Transparency and standards were at the top of the agenda this week with Ceres INCR (a Climate Bonds Standard Board member) issuing a statement outlining investor expectations of green bonds, supported by 26 large investors.
Climate Bonds Blog
Posted: Feb 15, 2015
Weekly update: More investors call for standards; Fannie Mae discount green loans multi-fam bldgs; DNB green bond $131.6m +OPIC $4.85m +Iowa $321.5m +MEI $286m
Posted: Feb 7, 2015
February is already a hectic month for green bonds with two large issuances this week from repeat issuer Norway’s KBN and the US State of Indiana. As well as new green bonds there have been market developments with Oslo officially launching its green bond list and German ESG research house Oekom Research announced it's
Weekly update: Fantastisk Norge! Norway’s KBN issues Aaa $500m with its longest green tenor of 10yr +Oslo exchange goes live with green bond list requiring 2nd opinions / Indiana issues $100m for water projects
Posted: Feb 4, 2015
The Green City Bonds Coalition is a new project to promote the growth of global green muni market for, yes you guessed it, Green City Bonds.
The bulk of the world’s growth in the next 30 years will take place in cities. To avoid catastrophic climate change it’s essential that growth is green. That will involve new means of finance for the bulk of the world’s cities that don’t currently borrow, and supportive green finance for developed cities going green. We need to view the world not so much as a collection of countries as a network of cities and their surrounds.
Invite: 12 Feb PM roundtable in NYC on new Green City Bonds Coalition - for potential coalition members. Hosted by NYC Comptroller’s Office
Posted: Feb 4, 2015
As you know, we have shifted our bond reviews into a weekly format. To make sure you get the most of our news, we are also introducing a monthly round-up of Climate Bond stories.
The round-up is divided into
- New green bonds
- Market Developments
- Climate Bonds Standard news
- Climate Bonds Initiative news
New green bonds
Although January started on a slow note, by the end of the month we’ve seen 4 green bonds issued totaling $1.1 bn.
Climate Bonds monthly wrap up
Posted: Feb 3, 2015
Last Thursday the EU officially launched its proposals for a Capital Markets Union, with the aim to boost investment, growth and jobs through enabling diversification in the region’s sources of funding and reducing the reliance on bank lending.
The EU launches the work on a Capital Markets Union: green bonds are officially on the agenda! + lots of opportunities for aligning the other CMU reforms with the growth of a green bonds market: many backed by Aviva, with EUR300bn AUM
Posted: Feb 2, 2015
The Industry Working Group provides input to the development of structure, operation and framing of the Climate Bonds Standards & Certification Scheme. The objective of the Scheme is to provide a screening tool for investors that gives them confidence that funds are being used to deliver climate change solutions.
Climate Bonds Standard Industry Working Group (Aviva, Actiam, S&P, PwC, KPMG, IFC, Bureau Veritas, DNV-GL, TruCost, Shearman +) meets to review Standard; revised text due out soon
Posted: Jan 30, 2015
Joining today, Dividend Solar is a non-bank lender that offers $0-down loan financing to homeowners looking for a better way to go solar. By offering institutional investors the ability to invest directly in the U.S. residential solar market, the company connects large-scale, yield-seeking capital to individual homeowners – thus reducing the soft costs of solar.
Steve Michella, CEO of Dividend Solar, said:
“Dividend Solar is excited to join the Climate Bonds Initiative as its first partner focused exclusively on the distributed solar market in the U.S.
Leading US solar loan provider signs up as a Climate Bonds Partner. Dividend Solar says it “believes in green bond market”
Posted: Jan 30, 2015
The major story this week is the huge high-yield green bond from the yieldco TerraForm Power Operating; seeing more high-yield bonds is a sign that the green bond market is continuing to mature. In addition to TerraForm, more green bonds from repeat issuers OPIC, World Bank, IFC and Credit Agricole have been announced and will be closing in the coming weeks. For today, let’s dig deeper into the latest green high-yield offering.
Weekly update: TerraForm Power Operating issues largest green bond of 2015 so far - US$800m - for wind and solar, and it’s high yield (5.875%, B1/BB-, 8-yr)
Posted: Jan 29, 2015
Serge Martin is a Canadian philanthropist and founder of SOFINOV, a venture capital fund of Caisse de dépôt et placement du Québec, the largest pension fund in Canada. In 2002, SOFINOV had assets of CA$1.9 billion with an annual compound return of 24.2% since its launch in 1995.
Serge has made a philanthropic commitment of funding of CA$100,000 to support the work of the Climate Bonds Initiative.
Climate Bonds Partner Serge Martin makes CA$100,000 commitment to “turbo-charge” Climate Bonds Initiative
Posted: Jan 27, 2015
We are looking for an energetic Program officer to join our Central London team to coordinate the rapid development of the Climate Bond Standard and Certification Scheme.
The role will involve working with investments banks and potential climate bonds issuers on Climate Bond certifications, consulting with other stakeholders, improving and streamlining>verification processes, training for verifiers, as well as communications of all sorts.
Climate Bonds is recruiting: London-based Standards Program Officer