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Climate Bonds Blog

European Investment Bank's climate financier Chris Knowles joins Climate Bonds Advisory panel
Posted: Dec 20, 2013

Christopher Knowles, Head of the Climate Change & Environment Division in the European Investment Bank (EIB)’s Operations Directorate since 2006, has today joined the Climate Bonds Advisory Panel.

Chris leads the EIB’s deployment of innovative financing products and structures in the climate and environment areas - critical tools if we're to make the most of our limited public funds - and plays a prominent role in the Bank’s engagement with a range of public and private counterparts in the same areas.

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European Investment Bank's climate financier Chris Knowles joins Climate Bonds Advisory panel
Commonwealth Secretariat climate finance group calls on Govts to review financial regulation so it supports the transition to a global low carbon economy
Posted: Dec 17, 2013

Earlier this year the Commonwealth Secretariat was asked by member States to convene an "Expert Group on Climate Finance" to: explore practical actions to help unlock resources for small and vulnerable Commonwealth countries combatting climate change impacts.

The Expert Group was led by the former President of Guyana, Bharrat Jagdeo. UNEP FI Chair David Pitt-Watson and I served as "experts on private sector finance". Members are listed at the bottom of this note.

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Commonwealth Secretariat climate finance group calls on Govts to review financial regulation so it supports the transition to a global low carbon economy
Join us in Paris 28 Jan for seminar on sustainable & climate bonds
Posted: Dec 16, 2013

If you're in Paris at 14:00-17:45 on Tuesday 28 January 2014 - or looking for as good excuse to be there - come along to the Sustainable Bonds seminar we are co-hosting with KeplerCheuvreux and the 2ºC Investing Initiative.  Venue: Auditorium FNCA, 48-50 rue de la Boétie, 75008 Paris

 

The seminar will look at issues impacting on Sustainable Bonds, and at developments with Green and Climate Bonds. Speakers are:

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Join us in Paris 28 Jan for seminar on sustainable & climate bonds
EBRD follows other dev banks and drops coal lending, except in "rare" circumstances. Progress.
Posted: Dec 16, 2013

We saw a win last week: on 10 December the board of the European Bank of Reconstruction and Development (EBRD) adopted a new energy policy which effectively cuts out coal lending - except in ‘rare and exceptional' circumstances. This follows similar moves by the EIB, the World Bank, and the governments of the US, UK and all Nordic countries.

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EBRD follows other dev banks and drops coal lending, except in "rare" circumstances. Progress.
Nov review 7/7: NRW wraps up the month with a EUR250m green/water bond ... but ain't no standards
Posted: Dec 9, 2013

The month ended with the German State of North Rhine-Westphalia (NRW) bank successfully issuing a AAA Green Bond to refinance ‘environmentally friendly water and energy projects’ in the region. This includes the ‘renaturation’ of the Emscher river, water management boards in the state, as well as their reservoirs and water treatment plants.

 

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Nov review 7/7: NRW wraps up the month with a EUR250m green/water bond ... but ain't no standards
Nov review 6/7: And then came the whopper ….EDF's EUR1.4bn
Posted: Dec 9, 2013

While we knew the bond was in the pipeline, we didn't quite expect a EUR1.4bn bond ($1.9bn) and it could have been bigger!  Apparently it was two times oversubscribed.

 

This bond shifted the market firmly away from the AAA space and demonstrated that there is plenty of demand further down the ratings scale to A+.

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Nov review 6/7: And then came the whopper ….EDF's EUR1.4bn
Nov review 5/7: Bank of America ML blasts off with a $500m first commercial bank green bond
Posted: Dec 9, 2013

Bank of America Merrill Lynch (BAML) joined the list of first corporate entities to issue a labelled green bond, and set a new model for commercial banks. We're expecting this to be the beginning of a long line of commercial bank green and climate bonds.

 

The detail:

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Nov review 5/7: Bank of America ML blasts off with a $500m first commercial bank green bond
Nov review 4/7: Vasakronan corporate green bond tackles energy efficiency
Posted: Dec 9, 2013

Swedish property company Vasakronan was the first of the three corporate green bonds issued in November. This bond was linked primarily to housing assets with LEED gold status or BREEAM ‘very good’.

 

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Nov review 4/7: Vasakronan corporate green bond tackles energy efficiency
Nov review 3/7: Kommunalbanken's $500bn green bond funnels proceeds to Norwegian Govt-mandated local govt climate projects
Posted: Dec 9, 2013

The Norwegian development bank Kommunalbanken (KBN) followed swiftly behind the heels of the IFC with a $500mn bond to finance ‘climate friendly’ projects. KBN provides low cost finance to the local government sector in Norway. The eligibility criteria are determined internally, but the bond was reviewed by Oslo climate science research centre, CICERO.

 

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Nov review 3/7: Kommunalbanken's $500bn green bond funnels proceeds to Norwegian Govt-mandated local govt climate projects
Nov review 2/7: benchmark-issuing pathbreaker IFC does 2nd $1bn in a year
Posted: Dec 9, 2013

From new issuer to an old faithful, the IFC issued the second bond of the month, which was also their second USD1bn bond in 2013. The first USD1bn bond was a watershed moment in the green bonds market as its size stirred a great deal of interest from both investors and underwriters. This second bond was apparently priced and sized in response to market demand – which is a great signal of market demand for this type of product. Rumour has it that they’re planning a further few billion per year in the future.

 

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Nov review 2/7: benchmark-issuing pathbreaker IFC does 2nd $1bn in a year
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