Motivation: There is a growing awareness of the impact that climate change is having on the world economy and the standards of living. Green bonds (GBs) are relatively new and innovative instruments on the financial market where the capitals are also invested in projects that generate environmental or climate benefits. The newness of this financial instrument could be the main reason behind the scarcity of scientific publications on green bonds; thus, it remains an undeveloped research area. One of the problems is also classifying securities as GBs. Therefore, it is exceedingly important to distinguish labelled green bonds and unlabelled climate-aligned bonds. Aim: In the article, the authors will present the evolution of the green bonds market and attempt to assess the observed and potential effects of green bonds' issuances, taking into account governments issues. Results: Green bonds are the next stage of market growth. In the article, the authors will present the benefits of green bonds and the positive impact that their issuance has on the issuer and on investors' image as socially responsible entities. Therefore, strong investor demand can lead to oversubscription. Thus, green bonds could be one of the eas-

Zaufanie do samorządu terytorialnego ma kluczowe znaczenie dla skuteczności podejmowanych przez jego jednostki działań w zakresie realizowania przypisanych zadań publicznych. W niniejszym artykule podjęto rozważania na temat zaufania do władzy, w tym do władzy samorządowej. Najważniejszy element opracowania stanowi jednak próba oceny poziomu zaufania do samorządu terytorialnego w Polsce. Pomiaru dokonano na trzy sposoby, analizując wyniki badań opinii publicznej, badając kształtowanie się frekwencji w wyborach samorządowych, a także wnioskując o jego poziomie na podstawie ratingów kredytowych uzyskanych przez jednostki samorządu. Każde z badań pokazało systematyczny wzrost zaufania od momentu przywrócenia samorządu terytorialnego w Polsce.

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Social impact bonds are an innovative mechanism for financing social tasks with the financial resources of private investors. The repayment of the capital invested and capital gains depends on obtaining a predetermined social aim that is paid for by the public side under the "payment for results" formula. The previous work on this mechanism focused mainly on its task and organizational dimension. In this paper, the author attempts to define the social impact bond as a financial instrument. In particular, the financial side of the mechanism is considered. First, an attempt is made to determine the place of the social impact bond in the theoretical classifications of financial instruments. Second, the place of the instrument is indicated in the system of financial law. Finally, some remarks are made on the need to have the new instrument regulated in Polish legislation.

This paper deals with the application of the flexible production system in the education of students of different specialties. System allows for the provision of teaching in the same facilities, both for the students of specialized field of study like Mechatronics and such as introductory courses in production management methods for students of Management. The biggest advantage of this system is its modularity allows for any change in the system without having to redesign actuators. These advantages are result of use a lot of flexible solutions, what was precisely described. Line construction involves the cooperation of all the elements, with particular emphasis on robots cooperate with vision system. This will be discussed on the example of the tasks of varying difficulty and educational purpose, implemented using a modular flexible production system.