What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?
2. State of the Green Bond Market
2.1. A Simple Definition That Offers Some Degree of Flexibility
2.2. A Growing and Innovative Market
3. Several Drivers behind the Momentum
3.1. For Issuers, a Formidable Marketing Tool
3.2. Financial Institutions Encourage This Upward Trend
3.3. Pressure from Stakeholders to Join the Green Bond Market
4. The Green Bond Market Remains a Dwarf Due to a Combination of Challenges
4.1. Overall, a Marginal Market
- There is a perception of uncertain benefits in a green bond issuance;
- Green bond issuance is associated with higher costs and complex processes;
- The lack of standardization, despite substantial improvements, remains a key obstacle for all market participants;
- The green bond market is still relatively young, and it offers neither the level of credentials nor the amount of supply that investors are expecting;
- Greenwashing remains a serious risk for all stakeholders.
- For issuers, three main reasons help explain a certain reluctance to issue green bonds: a complex process without a clear financial incentive, a lack of identifiable projects to finance, and high risks of greenwashing.
- For investors, the key issues regard the lack of standardized frameworks, the demanding level of requirements, and a problem of liquidity.
- Financial institutions also have to deal with operational and management concerns when they engage with their clients on green bond issuance.
4.2. An Unclear Benefit
4.3. The Infancy of the Market and the Lack of Supply
4.4. How Costly Is the Process?
4.5. A Lack of Standardization for All Stakeholders
4.6. Risky Green Bonds?
5. Policy Recommendations for Growth
5.1. Standardize the Green Bond Market
5.2. Adopt High Standards of Disclosure and Reporting
5.3. Develop Synergies with Other Sectors and Instruments
5.3.1. Transition Bonds
5.3.2. Generic Financing Instruments
5.4. Facilitate Investment in Emerging Economies
7. Definition of Terms
- Factors to consider when measuring the sustainability and ethical impact of an investment.
- Environmental: A responsible investing factor dealing with climate impact, energy consumption, biodiversity, waste management, and natural resource use.Example: Waste management—innovative packaging to reduce waste while cutting down material and transport costs.
- Social: A responsible investing factor dealing with employee engagement and development, labor relations, human rights practice, product safety, and consumer protection.Example: Health and safety—effective health and safety programs can mitigate unexpected costs caused by workplace injuries, e.g., medical expenses, workplace disruption, productivity loss.
- Governance: A responsible investing factor dealing with management structure, board accountability and independence, executive compensation, audits and internal controls, and shareholder rights.Example: Board diversity—a wide range of competencies, knowledge, and perspectives can lead to better decision-making and more effective corporate governance.
Conflicts of Interest
|Issuance date||October 2019|
|Nominal value||$1 billion|
|Rating (issuer, bond)||A+ (S&P), A (Moody’s)|
|Use of proceeds||Eco-friendly plastics, water use efficiency, packaging, and cleaner transportation|
|Bookrunners||Morgan Stanley, Goldman Sachs, Mizuho Financial group|
|Issuer||U.S. State of Massachusetts|
|Issuance date||September 2014|
|Nominal value||$350 million|
|Rating (issuer, bond)||AA+ (Fitch), Aa1 (Moody’s), AA+ (S&P)|
|Tenure||3 to 17 years|
|Subscription level||3 times|
|Investor base||Residents and local retail investors|
|Use of proceeds||Water projects, offshore wind port facilities, energy-efficient buildings, and restoration and preservation projects|
|Issuance date||July 2019|
|Nominal value||$500 million|
|Rating (issuer, bond)||BB-(S&P and Fitch)|
|Tenure||6 August 2029|
|Optionality||Callable at 103.31 the 06 August 2029|
|Issuance price||Initial price talk in the high 6% range up to 7%, and then priced the 10-year notes to yield 6.625%|
|Subscription level||3 times|
|Investor base||Europe, the United States, and Asia|
|Use of proceeds||Exclusive allocation to the purchase of cattle7:|
|Bookrunners||BNP Paribas, ING, and Santander|
|Issuer89||Repsol International Finance|
|Issuance date||23 May 2018|
|Nominal value||€500 million|
|Rating (issuer, bond)||Baa (Moody’s), BBB (S&P)|
|Issuance price||99.568% of the Aggregate Nominal Amount|
|Spread emission||+35 bps vs. m/s|
|Use of proceeds||Energy efficiency upgrades in Repsol’s oil and chemical refineries|
|Bookrunners||Multiple (Morgan Stanley, Santander, HSBC)|
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With 560 companies in its portfolio and 8750 gross leasable area.
Nafin received the first Green Bond-Mexico by Climate Bonds Initiative, Bond of the Year SSA by Environmental Finance and Latin American Green/SRI Bond Deal of the Year by Global Capital.
As of 28 April 2017, and 10 May 2017, respectively (JP Morgan EM Corporate bond index and Bloomberg).
With a correlation of only 0.53 points between their respective ESG scores.
VigeoEiris, “Second Party Opinion on the Sustainability Credentials and Management of the Sustainable Transition Bond Issued by Marfrig.”
Marfrig, “Marfrig Sustainable Transition Bond.”
REPSOL, “Repsol Final Terms.”
|Green Use of Proceeds Bonds||Similar to traditional bonds by offering full recourse to the issuer and sharing the same credit rating as the issuer.|
|Green Use of Proceeds Revenue Bonds||Non-recourse to the issuer and repays investors based on a revenue stream such as tolls, fees, and taxes.|
|Green Project Bonds||Recourse or non-recourse to the issuer.|
|Green Securitized Bonds||Bond collateralized by one or more specific Green Project(s).|
The first source of repayment is generally the cash flows of the assets.
|International standards||Green Bond Principles (by ICMA)|
|Climate Bond Standards (by Climate Bond Initiative)|
|International indices||Barclays/MSCI Indices|
|S&P Dow Jones Green Bond Index and Green Bond Project Index|
|Regional frameworks||ASEAN—ASEAN Green Bond Standard (GBS)|
|European Union—Action Plan for Financing Sustainable Growth|
|SPO Frameworks and methodologies||VigeoEiris (CBI’s Verifier), Second Party Opinion Methodology for green bonds|
|Oekom, Green Bond Analysis Framework|
|Stakeholders’ frameworks (issuers /Investors)||(Issuer) Citi Green bond Framework|
|(Issuer) Asian Development Bank Green bond framework|
|(Investors) Axa Transition Bond Guidelines|
|National frameworks||China—Green Bond Endorsed Project Catalogue (or the Catalogue); Green Bond Assessment and Verification Guidelines|
|France—Energy Transition Bill and National Low-Carbon Strategy|
|Netherlands—Green Funds Scheme|
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Deschryver, P.; de Mariz, F. What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? J. Risk Financial Manag. 2020, 13, 61. https://doi.org/10.3390/jrfm13030061
Deschryver P, de Mariz F. What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market? Journal of Risk and Financial Management. 2020; 13(3):61. https://doi.org/10.3390/jrfm13030061Chicago/Turabian Style
Deschryver, Pauline, and Frederic de Mariz. 2020. "What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?" Journal of Risk and Financial Management 13, no. 3: 61. https://doi.org/10.3390/jrfm13030061