Expert Opinion on Innovation: C-suite Advisor Vira Tolkach on Unlocking Billions Through Green Bonds and Finance Technology

Like many impactful movements, the story of accounting and finance transformation and the raise of green bonds began with visionary efforts by individuals, organizations, and governments determined to make a positive environmental impact.

Green bonds emerged as a financial tool designed to support projects with environmental benefits. Their evolution marked a shift from a traditional fundraising model to a catalyst for sustainable transformation in the financial markets. In 2008, the World Bank issued the first green bond in response to interest from Swedish pension funds seeking climate-responsible investment options. This initiative introduced a framework to identify and measure the environmental outcomes of investments, setting the foundation for what qualifies as a green bond.

Vira Tolkach was a pioneer in creating the first-ever methodology for green bond verification in Eurozone. As the author of the methodology Vira Tolkach recalls:

“I started focusing on green finance over a decade ago, when it was still a niche concept. There were no established rules back then – basically, we had to define what “green” meant for bond proceeds and how to verify that rigorously. I led a project to build a verification methodology from scratch. The goal was to build trust: investors needed assurance that their money was truly funding sustainable projects, not being greenwashed.

It was challenging – we had to persuade skeptics and collaborate with regulators and experts to get it right – but that framework ended up paving the way for others. Now, it’s amazing to see how far the market has come. 

Back then, I saw a huge investment opportunity that the industry needed in order to be able to raise capital for ESG products, such products fueling energy-efficient real estate, optimized manufacturing, and fossil fuels. This could be achieved by issuing a ‘green bond’. And clearly the Eurozone had an opportunity to raise green bonds for many of its ESG products. The ESG sector, at that time, in 2015 was struggling to receive capital.

Under my leadership, I led a team to discuss how we take care of the problem, and I initiated this project process to launch the green bond verification. The biggest problem was: how do you keep the factors — the key parameters — for the valuation of the bond? Under my leadership, I was able to find one of the biggest solutions for the ESG sector in Europe by providing valuation parameters for the green bond. This required intense leadership and deep subject-matter understanding. And that framework was essentially used across the sector for years to come.” — Vira Tolkach. Vira Tolkach is a global leader and advisor to the C-suite on all topics in new technology and innovation applications in accounting and finance.

Alongside green bonds, she has successfully applied robotics, BluePrism to create a ‘robot’ to streamline accounting and financial processes for all sectors. This approach unlocks huge value to the organization.

As a Board Member at Nyenrode Finance Circle, Vira Tolkach contributed to discussions on Brexit during the roundtable closed event with The Honourable British Ambassador to the Kingdom of the Netherlands, Lord Wilson, 2018:

Tolkach’s thought leadership has been showcased on global stages. In 2018, at a sustainability panel in Nyenrode Castle (the historic grounds of a Dutch business university), she discussed the emerging trend of linking financial performance with sustainability goals. She has also been at the forefront of new reporting standards, contributing to conversations about the IFRS S1 and S2 sustainability disclosure frameworks that promise to reshape how companies report ESG (Environmental, Social, Governance) information. With an educational background spanning Europe and a career that bridges EU and US financial markets, Tolkach offers a unique perspective on where sustainable finance is headed. In this CEO Corner Q&A, she shares insights on green finance innovation, the lessons learned from sustainability-linked products, and how technology and global standards are transforming the future of capital markets.

In Conversation with Vira Tolkach 

Q: You’ve worked in both Europe and the U.S. How do you see sustainability-focused finance evolving in the United States compared to Europe? 
A: There’s definitely a contrast. In Europe, both regulators and investors have been very proactive on ESG – the EU has rolled out regulations, and the market embraced green finance quickly. In the U.S., the movement has been more market-driven and at times slower or more fragmented due to a different regulatory approach. The momentum is shifting.

Q: You’ve been an advocate for technology in finance, even using BluePrism robotic automation to streamline accounting processes. How has tech innovation improved your finance operations, and what tech trends are you watching now? 
A: I’m a big believer that technology can free finance teams to focus on what really matters. A few years ago, we implemented BluePrism, a robotic process automation (RPA) tool, to handle a lot of the repetitive tasks in our accounting department – things like reconciling accounts, extracting data from invoices, and generating reports. Looking ahead, I’m excited about trends like AI and machine learning in finance. The CEOs who champion digital transformation in finance will see the payoff: better decision-making, faster insights, and probably a competitive edge in an increasingly data-driven world.

Q: Back in 2018, you spoke at a sustainability panel at Nyenrode Castle about linking finance to sustainability goals. Based on your experience, what are the key lessons from sustainability-linked financial products? 
A: I remember that panel discussion well. The biggest lesson I’ve seen is the power of alignment: when you tie financial incentives directly to sustainability performance, you get everyone’s attention

Q: Finally, what is your outlook on the future of capital markets as sustainability and technology continue to reshape the landscape? 
A: I believe we’re heading into a transformative decade for capital markets. Sustainability and technology are not just add-ons; they’re becoming central to how markets operate. For CEOs, all this means the playing field is changing. The future capital market will reward companies that are data-driven and purpose-driven.

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