Sovereign Green Bonds A Catalyst For Sustainable Debt Market Development
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Sovereign Green Bonds A Catalyst For Sustainable Debt Market Development
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Author : Gong Cheng
language : en
Publisher: International Monetary Fund
Release Date : 2024-06-14
Sovereign Green Bonds A Catalyst For Sustainable Debt Market Development written by Gong Cheng and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-06-14 with Business & Economics categories.
In traditional bond markets, sovereign bonds provide benchmarks and serve as catalysts for the corporate bond market development. Contrary to the usual sequence of bond market development, sovereign issuers are latecomers to sustainable bond markets. Yet, our empirical study finds that sovereign green bond issuance can have quantitative and qualitative benefits for the development of private sustainable bond markets. Our results suggest that both the number and the size of corporate green bond issuance increase more in a jurisdiction after the sovereign debut. The results are more pronounced in countries with stronger climate policies. Sovereign green bond issuance also improves the quality of green verification standards in the corporate bond market more generally, consistent with the aim of fostering third-party reviews and promoting best practice in green reporting and verification. Finally, our work provides evidence that the sovereign debut increases liquidity and diminishes yield spreads of corporate green bonds in the same jurisdiction.
Detailed Guidance For Issuing Green Bonds In Developing Countries
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2021-12-01
Detailed Guidance For Issuing Green Bonds In Developing Countries written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-12-01 with Business & Economics categories.
This guidance note aims to help bond issuers and their advisors to understand the process and key considerations for a successful green bond issuance. Demand for green bonds and other sustainable finance products is increasing rapidly, and issuers are seeing an opportunity to be part of the green bond market. This publication covers all the steps required to follow best practices in labeling bonds as green. It includes examples, links to further details, and key resources for green bond issuers and their deal teams.
Greening The Bond Market
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Author : David Ramos Muñoz
language : en
Publisher: Springer Nature
Release Date : 2023-10-19
Greening The Bond Market written by David Ramos Muñoz and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023-10-19 with Business & Economics categories.
Green bond issuance has surged in recent years in response to growing investor appetite and borrowers' needs as they embark on the sustainability transition. The EU leads the way, with over 40% of all sustainable bond issuances denominated in euro. The EU’s 'Regulation on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and sustainability-linked bonds’ is the first comprehensive legislative text covering such issuance, and a cornerstone of EU’s Sustainable Finance strategy. This book explores in an interdisciplinary way the challenges and opportunities of green bonds and sustainable finance from a legal, regulatory and economic perspectives. First, it analyses green bonds as a new financial instrument in the context of the existing capital markets law. Second, it studies green bond impact on the market and on investor protection. Third, it assesses green bonds’ relevance for prudential supervision and central banking. The variety of viewpoints ensures a highly comprehensive analysis of green bonds’ impact in a European and global context.
Green Bond Market Survey For Indonesia
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Author : Asian Development Bank
language : en
Publisher: Asian Development Bank
Release Date : 2022-12-01
Green Bond Market Survey For Indonesia written by Asian Development Bank and has been published by Asian Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-12-01 with Business & Economics categories.
This publication provides an overview of institutional investors’ interest in green bonds issued in Indonesia, along with an assessment of the perspectives of local arrangers and underwriters on their clients’ interest in green bond issuances. It presents the results of a survey to help identify drivers, impediments, and development priorities for Indonesia’s sustainable finance market. The findings serve as a resource to inform action to accelerate the market’s development. The publication was prepared in collaboration with the Global Green Growth Institute.
The Market Of Green Bonds An International Analysis Of Public And Private Issuers In The Green Bond Market
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Author : Tilman Baunach
language : en
Publisher:
Release Date : 2020-10-20
The Market Of Green Bonds An International Analysis Of Public And Private Issuers In The Green Bond Market written by Tilman Baunach and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-10-20 with categories.
Bachelor Thesis from the year 2020 in the subject Economics - Finance, grade: 1,7, Wiesbaden University of Applied Sciences (Wiesbaden Business School), course: Finance, language: English, abstract: This thesis aims to analyse the Green Bond market and its protagonists in order to assess its long-term potential in financing the necessary changes on earth. To ensure that readers without profound financial literacy can comprehend the paper, the second chapter gives an overview of the debt capital market instrument "bonds" and its main aspects. The tools used to assess the protagonists' international competitiveness as part of the international analysis are introduced here as well. The third part deals with "Green Bonds" in particular. It consists of important general information and a widespread market overview. Section four comprises the international market and competitiveness analyses of the main market players: the EU, United States and China (with Hong Kong SAR). A future prospect for the Green Bond market, based on the outcomes of a brief "expert interview" the author distributed among professionals working in the financial world, is given in chapter five. To round off the thesis, the sixth and final chapter forms the conclusion that draws a bow back to the introduction.
The Blue Bond Market
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Author : Pieter Bosman
language : en
Publisher:
Release Date : 2023
The Blue Bond Market written by Pieter Bosman and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2023 with categories.
