Climate Bonds Initiative - Creditworthiness by Sean Kidney at GIB Summit
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Presented at the 4th Global Infrastructure Basel Summit 21 & 22 May 2014. Read more about the world leading platform for Sustainable Infrastructure Finance at www.gib-foundation.org. Next Summit: 27 & 28 May 2015 in Switzerland
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Climate Bonds Initiative - Creditworthiness by Sean Kidney at GIB Summit
- 2. Total climate investment equaled $359 billion in 2012… …and not nearly enough. $5 trillion min needed through 2020 That’s roughly the same as the year before. We’re falling further and further behind globally agreed goals for safe emissions levels. The investment gap
- 3. Green Bonds are where proceeds go to qualifying green investments. The labelled Green and Climate Bond market is – so far – 90% “asset-linked”, modelled on the European Investment Bank Climate Bonds and World Bank Green Bonds. Green Municipal Bonds have been issued in USA, France and Sweden. Johannesburg’s Green Bond to go to market this month. Green Labelled Bonds are growing fast Qtr1 9bn USD
- 5. Four linked projects North American Green Munis North American Green Munis EU Green City Bonds EU Green City Bonds China Green City Bonds China Green City Bonds Emerging Market Green City Bonds Emerging Market Green City Bonds
- 6. Potential Green City Bond issuers
- 7. Internationally recognized green definitions Standards & Certification from investor-led Climate Bond Standards Board
Editor's Notes
- Bond market is vast. Private/public listed etc. We screened data on bloomberg as a starting point. Step 1) Large thematic screen for key climate solutions in each theme, both in the bond database where info mainly confined to titles, and equity database where company information is better and we can identify corporates that provide these goods/services/infrastructure Highlight only companies which issue bonds Identify bonds issued only since 2005 Step 2) Read through description of each corporate/bond to double check alignment with theme – classified bonds as fully, partially aligned. Read through company disclosure where unclear. Cross check with other lists – e.g. HSBC index constituents, muni bond lists and MDB list, CDP respondents etc. Step 3) Make judgement calls Clean up and filter bonds ONLY with 100% revenue dedicated to climate themes
- NEXT Buy-side Signalling on demand Green standards UN SG Summit Issuance 2014: Corporate 2015:Green City Bonds (rich & emerging markets) Addressing fragmentation + b/s challenges for banks & utilities Green securitization / ABS / YieldCo issuance Emerging market aggregators Pass-through platforms Public sector credit support (EU project)