MARKET
Euromoney, Sustainable finance’s biggest problems, by the people who know best, Helen Avery
Heads of sustainable finance departments spoke to Euromoney off the record and lamented that despite “big coalitions” and “impressive numbers” the changes in the finance market are not happening fast enough.
Chavi Meattle, who co-authored the CPI’s report, the Global Landscape of Climate Finance, says that, of $53 billion in green bonds and loans tracked by the Climate Bonds Initiative (CBI) – widely regarded as the most thorough green-bond database – only $2.8 billion in annual primary investment for climate action could be identified in the post-issuance reporting.
Financial Times, Germany arrives late to the green bonds party
Following months of speculations, it it now confirmed by the German finance ministry that the country will be issuing between €8 and €12bn of green bonds in the second half of 2020.
Germany will join a wave of governments across Europe in issuing green bonds in the second half of next year (…) Sean Kidney, chief executive of the Climate Bonds Initiative, a London-based policy group, said “there’s no doubt that momentum’s building”. He noted that Sweden, Spain, Finland and New Zealand have expressed interest in issuing green bonds.
Bloomberg, Green Bonds Without the Bonds, Matt Levine
As Denmark weights issuing a sovereign green bond, author of the article takes a deep dive into the innovative green structure proposed by the government.
Denmark will sell the package at auction. If you buy the package you get a regular Danish government bond, interchangeable with other regular Danish government bonds of the same maturity, plus the green certificate, which is a promise that Denmark will spend a certain amount of money on green projects.
Investment & Pensions Europe, Danish schemes open to central bank’s ‘separable’ green bonds plan, Rachel Fixsen
…and as found out by I&PE, there is a serious interest in this new structure among four of Denmark’s biggest pensions funds.
Four of Denmark’s biggest pension funds have indicated they are receptive to investing in a new type of green sovereign bond, the pioneering design of which has just been outlined by the country’s central bank.
Worth, The Problem With “Green” Monetary Policy, Otmar Issing
Author - former chief economist and member of the board of the European Central Bank - questions central banks’ climate accountability and claims that confronting climate change is primarily the responsibility of elected governments and parliaments.
In theory, central banks could introduce preferential interest rates for “green” activities—thus driving up the prices of “green bonds”—while adopting a more negative attitude toward noxious assets, such as those tied to fossil fuels. And yet, assessing whether and to what extent an asset is environmentally harmful or helpful would be extremely difficult.
Global Capital, Green capital: a new frontier for banks, David Freitas
European banks are close to realising that they could also save money by turning some of their most expensive issuances green. “It’s just going to take one bank to get a green capital deal out the door and then there will be a rush,” says Sean Kidney, chief executive of the Climate Bonds Initiative. “We’ll see that in the next 12 months.”
Bloomberg, Green bonds are the fresh way to get Germany to borrow
Germany has been slow to come to the party. But boosting spending on green projects may be a more acceptable way for the fiscally conservative country to do some bottoming and spending that many economists say is badly needed to stimulate an economy that is perilously close to recession.
Environmental Finance, Green bond comment December: It's time for a CA100+ for sovereigns, Peter Cripps
One model they can look to for inspiration is the Climate Action (CA) 100+. One of the more powerful sustainable finance initiatives, it sees 367 investors with combined assets of $34 trillion club together to engage collectively with the 100 biggest corporate emitters of greenhouse gases in the world and some other companies deemed to be strategically important.
Market’s Media, Nasdaq Increases Transparency In Sustainable Bonds, Shanny Basar
In addition cumulative certified green issuance under the Climate Bonds Standard reached $100bn this month. The Climate Bonds Initiative said was a significant market milestone for the international assurance scheme established by the non-profit organisation for investors in 2011.
Barron’s, Green Bonds Are Such a Big Deal, One Exchange Thinks It’s Important to Make Them Easier to Trade, Samuel Agini
Nasdaq, the US stock exchange group, has launched a public platform for companies and governments to publish details about the sustainable bonds they issue in order to give fund managers more information when they invest.
