The Need For Green Covenants Regulating The Green Bond Market


The Need For Green Covenants Regulating The Green Bond Market
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The Need For Green Covenants Regulating The Green Bond Market


The Need For Green Covenants Regulating The Green Bond Market
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Author : Markus Hoffmann
language : en
Publisher: GRIN Verlag
Release Date : 2016-07-04

The Need For Green Covenants Regulating The Green Bond Market written by Markus Hoffmann and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-07-04 with Law 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 that there are certain shortcomings they all have in common. This paper goes on by suggesting that these shortcomings can be addressed by introducing stricter and, most importantly, legally enforceable covenants that determine what proceeds of green bonds can be used for. This will be proven by comparing instruments of English Law and United States (US) Federal Law that are currently available to bondholders, with powers a stronger set of covenants will make available to bondholders in the future.



Greening The Bond Market


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.



Transforming Green Bond Markets


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.



Green Finance And Investment Mobilising Bond Markets For A Low Carbon Transition


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 ...



Green Bond Pricing And Greenwashing Under Asymmetric Information


Green Bond Pricing And Greenwashing Under Asymmetric Information
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Author : Jochen M. Schmittmann
language : en
Publisher: International Monetary Fund
Release Date : 2022-12-09

Green Bond Pricing And Greenwashing Under Asymmetric Information written by Jochen M. Schmittmann 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 2022-12-09 with Business & Economics categories.


We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon pricing. We show that green bonds have a price premium over conventional bonds when there are information asymmetry, transition risk, and it is costly to engage in greenwashing, that is, false or exaggerated claims of being green. The extent of greenwashing in the market is a function of the green bond premium. A swift and gradual implementation of carbon pricing generates a small green bond premium and a low level of greenwashing, while delayed and large carbon pricing has an ambiguous effect on both. The model provides a rich set of policy implications, notably the need for swift action on carbon pricing and strong information disclosures and regulations to ensure the integrity of green bonds.



Green Greener Green Bond


Green Greener Green Bond
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Author : Hong Hanh Tran
language : en
Publisher: GRIN Verlag
Release Date : 2018-06-05

Green Greener Green Bond written by Hong Hanh Tran and has been published by GRIN Verlag this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-06-05 with Business & Economics categories.


Seminar paper from the year 2017 in the subject Business economics - Miscellaneous, grade: 1.3, Brandenburg Technical University Cottbus, language: English, abstract: With the effects of climate change getting obvious in many places around the world, the need for financing green projects is urgent now more than ever. Under these circumstances, green bonds become a new investment instrument to attract capital for sustainability projects. However, the valuation for these assets is vague because it lacks consistency in green bond principles, standard tools and techniques for determining their value.The purpose of this paper is to closely examine the Apple’s first green bond and its comparison to its corporate and US Treasuries bond.



Contemporary Issues In Sustainable Finance


Contemporary Issues In Sustainable Finance
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Author : Mario La Torre
language : en
Publisher: Springer Nature
Release Date : 2020-07-01

Contemporary Issues In Sustainable Finance written by Mario La Torre and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2020-07-01 with Business & Economics categories.


Sustainable investments, although not yet working under a comprehensive regulatory framework, represent a growing, worldwide phenomenon. Such growth reflects the renewed public and private interest in environmental issues such as climate change, poverty and financial inclusion, as well as growing support from conscious investors looking to finance environmental and social initiatives. However, despite the interest that sustainable investments are gaining among governors, investors and practitioners, important challenges remain that must be addressed. Comprising a collection of research presented at the 2nd Social Impact Investments International Conference, this contributed volume offers a global analysis of the current state of the sustainable finance sector, proposing solutions to challenging obstacles and exploring topics including impact investing, social impact bonds and green banking. Providing real-life case studies from Europe, Latin America and Africa, this book is an insightful and timely read for scholars interested in sustainable finance, social impact investing, development finance and alternative finance.



Quantitative Comparison Of The Issue Yield Of Green Bonds And Conventional Bonds


Quantitative Comparison Of The Issue Yield Of Green Bonds And Conventional Bonds
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Author : Julia Jelemensky
language : en
Publisher: Springer Nature
Release Date : 2022-04-23

Quantitative Comparison Of The Issue Yield Of Green Bonds And Conventional Bonds written by Julia Jelemensky and has been published by Springer Nature this book supported file pdf, txt, epub, kindle and other format this book has been release on 2022-04-23 with Business & Economics categories.


Due to the novelty of green bonds in the fixed income area, little empirical research has been done on the question which impact the fact that a bond is investing in green projects has on the yield that investors receive. The aim of this book is to determine if there is a discount or premium on the yield at issuance of green bonds. The analysis is mainly based on an empirical study. The author examined the influence of eight selected indicators on the issue yield of bonds using a multivariate regression analysis. The analyzed sample comprised data sets of 601 bonds.



Green Bonds And Sustainable Finance


Green Bonds And Sustainable Finance
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Author : Muhammad Saeed Meo
language : en
Publisher: Taylor & Francis
Release Date : 2024-08-01

Green Bonds And Sustainable Finance written by Muhammad Saeed Meo and has been published by Taylor & Francis this book supported file pdf, txt, epub, kindle and other format this book has been release on 2024-08-01 with Business & Economics categories.


This book introduces green bonds and their significance in portfolio management and sustainable finance. It emphasizes the significance of green bonds in terms of two primary factors: environmental sustainability and investor return. The book establishes the definitions, features, and typology of green bonds, and explains the characteristics that separate it from traditional ones. It delves into the benefits and challenges of investing in these financial instruments, and outlines the process by which green bonds are certified, focusing on the widely accepted Climate Bonds Standard. It also covers transparency, reporting, and monitoring measurements of green bonds. In its second section, the book focuses on investor and policy perspectives. The authors discuss asset allocation strategies for investors as well as various methods for integrating ESG issues into investment portfolio design. New estimating methodologies and case studies of successful green bond investments are also provided. Pitched at graduate students and researchers in finance, accounting, as well as related fields of energy and environmental economics, this book will also interest practitioners and investors looking to understand this emerging area in finance.



Sovereign Climate Debt Instruments


Sovereign Climate Debt Instruments
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Author : Ando Sakai
language : en
Publisher: International Monetary Fund
Release Date : 2022-07-07

Sovereign Climate Debt Instruments written by Ando Sakai 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 2022-07-07 with Business & Economics categories.


Financial markets will play a catalytic role in financing the adaptation and mitigation to climate change. Catastrophe and green bonds in the private sector have become the most prominent innovations in the field of sustainable finance in the last fifteen years. Yet, the issuances at the sovereign level have been relatively recent and not well documented in the literature. This Note discusses the benefits of issuing these instruments as well as practical implementation challenges impairing the scaling-up of these markets. The issuance of these instruments could provide an additional source of stable financing with more favorable market access conditions, mitigate the stress of climate risks on public finances and facilitate the transition to greener low-carbon economies. Emerging market and developing economies stand to benefit the most from these financial innovations.