Climate Bonds Blog

The Eiffel Tower and the anguish of carbon markets

Posted: Oct 3, 2011

I’m sitting in the 11^th annual “Workshop on Greenhouse Gas Emission Trading” at the International Energy Agency in Paris. 100 very smart people from all over the world, sitting around a huge oval table in a slightly-too-warm, wood-paneled conference room across the road from the Eiffel Tower (yes, I’m looking at it now, so excitingly close!).

I've been privileged to be invited by the co-hosting International Emissions Trading Association. I’ve just finished my 10 minute (ok, it went to 15) pitch about issues involved in mobilizing bond markets to finance climate change solutions. Quite a few questions; encouraging (or maybe just polite).

The Eiffel Tower and the anguish of carbon markets

Bonds key to protecting forests

Posted: Sep 22, 2011

The Climate Bonds Initiative, with WWF and the Global Canopy Programme, today published the "Unlocking Forest Bonds" report of a high-level workshop on tropical forest finance. The report argues for regional development bonds as an instrument to save forests.

> "Read the PDF report - "Unlocking Forest Bonds"

> Read the press release below — and join the WEBINAR on 29 Sept.

Bonds key to protecting forests

Adaptation bonds to help save Australia’s Great Barrier Reef - seminar 27 Sept in London

Posted: Sep 21, 2011

> You're invited to hear Judith Stewart, CEO of the Great Barrier Reef Foundation, speak about Reef Bonds on Tues 27 Sept, 4pm London time. Location: central London; dial-in available.

Climate Change investment usually means 'mitigation' – clean energy to reduce power sector emissions, transport to shift away from oil, etc.

Adaptation bonds to help save Australia’s Great Barrier Reef - seminar 27 Sept in London

"Financing for a zero-carbon power sector in Europe": new report from ECF, Climate Bonds & Co.

Posted: Sep 16, 2011

We've been working - with a bunch of others - on a project for the European Climate Foundation around finance for a transition to a low-carbon Europe. The report of that project has just been released. http://goo.gl/0PPYV

If you want a short-cut summary go straight to the European Energy Review article about the report that came out yesterday. http://goo.gl/clBuL

Some of the findings:

"Financing for a zero-carbon power sector in Europe": new report from ECF, Climate Bonds & Co.

Eversheds to provide legal advice for our eco-refurbishment finance project

Posted: Sep 16, 2011

Earlier this week I sent you a note about our "LEEP" project to develop capital markets financing solutions for residential eco-refurbishment (energy efficiency + micro-renewables). It's a UK project at the moment, with plans to extend our work to other countries. Key features of the model are:

- Local Authorities facilitating and supervising local loan funds and service delivery for households.

- A mix of policy and service delivery solutions that will address barriers to eco-refurbishment being taken up by householders.

- Re-financing loan funds by issuing climate bonds designed to meet the needs of institutional investors.

Eversheds to provide legal advice for our eco-refurbishment finance project

Climate Bonds to release residential eco-refurb financing rpt - sneak preview

Posted: Sep 15, 2011

The Climate Bonds Initiative has been working all year on developing a sustainable and replicable residential eco-refurbishment solution that attracts commercial capital at a national scale.

> Download advance copy of Phase One Report - click here

Climate Bonds to release residential eco-refurb financing rpt - sneak preview

New OECD paper on 'Role of PFs in Funding Green Growth' recommends standards for green/climate bonds

Posted: Sep 14, 2011

The Organisation for Economic Co-operation and Development (OECD) will next week publish a Working Paper on the "Role of Pension Funds in Financing Green Growth Initiatives".

> Download a sneak preview here.

The paper is part of their major Green Growth initiative and their Institutional Investors and Long-term Investment work.

New OECD paper on 'Role of PFs in Funding Green Growth' recommends standards for green/climate bonds

Clmt Bnds Adv Panel recruits: Morgan Stanley’s Ahmad + muni bond leader Bianco + IETA's Derwent + climate lawyer Hobley join (London, Houston, Geneva, Sydney)

Posted: Sep 2, 2011

We welcome four new members of Climate Bonds Advisory Panel, working to develop green debt capital markets:

Imtiaz Ahmad , Executive Director, Morgan Stanley Bank. Imtiaz was responsible for establishing the Morgan Stanley’s carbon trading and projects business; he is currently working on climate finance initiatives. He Imtiaz is a director of the International Emission Trading Association and a member of the UK Government’s Capital Markets for Climate Initiative.

Clmt Bnds Adv Panel recruits: Morgan Stanley’s Ahmad + muni bond leader Bianco + IETA's Derwent + climate lawyer Hobley join (London, Houston, Geneva, Sydney)

California utilities issue $159m wind bond + first Bamboo Bond + Delaware $72.5 EE bond

Posted: Aug 29, 2011

1. The Southern California Public Power Authority is issuing a tax-exempt $159.4m project revenue bond to prepay for electricity from a wind farm.

The SCPPA is a non-profit “joint powers” agency of 12 public power utilities who come together to finance and acquire electricity generation projects, including many renewable energy projects.

Its model is to hold an undivided equity interest in the facility, issue tax-exempt debt financing to pay for the energy delivery, and sell 100% of the output to the interested members at cost.

This bond is the second; an 2010 bond for $237m (AA-/A1) won numerous 'deal of the year' awards.

California utilities issue $159m wind bond + first Bamboo Bond + Delaware $72.5 EE bond

German govt's KfW to provide greater financing support for offshore wind

Posted: Aug 7, 2011

The German government decided last Thursday that the country's KfW development bank will finance 10 wind farms with a combined €5 billion; KfW will now be able to provide up to €700 million in funding (and half of that in risk participation) per project.

Keeping financing costs low is essential to making these new large offshore wind farms financially viable under the current feed-in tariff.

Pointer to other countries: that's the way we're going to quickly shift our energy systems to clean.

German govt's KfW to provide greater financing support for offshore wind

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