COVERAGE IN FOREIGN LANGUAGES
In Spanish
Cinco Dias, Emitir 'bonos verdes' empieza a ser ya más barato
En S&P citan cifras igualmente contundentes: solo las emisiones corporativas de bonos verdes sumaban a principios de septiembre 150.400 millones de dólares, a los que habría que sumar otros casi 100.000 millones de dólares de colocaciones previstas hasta final de año, según datos de Climate Bonds Initiative.
El Economista, Emisiones verdes se desaceleran en México, Judith Santiago
A nivel mundial, la emisión de bonos verdes se acerca a la meta de US250,000 millones, establecida a principios del año por el Climate Bonds Initiative; a la fecha, se han colocado US228,600 millones.
Expansión, Inversiones sostenibles, un camino necesario, Emma Navarro
El Diario, El Banco España pide que los supervisores unan fuerzas contra el cambio climático
El cofundador y máximo ejecutivo de la Iniciativa por los Bonos Climáticos, Sean Kidney, ha exigido una transición rápida, "un cambio radical" con una reducción de las emisiones del 50 % en 10 años, con una fuerte movilización de capital, que ya se está desarrollando, especialmente a través de la demanda de bonos verdes.
El Boletin, Cambio climático: los expertos se fijan en las recetas económicas tras la II Guerra Mundial, Luis Suárez
“Una taxonomía europea es fundamental”, ha coincidido Sean Kidney, cofundador y CEO de la Climate Bonds Initiative. El economista británico ha señalado que “los inversores están ansiosos y preocupados”, porque “nos encontramos en un mundo de gran volatilidad”. Pero Europa cuenta con una ventaja, ha reflexionado, “un mercado social” en el que los gobiernos marcan la agenda de las empresas y no al revés.
KHL, Brasil busca fondos verdes para infraestructura
El Gobierno firmó un acuerdo con Climate Bonds Initiative, a través del cual Brasil tendrá el primer green bond gubernamental en el mundo, un sello verde que se otorga a proyectos que serán concedidos a la iniciativa privada y que ampliará las oportunidades de crédito.
In French
La Tribune, Après les « green bonds », des obligations de transition moins restrictives, Delphine Cuny
Plus de 228 milliards de dollars d'obligations vertes ont été émises depuis le début 2019 et l'année devrait se clore sur un nouveau record de 250 milliards de dollars, en hausse de 45% environ par rapport à 2018, selon l'organisation britannique à but non lucratif Climate Bonds Initiative (CBI).
‘Agefi, Le courage, ce petit morceau de sucre, Marie Owens Thomsen
Pour ce faire, il est fort utile de regarder si l’investissement en question bénéficie d’une certification. Le «Climate Bonds Initiative», entre autres, certifie des biens d’investissement qui respectent des standards définis, procurant ainsi un gage de qualité fort appréciable.
In German
Aktiencheck, Grüne Investments im Risiko-Rendite-Check
All dies dürfte zu einem weiteren Anstieg des Green-Bond-Marktes führen. Die Climate Bonds Initiative (CBI) erwartet für 2020 Neuemissionen von 350 bis 400 Mrd. Dollar. Damit würde sich das Volumen der Green Bonds in etwa auf dem Level der Euro-Unternehmensanleihen dieses Jahres bewegen.
Frankfurter Rundschau, Verhindert der Protest den Klimaschutz?
Laut der Climate-Bonds-Initiative wurden in lateinamerikanischen und karibischen Länder in diesem Jahr Grüne Anleihen mit einem Volumen von fast fünf Milliarden Dollar ausgegeben. Damit wurde dort ein Rekordvolumen von insgesamt 13,6 Milliarden Dollar erzielt. Langfristige Anleger können also künftig mit einem attraktiven Umfeld rechnen.
In Italian
La Repubblica, Meno emissioni grazie ai bond anti CO2
Il mercato internazionale risponde positivamente: le nuove emissioni di Green Bond crescono costantemente e, secondo una stima della Climate Bonds Initiative, a fine 2019 potrebbero raggiungere i 250 miliardi di dollari.
Ekonomia.it, Green bond e sostenibilità di facciata. Opportunità e opportunismo
Il fenomeno dei green bond si incastra perfettamente in questo quadro. Un rapporto del Climate Bonds Initiative (2018) ci racconta del successo di questi strumenti obbligazionari, destinati a raccogliere capitali per finanziare progetti ecosostenibili. Dal 2008 al 2018 sono stati emessi 521 miliardi di dollari di green bond.
