Green Bonds
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LATEST ARTICLES
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Funded by green bonds, decarbonized assets are driving emissions upwards in other sectors that supply the necessary raw materials and shipment services. A capital markets transition label ought to factor this in.
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The World Bank is issuing ‘outcomes’ bond structures for niche sustainability themes and with new financing mechanisms. Like blue bonds, they are probably going to need some rule-setting.
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A securitization of pay-as-you-go electricity bills to fund wider access to electricity in Côte d’Ivoire could spark copycat social bonds for affordable housing, telecoms, electricity access and more.
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The global clubs charged with defining what pace of transition is both scientifically and politically acceptable are only as good-willed as their members.
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The sovereign pushed hard on its first use-of-proceeds green bond, but a sustainability-linked bond was not seen as a practical option for now.
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Enel could trigger the largest step-up event in the sustainability-linked bond market if it misses its CO₂ emissions targets at the end of this year. How the market reacts will set the tone for the future of these instruments.
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Sustainability-linked loans have faced growing criticism for their opacity and concerns around greenwashing. Sustainability-linked loan bonds could help to bring more transparency to the market and help legitimise these structures.
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Record sustainable finance issuance will still only get you so far.
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Patricio Sepúlveda, head of Chile’s public debt office, discusses how programmatic issuance demonstrates commitment to sustainability-linked bond goals and can make these structures more cost effective.
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Despite a year of high-profile issuance, all is not well in the sustainability-linked bond market. Teething problems could soon become an existential crisis, raising the risk that investors might decide to abandon the asset class altogether.
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Social bonds could help deliver the UN Sustainable Development Goals by driving private capital into essential services. But impact looks different from one place to the next, so how can issuers report it in a way that makes sense?
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Jordan Kuwait Bank has issued the country’s first green bond, a key milestone for sustainability driven capital investments in the country. But getting momentum going in the sector will be an uphill battle.
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The EU green bond standard is understandably broad. But because of this, the limits between sustainable and transition finance remain unclear.
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The recent update to the green taxonomy and implementation of the SFDR RTS have received a mixed reception in parts of the EU.
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Uruguay reignites the debate on transition finance with its sovereign sustainability-linked bond.
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Corporate bond deals in euros are now a rarity as issuers and investors struggle to judge the new price of credit.
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The banking industry has become frustrated by slow regulatory progress as it waits for necessary standardization of climate risk assessments and disclosure policies to meet net-zero targets.
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Latin America’s corporates are embracing sustainable local debt financing with enthusiasm. The region’s bankers are betting that it’s going to be as good for bookrunner fees as it promises to be for the environment.
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China’s approach to ESG is a jumble of grandiose and contradictory state planning alongside often marvellously successful bottom-up plans by banks and fintechs to instil in consumers a more sustainable lifestyle.
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Where do the borders of ESG lie – now and in the future? Investors from the US to China are revisiting these questions and finding thorny and often unpalatable answers, even as they dump Russian assets for ethical reasons. The results are set to shape the financial world’s relationship with sustainability for years to come.
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The first sovereign sustainability-linked bond has been announced, and it is no surprise that it is coming from Latin America. Investors and bankers will follow Chile’s transaction carefully, but is the issuer’s decision to enter war-spooked markets a sign of confidence or recklessness?
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A ‘remarkable’ global dollar bond from Airport Authority Hong Kong raises the question of whether any member of the aviation sector should include a green tranche within its funding structure.
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Before long, investors will pay as close attention to an issuer’s green framework as to its credit rating.
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Green bonds are still a tiny percentage of total market outstandings, so maybe borrowers making net-zero pledges should tie all their liabilities to them.
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The issuance of green bonds is that rare thing: a strategy on which the EU and UK agree. That is especially welcome because achieving net zero will require the participation of enormous volumes of private capital.
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Derivatives could turbocharge environmental, social and governance markets, with a related boost to bank revenues. However, they could also make it harder to monitor exposure.
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China faces tough choices in the months ahead. Make the right decisions and it can become the global leader in ESG, a country determined to shed its industrial past and embrace a cleaner, greener future.
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Australia is not the first country that comes to mind with regards to climate action. But away from the political rhetoric, the exceptionally powerful superannuation funds and corporates are pushing change. The key is an acceptance that in Australia it’s all about transition.
