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2023 | OriginalPaper | Buchkapitel

5. A Stalling Green Bond Take-Off

verfasst von : Manuel Neumann

Erschienen in: The Political Economy of Green Bonds in Emerging Markets

Verlag: Springer Nature Switzerland

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Abstract

Why have green bonds not taken off in South Africa? This chapter elaborates on the findings of my empirical research and touches on different compounding factors that inhibit the uptake of green bonds in the country. I structured the findings into seven complementary pillars: First, the general promises of green bonds are assessed against South Africa’s background as an emerging (green bond) market. Second, green bond success stories are analyzed before the instruments ‘simple’ setup is evaluated. In a next step, controversial bond issuances fanning concerns of greenwashing at the global level will be juxtaposed with ongoing deliberations of a national green finance taxonomy. In a fifth step, I dwell on the peculiarities of the capital markets in South Africa and discuss its bottlenecks. I then revisit the rifts between a green and a just transition and, at last, illustrate new arenas of redistributive struggles de-risked spaces have (unintentionally) created.

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Vorheriges Kapitel The Political Economy of Greening South Africa’s Capital Markets

Nächstes Kapitel The Limits of Green Finance in Fossil-Based Emerging Economies—Lessons Beyond South Africa

GGKP comprises various South Africa’s Ministry of the Environment, Forestry & Fisheries and development institutions including the United Nations Environment Program (UNEP) and the German Development Agency (GIZ).

https://www.spglobal.com/spdji/en/indices/fixed-income/sp-500-bond-index/#overview.

Both France and the Fiji had issued sovereign green bonds in the meantime (Roumpis, 2018). By comparison and as per the Sustainable Bond Insight report (Environmental Finance, 2021a, p. 3), Germany was the largest sovereign green bond issuer with two issuances for a combined US$13,616 million.

Which, arguably, is lenient given China’s taxonomy considers clean coal’ investment solutions eligible under their green taxonomy (Ferrando et al., 2022).

As the Zondo Commission inquiry has affirmed in the meantime, Transnet was deeply embroiled in ‘state capture’, the shorthand for the corrupt practices during the Zuma administration (Cohen & Vollgraaff, 2022).

The incident refers to Steinhoff, a multinational mattress firm, and its shares crashing after kickbacks, inflated forecasts, and personal enrichment for executives of the firm became public, wiping out more than ZAR200 billion off the JSE. Millions of ordinary South Africans’ pensions were adversely affected (Kew & Vecchiatto, 2021; Rose, 2018).

This interview was conducted with colleagues during a scoping visit to Johannesburg in February 2018 and is not included in the set of interviewees on pp. 8–9.

In the fifth bidding round, six of Mainstream’s projects achieved the lowest tariff to date in South Africa at ZAR374.79/MW hour (Burkhardt & Prinsloo, 2022).

A lobby group comprising the four fossil fuel companies Sasol, Eskom, Exxaro, and Total Energies as well as Anglo American Platinum, the Industrial Development Corporation, the Central Energy Fund and Automotive Business Council Naamsa.

One academic also pointed out the difficulty to audit job creation, as numbers are just passed along from developer to the Department of Energy (Researcher, pos. 50).

Although the levels of inequality (Chancel et al., 2022, pp. 217f) would justify more heavy-handed redistribution from top to bottom, i.e. via wealth taxes.

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Titel: A Stalling Green Bond Take-Off
verfasst von: Manuel Neumann
Verlag: Springer Nature Switzerland
Buch: The Political Economy of Green Bonds in Emerging Markets
Print ISBN: 978-3-031-30501-6

Electronic ISBN: 978-3-031-30502-3

Copyright-Jahr: 2023
DOI: https://doi.org/10.1007/978-3-031-30502-3_5

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