In Portuguese
Negócios, Mudanças climáticas: temos de pagar a conta e aproveitar a oportunidade, Carla Schuchmann, Gustavo Pinheiro
As emissões de títulos verdes em 2019 alcançaram US$ 186 bilhões até a primeira semana de outubro e superaram o volume de todo o ano de 2018. A Climate Bonds Initiative (CBI) estima um montante de US$ 250 bilhões até o final deste ano (são números dignos de respeito, mas ínfimos se comparados ao total de títulos emitidos no mercado americano, de US$ 2,4 trilhões em 2018).
In Dutch
MO*, ’Het is absoluut onvoldoende. Men beseft te weinig hoe dringend klimaatactie voor ons is’, John Vandaele
India kan twee vliegen in een klap slaan: water leren opslaan voor die slechte monsoonjaren, en door het opgeslagen water omhoog te pompen ook gebruiken als opslag voor elektriciteit.’ Kidney wil met het tot stand brengen van klimaatobligaties internationaal geld aan trekken om een turbo te zetten op de transitie van India, waarvan voor een stuk het welslagen van de strijd tegen de opwarming zal afhangen.
In Chinese
First Financial Network, 国际绿色债券新标准出炉，中国绿债“国际达标率”待提高
In December, Climate Bonds Initiative has released Version 3.0 of the international Climate Bonds Standard. Chinese financial news portal reports.
12月11日，气候债券倡议组织（Climate Bond Initiative，下称CBI）公布了最新的CBI绿色债券认证标准的3.0版本，对现有的气候债券认证指南进行了重大升级，以满足市场增长的对相关债券加强报告、提升透明度和绿色定义协调的需求。
Hong Kong 01,【綠色金融】綠債成新浪潮 香港宜「借北風」建環保金融生態圈
2018年全球綠色債券發行規模達到1,673億美元，雖然跟全球約55萬億美元的總債市規模尚有一段距離，但據氣候債券倡議組織（Climate Bonds Initiative, CBI）的報告估算，於2030年前全球應對氣候變化需高達90萬億美元的投資，綠色金融發展尚有極大空間，料會繼續高速增長。
anue钜亨,〈ETF大講堂〉想為永續發展做出貢獻? 來看看綠色債券ETF
兩種 ETF 主要追踪一籃子綠色債券。GRNB 是使用國際氣候債券倡議組織 (Climate Bonds Initiative, CBI) 分類的純綠色債券，唯一目的是識別和認證緩解氣候變化的債務。BGRN 則是依靠 MSCI 的四項綠色債券原則來進行選擇。
Sina Finance, 兴业银行获2018年度新兴市场国家最大绿色债券发行奖
近日，气候债券倡议组织（The Climate Bonds Initiative， CBI）在英国伦敦揭晓第四届“绿色债券先锋奖”（Green Bond Pioneer Awards），兴业银行(17.700, -0.01, -0.06%)凭借在绿色金融及绿色债券领域的突出表现和国际影响力，荣获“2018年度新兴市场国家最大绿色债券发行”（Largest Emerging Markets Green Bond of 2018）奖。
Sina Finance, 中国责任投资周绿色债券/社会债券论坛在京成功举办
CBI首席执行官 Sean Kidney表示，绿色债券市场是目前绿色金融市场中最成功的一个领域，但比起我们目前面临的大气、水、土壤污染以及碳排放增加，导致的超高温、海平面上升、森林大火等挑战，目前阶段的绿债发展还远远不够。
EU GREEN TAXONOMY (chosen coverage)
Media have been reporting heavily on “taxonomy drama” (as described by FT) that continued to unveil in December after negotiators reached an agreement that was overthrew days later by 9 member states. At the end, EU ambassadors managed to agree on a slightly-modified version of the taxonomy.
Financial Times, Nuclear power toxifies EU sustainable finance debate, Mehreen Khan
Despite hopes for a deal before the end of the year, France and eastern European capitals last week demanded the rules make explicit to investors that nuclear energy is part of the EU's journey towards carbon neutrality.
