the United Nations Conference on Environment and Development (UNCED), a plan of action Agenda 21 was adopted. Some time after the adoption of the plan of action, some favorable changes occurred in the models of financing sustainable development and the amounts of international financial transfers were defined in less developed countries of 125 billion dollars a year. Due to international activities, projects of transferring international financial resources were created with the aim of directing them from the developed to underdeveloped countries to help development of green economy. Since Serbia is one of the less developed countries and in the process of transition for a very long time, a specific recommendation for its own green finance projects can be found, based on the practice from modern countries. As an example of an advanced country that is largely on the path of sustainable development and use of renewable energy sources, the authors have taken into consideration Singapore and compared it with Serbia. The paper gives a certain contribution in terms of analyzing the development of green economy in one of the countries of the ASEAN Association (Singapore) and in Serbia, which is only paving its way of sustainable development, the use of renewable energy sources and forms of green finance.