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Brazil’s central bank attempts to redress the country’s woeful environmental reputation with climate-related stress tests.
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One of the stars of Estonia’s post-Soviet generation, André Küüsvek, talks to Euromoney about escaping lockdown in Kazakhstan, expanding the NIB’s environmental remit and the risks posed by rising inequality.
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A new analysis of European banks by ShareAction finds that while some firms distinguish themselves in some climate and biodiversity practices, the overall picture is of a sector that still has much work to do.
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Two years ago, Barclays began to build a dedicated sustainable investment banking coverage group. Aimed at emerging growth companies, as well as the bank’s mature large cap clients, it’s a big element of a wider collaboration effort at Barclays.
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Banks are refining their sustainable cash-management offerings, seeking to align their corporate sustainability strategies to financing and treasury actions.
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The US president’s prompt action in rejoining the Paris Agreement has given encouragement to environmentalists at home and abroad. What should be next on his green hit list?
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LatAm has seen a surge in ESG bond issuance this year, as banks and corporates play catch up in the sector.
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Its ambitions require an estimated $1 trillion annual spend and only 10% to 15% of this will be met by the government.
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Volumes of sustainability-linked bonds are predicted to increase during the next year. The model, combined with developing data and disclosures, could help embed sustainability across finance.
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Across every sector and region HSBC stands out for its commitment to developing partnerships and products that will bring finance at scale to create a more sustainable and resilient planet.
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Green bond issuance slows in market turmoil, while social bonds offer means to finance Covid-19 responses.
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Kenyan property developer Acorn Holdings has issued a small but smartly structured bond programme, which will remove barriers to entry for local market bonds as local currency bonds retain appeal.
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Euromoney has drawn up six recommendations for the sustainable finance sector, based on the views of 20 experts in the field. The fourth of our six proposals is to develop transition finance.
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How can sustainable finance be moved into the mainstream and made to work better? The fifth of our six recommendations is to target deforestation reduction.
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Euromoney has spoken to 20 sustainable finance experts about what is needed to make efforts more effective. The third of our six recommendations is to push for the standardization of climate risk measurements.
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The second of our six proposals to make sustainable finance work is for firms to mandate the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).
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What needs to happen for sustainability to be adopted by mainstream finance and move beyond the realm of pledges, panels and press releases? The first of our six recommendations is for banks to sign up to the Principles for Responsible Banking (PRB).
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Euromoney has spoken to 20 sustainable finance experts about what is needed to bring about real progress. The last of our six recommendations is for efforts to be made to incentivize green finance.
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Leading bankers in sustainable finance fear that, despite the advances and the rhetoric, the industry is not moving quickly enough. Euromoney asked 20 regional and global heads of sustainable finance for their views: what the experts think might surprise you.
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New asset class needed if climate change targets are to be met; the green bond principles could provide a framework.
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Everyone wants to buy green bonds but many issuers, concerned about cost and complexity, don’t want to sell them. Non-green issuers could be all too ready to fill the void.
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I am delighted to see two large sustainable bond issues from US banks already this year.
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Alternatives to green bonds and loans needed to boost Asian green finance; engaging retail investors will be key.
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Asia has so much to build and yet it doesn’t seem to be involved.
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Blue finance is set to take off this year, buoyed by growing appetite for investments in sustainable fisheries, conservation and alternative plastics. It’s further evidence of the influence of the UN Sustainable Development Goals.
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The future of climate change finance lies in its ability to attract private capital. It is a complex task, but the key to its success will be in keeping products offered to investors as simple as possible.
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There are so many challenges related to climate change, so many disparate actors required for their remedy and so much money required to do it, that it is tempting to see the whole situation as unfixable. Perhaps that is why some of the countries most vulnerable to climate change are not willing to talk about it. There is one positive counterbalance: all the ingredients needed to meet climate finance goals are available. But getting the money where it needs to go, with private capital alongside, will require a level of global coordination rarely seen.
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Market for social and sustainable projects will improve the visibility of asset class.
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In all the debate about the future of green bonds, the voice of investors has rarely been heard. But the results of a Euromoney survey show they have a clear message for issuers and the banks that lead manage their deals: they want better impact reporting, more corporate bonds, and they don’t want bonds to price through the curve. Give them that, and a sustainable, credible, sizeable and demand-driven market is there for the taking.