Financial Times, EU negotiators close in on deal to create a Green Gold Standard, Mehreen Khan
After weeks of difficult talks between MEPs and member states, EU officials expect an agreement to be reached on Thursday on a “taxonomy for sustainable finance” — the world’s first regulatory benchmark for green financial products. “There have been major concessions in the last few hours. Things are moving,” says one negotiator.
Financial Times, The difficulty with the EU’s sustainable investment rules, Jonathan Ford
France, which derives the majority of its electricity from atomic sources, insists that technology should be included. Germany, which hates nuclear, wants to lump in gas instead.
Financial Times, Brussels readies for the Future of Europe
The assent of MEPs on Monday night should end the taxonomy drama.
Financial Times, How will the EU’s system for classifying green investments work?
Reuters, Green bonds set for shake up as EU agrees rules for sustainable financial products, Jonas Ekblom and Francesco Guarascio
An EU parliament official said such investments would not be excluded from the classifications, but labeling them as green would be very difficult under the new rules. EU member states had wanted looser definitions.
Bloomberg, Europe Reaches Deal on Landmark Rules Governing Green Investment, Alexander Weber
The Greens say the classification system, or taxonomy, would make coal ineligible as a sustainable investment -- and also likely exclude nuclear energy, a contentious point in the talks, under a “no harm” test. EU member states’ attempts “to politicize the environmental criteria in order to include their own national industries” were resisted, the Greens said.
The Washington Times, Climate-Friendly Banking Might Be a Risky Thing, Elisa Martinuzzi
The initial aim is for these classifications to form the basis for framing green bond issues, but they will go beyond that: They might well shape government spending and central bank stimulus programs.
Bloomberg, Europe overcomes the nuclear divide to reach key green-finance deal
The Washington Post, The EU’s New Climate Weapon Is in Financial Fine Print
New Europe, EU negotiators ready to agree on taxonomy for sustainable finance, Zoi Didili
Euractiv, ‘Do no harm’: Nuclear squeezed out of EU green finance scheme, Frédéric Simon
Agence Europe, White smoke between European Parliament and EU Council for taxonomy on sustainable finance
Pensions & Investments, EU finance ministers endorse ‘green’ taxonomy
Responsible Investor, What just happened with the EU green taxonomy?, Sophie Robinson-Tillett
The Asset, Bridging the gap to decarbonization, Christopher Kaminker and Thomas Hohne-Sparborth
Edie.net, EU reaches milestone by agreeing on green criteria for finance
Eco-Business, EU’s new green finance rulebook aims to curb greenwash, Nikki Wong
EU Observer, EU countries agree on 'sustainable investment'
Reuters, EU lawmakers tweak proposed rules on sustainable investments, Jonas Ekblom
Pensions & Investment, EU adopts universal taxonomy aimed at helping investors reduce carbon emissions, Paulina Pielichata
Business Green, EU lawmakers strike compromise on green finance taxonomy, Madeleine Cuff
The Guardian, Fossil fuel lobbyists push to dilute EU anti-greenwash plan, Jillian Ambrose
In French
La Tribune, Contre le greenwashing, la liste européenne des actifs verts fait débat, Delphine Cuny
La Tribune, Finance durable : un compromis d'attente sur la liste des actifs verts, Delphine Cuny
Le Figaro, L’Europe se met d’accord sur la définition des investissements verts
L’Echo, Compromis sur la "taxonomie verte" des investissements, Frédéric Rohart
L’Echo, L'Europe croise le fer pour définir une fois pour toutes l'investissement "vert"
Novethic, La taxonomie verte européenne devient un champ de bataille politique
RSE Data News, Finance durable : bataille de lobbies autour de la taxonomie verte
In Italian
EU News, Finanza sostenibile, raggiunto un primo accordo sulla ‘tassonomia green’
In German
Tagesspiegel Background, EU-Taxonomie wird nachverhandelt, Susanne Bergius
Institutional Money, Einigung auf EU-Taxonomie betreffend nachhaltige InvestmentsJapanese
In Japanese
Jetro, EUで原子力の持続可能性めぐり議論
