ESG 채권과 ESG 수쿠크 비교를 통한 수쿠크에 대한 재인식

New perception of Sukuk by Comparing ESG Bond and ESG Sukuk

Recently, in the global bond market, the issuance of ESG bonds, which are different from the existing bond investment method aimed at achieving financial returns, is increasing. ESG bonds are issued to attract investment based on a company's ESG performance or future sustainability. Green Sukuk, which has a similar concept, has been issued in the Islamic financial market, and this trend is expanding to attract funds for businesses aimed at resolving social issues. Some scholars have begun to classify such Sukuks as ESG Sukuk. In general, conventional bonds are debt instruments with fixed returns. On the other hand, the Islamic Sukuk is a certificate confirming the possession of a stake in the assets used in the business. Therefore, the holder of Sukuk becomes the owner of a certain percentage of the investment and assets. This study attempts to identify what similarities, differences, and advantages and disadvantages exist when conventional bonds and Sukuk, which are structurally different, are combined with the ESG concept. It is hoped that Korean companies wishing to raise funds for ESG-purpose projects and Korean investors wishing to invest in ESG projects will consider ESG Sukuk as another alternative in addition to conventional bonds.