Climate Bonds Blog

"Why, sometimes I’ve believed as many as 6 impossible things before breakfast…"

Posted: Jun 10, 2010

Two weeks ago we sent you a note about the release of an International Emissions Trading Association (IETA) discussion paper proposing a new international scheme of asset-linked green bonds tied to carbon credits. We welcomed that contribution to the debate.

Below for your interest is a comment on that paper from Climate Bonds Advisory Panel member Prof. John Mathews. John is Eni Chair in Competitive Dynamics and Global Strategy at LUISS Guido Carli University, Rome.

Please let us know what you think! Simply use the Reply box below.--------------------------------------------------------

"Why, sometimes I’ve believed as many as 6 impossible things before breakfast…"

Climate bond lectures in Stockholm & Oxford, Wed 2 June

Posted: May 31, 2010

FYR, this week will see two separate public lectures on ideas being promoted by the Climate Bonds Initiative, both on Wed 2 June. Feel free to let colleagues know.---------

In Stockholm, Advisory Panel member Prof. John Mathews, Eni Chair of Competitive Dynamics and Global Strategy at LUISS Guido Carli University in Rome, will be talking at the Stockholm Resilience Centre on:

“Climate Bonds: mobilizing private finance to drive an energy industrial revolution”

Time: 12.00 noon to 1.00 pm.Location: Library (Room 248), Stockholm Resilience Centre, Kräftriket 2b, Stockholm

Climate bond lectures in Stockholm & Oxford, Wed 2 June

Climate Bonds Initiative welcomes IETA proposal for green bonds program

Posted: May 26, 2010

In Cologne yesterday the International Emissions Trading Association (IETA) released a discussion paper proposing a new international scheme of green bonds linked to carbon credits.

The scheme would involve emerging nations issuing green bonds for projects that combine economic development and emissions reduction objectives.

The bonds would be backed by rich countries wanting to support climate change mitigation. Funds would be linked to emission reductions by being ring-fenced or asset-backed.

Climate Bonds Initiative welcomes IETA proposal for green bonds program

AXA IM fixed income CIO calls Climate Bonds a "major new asset class brewing"

Posted: May 19, 2010

AXA Investment Managers (AXA IM) is one of the biggest asset managers in the world. At the end of 2009 AXA IM had EUR 328 billion of fixed income assets under management.

In a paper published this week, Christopher Iggo, AXA Investment Managers' CIO Global Fixed Income, said:

AXA IM fixed income CIO calls Climate Bonds a "major new asset class brewing"

UK Coalition confirms Green Investment Bank

Posted: May 12, 2010

The formal coalition agreement between the UK Conservative and Liberal-Democrats, released today, lists two key initiatives that have been part of Climate Bonds Initiative proposals:

- The creation of a green investment bank.- The provision of home energy improvement paid for by the savings from lower energy bills.

Also in the agreement is the provision of a floor price for carbon, something investors have been calling for.

All three are important and necessary changes relevant to governments everywhere.

UK Coalition confirms Green Investment Bank

Highlights of Climate Bonds Initiative Advisor Panel April meeting

Posted: May 4, 2010

1. IFC on their US$200 mil of Green Bonds2. Climate bond tipping points and issue volumes3. Climate Bonds Standards4. Transition to a low carbon economy: what is missing?5. Green investment banks6. New Climate Bonds Initiative Advisory Panel members

1. IFC issues US$200 mil of Green Bonds

Our guest for the evening, Shilpa Patel, Climate Change Chief at the International Finance Corporation (IFC), told us that the IFC had just issued a $200 million Green Bond; it's a regular IFC bond but proceeds are ring-fenced and only applied to climate-friendly investments. The bond is a test; if the market is receptive, as it looks like it will be, expect a lot more Green Bonds.

Highlights of Climate Bonds Initiative Advisor Panel April meeting

EIB issues €300 million of “Climate Awareness Bonds”

Posted: May 1, 2010

Hard in the heels of the IFC’s US$200 million Green Bond last month, comes the AAA-rated European Investment Bank (EIB) with a third issue of its “Climate Awareness Bonds”.

Denominated in Australian dollars and South African Rand, yesterday’s issue is for the equivalent of €300 million. They will be sold largely to Japanese retail and institutional investors.

Bond proceeds will be ring-fenced for the EIB’s renewable energy and energy efficiency lending programs. Lead manager is Daiwa Securities.

EIB issues €300 million of “Climate Awareness Bonds”

IFC issues $200 mil Green Bond

Posted: Apr 16, 2010

The International Finance Corporation (IFC) today launched a US$200 million AAA Green Bond offering, ring-fenced to fund IFC climate change related programs.

The bond follows the footsteps of its sister institution, the World Bank. The World Bank has raised over $1 billion in Green Bonds in recet years.

Settlement date for the IFC bond is 26 April; they may get to $250 mil by then. SEB are the lead manager - they're becoming quite a green bond specialist.

This issue is really a market test for the IFC. If the issue is over-subscribed expect more later in the year.

IFC issues $200 mil Green Bond

Kyoto Protocol carbon market architect Prof Graciela Chichilnisky joins Climate Bonds Advisory Panel

Posted: Apr 2, 2010

The London-based Climate Bonds Initiative today announced that Graciela Chichilnisky, Professor of Mathematics and Economics and Columbia University in New York, would be joining their international Advisory Panel.

Prof Chichilnisky was the architect of the Kyoto Protocol carbon market, is author of the recent book "Saving Kyoto", advises several UN organizations and is working with the US Air Force on pioneering a new approach for measuring, anticipating and managing catastrophic risks, sometimes called "Black Swans".

Kyoto Protocol carbon market architect Prof Graciela Chichilnisky joins Climate Bonds Advisory Panel

ADB issues Water Bonds, mulling climate bonds

Posted: Mar 7, 2010

Now the Asian Development Bank (ADB) is getting with the "themed" bonds rhythm: they're marketing Water Bonds to finance its work in the AsiaPac water sector. Daiwa Securities is lead manager; bonds will be issued in Australian dollars and South African rand.

While bond finance for water infrastructure is commonly sought in developed countries, it's rare in emerging nations.

ADB issues Water Bonds, mulling climate bonds

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