The blue bond market has emerged as one of the latest additions in the sustainable debt market. Its goal is to channel funding toward sustainable blue economy projects related to the ocean and freshwater. While the protection of hydric resources has gained importance within the problem of climate change, Sustainable Development Goals linked to water remain the most underfunded. Since the issuance of the first blue bond in the Seychelles in 2018, multiple public and private organizations have turned to the blue bond market to raise funds. However, unlike the green bond market, no comprehensive market overview exists, preventing stakeholders from judging whether this label has been effective in protecting water resources and drawing conclusions on its future potential. This paper draws on an extensive review of academic research and complements it with a unique and comprehensive analysis of blue bonds issued to date, providing a contribution to the literature on sustainable finance. Between 2018 and 2022, 26 blue bond transactions took place, amounting to a total value of USD 5.0 billion, with a 92% CAGR between those years. Currently, blue bonds represent less than 0.5% of the sustainable debt market. The use of proceeds has mostly focused on waste management, biodiversity, and sustainable fisheries, but also ranges across other areas of the sustainable blue economy. Only two-thirds of blue bond issuers report on impact metrics, providing further opportunity to add detail and rigor. We draw comparisons to the more mature green bond market and conclude that a lack of standardized definitions, metrics, and expertise by issuers and investors are significant barriers to the blue bond market. Resolving these barriers is crucial to attract corporations and ensure continued growth of the blue bond market.
The Need For Green Covenants Regulating The Green Bond Market
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Author : Markus Hoffmann
language : en
Publisher:
Release Date : 2016-08-10
The Need For Green Covenants Regulating The Green Bond Market written by Markus Hoffmann and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-08-10 with categories.
Master's Thesis from the year 2015 in the subject Law - Miscellaneous, grade: B, London School of Economics (Department of Law), course: Environmental Law, language: English, abstract: Green Bonds are a novel form of long term debt financing instruments enabling continued and sustainable economic growth in a finite physical world. The market for green bonds or Climate Bonds comprises of debt instruments, the proceeds of which are Earmarked for use in environmentally friendly projects. Introduced by the European Investment Bank (EIB) in 2007, the market for green bonds has been growing rapidly, reaching the record volume of USD 36.6 billion in 2014. Rapidly growing markets offer a myriad of opportunities for investors, but those opportunities come with certain risks attached. The risk addressed by this paper is a twofold one. Firstly, there is a risk to the environment if the proceeds of earmarked bonds are used for projects that do not actually benefit the environment. Secondly, there is a legal and financial risk to bondholders that arises when issuers of green bonds use funds for purposes other than those set out in the bond indenture. There are two steps that need to be taken in order to address these risks at the same time. First, a uniform standard of what defines a green bond or a specified range of Shades of Green has to be found and implemented. Second, a green bond needs to state explicitly, in its indenture, what purposes the funds will be used for and of what shade of green those purposes are, in order to empower bondholders to take legal action if covenants are broken. These clauses will be referred to as Green Covenants. This paper will start by briefly setting out the threat posed by climate change before continuing to introduce green bonds, explaining how they operate and why they will become part of the solution to climate change. Four varieties of green bonds, issued by four very different entities, will then be examined and it will be shown th
Green Finance And Investment Mobilising Bond Markets For A Low Carbon Transition
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Author : OECD
language : en
Publisher: OECD Publishing
Release Date : 2017-04-19
Green Finance And Investment Mobilising Bond Markets For A Low Carbon Transition written by OECD and has been published by OECD Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-04-19 with categories.
This report describes the development of the green bond market as an innovative instrument for green finance, and provides a review of policy actions and options to promote further market development and growth. Since 2007-08, so-called “green bonds” have emerged and the market has risen from ...
Transforming Green Bond Markets
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Author : Juan Antonio Ketterer
language : en
Publisher: Inter-American Development Bank
Release Date : 2019-09-27
Transforming Green Bond Markets written by Juan Antonio Ketterer and has been published by Inter-American Development Bank this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019-09-27 with Technology & Engineering categories.
Despite exhibiting remarkable growth, the green bond market still represents less than 1 percent of the global bond market. This paper identifies two challenges that might slow the adoption of green bonds and presents a menu of responses that policymakers, regulators, and public financial institutions can use to offset these challenges. Specifically, it explores two key dimensions: (i) the risk profile of the green bond instrument and (ii) the transaction costs associated with issuance of and reporting on green bonds. New approaches to risk design and technology-based approaches are essential to untap the potential of green bond markets, particularly in Latin America and the Caribbean and other developing regions. The incorporation of financial mechanisms such as covered bonds and guarantees can adequately address the risk of the issues, making the market more attractive for investors. Enhanced regulation and education and leveraging efficiencies of new technologies such as distributed ledger technologies can substantially reduce monitoring and reporting costs, while improving transparency in the use of proceeds and market integrity.
Creating Green Bond Markets
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Author : Sustainable Banking Network
language : en
Publisher:
Release Date : 2018
Creating Green Bond Markets written by Sustainable Banking Network and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018 with categories.
This report has been developed by IFC and the Climate Bonds Initiative (CBI) on behalf of the Sustainable Banking Network (SBN) Green Bond Working Group. Established in 2012, SBN is a unique community of financial sector regulatory agencies and banking associations from emerging markets committed to advancing sustainable finance in line with international good practice. The Network facilitates the collective learning of members and supports them in policy development and related initiatives to create drivers for sustainable finance in their home countries. SBN now represents 35 countries and over USD 43 trillion of bank assets in emerging markets. Responding to strong interest from SBN members in the global green bond trend, a Green Bond Working Group was formed in October 2017 as a Community of Practice on local green bond market development. Comprised of SBN member country representatives and observers from 21 countries and 30 organizations active or with a strong interest in creating green bond markets, the Working Group has the following broad objectives: to enhance collective knowledge and develop technical resources to support members in developing green bond markets; to support the integration of environmental, social and governance (ESG) factors into all stages of green bond issuance and reporting; and to support SBN members to develop and deepen green bond markets through awareness raising, capacity building, and knowledge sharing. The activities of the Working Group have been divided into two phases: mapping of the current status and lessons learned from national, regional and global green bond guidance, standards and practices; and development of practical technical tools to support green bond market development.