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Erschienen in:
Enhancing Efficiency in Sustainable Markets Kapitel lesen Erstes Kapitel lesen

2020 | OriginalPaper | Buchkapitel

8. The Increasing Importance of Green Bonds as Instruments of Impact Investing: Towards a New European Standardisation

verfasst von : Maria Cristina Quirici

Erschienen in: Contemporary Issues in Sustainable Finance

Verlag: Springer International Publishing

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Abstract

This chapter analyses the principal characteristics of Green Bonds, a particular financial instrument of Impact Investing that is showing a rapidly growing market and that can offer new possibilities for investors who consider important Environmental, Social and Governance (ESG) considerations. The author wants to point out the main critical aspects that characterise Green Bonds, regarding both the lack of clarity about what makes a bond green and the presence of too many ways of assessing the bond greenness. The work notices that an answer to these needs is now coming from the European Institutions, showing how their recent actions—the High-Level Expert Group (HLEG) Final Report and the European Commission (EC) Action Plan on Financing Sustainable Growth (2018)—are filling up the existing gaps, representing important steps towards a new European standardisation.

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Vorheriges Kapitel Environmental Impact Investments in Europe: Where Are We Headed?
Nächstes Kapitel Green Banking in Italy: Current and Future Challenges
Fußnoten
1
Using Social Bond Principles (SBP), we refer to The Social Bond Principles released by ICMA—as last update is possible to see (ICMA 2018)—and that replace the Guidance for Issuers of Social Bonds issued by the Green Bond Principles (GBPs) in June 2017.
 
2
The European Green Bond market is growing quickly though industry-wide standards are still lacking. But plans to bolster investor protection need to ensure that they do not act as a deterrent to issuers in a similar way to the US. Stringent USregulation, in fact, has deterred banks and issuers. Europe need to be weary (Jackson 2018).
 
3
For a deeper analysis of these four components and of the various types of Green Bonds too, see (ICMA 2017a).
 
4
It’s possible to see an example of the Standard & Poor’s Green Bond Evaluation scheme in Standard and Poor’s Global Rating (2017).
 
5
Just in November 2015, an informal working group of some International Financial Institutions (IFIs) released a document in which they underlined the importance to outline a harmonized framework for Impact Reporting on projects to whichgreen bondproceeds have been allocated (IFIs 2015). The aim of this document was to catalyse a broader discussion with other issuers and investors about the core principles and recommendations in order to their practical application. This work, that reflected requests by the investor community and was welcomed and encouraged in the 2015 update of the GBPs, outlining core principles and recommendations aimed to provide issuers with a reference useful in developing their own reporting, in the awareness that Working towards a harmonized approach requires the identification of shared principles and indicators. In particular, the document recommended core indicators for two sectors, energy efficiency and renewable energy, and referenced reporting templates that issuers could adapt to their own circumstances. According to the document, Promoting the integrity of the market through increased transparency and impact reporting, as well as supporting further diversification of both issuers and investors can represent a key of fundamental importance for the development of the Green Bonds market, having this market the overall goal to help mobilize private sector financing for sound climate – and environmentally- sustainableinvestments and help enhance transparency on environmentalfinance (IFIs 2015).
 
6
These recommendations have been drawn considering all the responses received through the consultation processes following the presentation of the HLEG Interim Report in July 2018. The priority recommendations of the HLEG Final Report are: (1) to introduce a common sustainable financetaxonomyto ensure market consistency and clarity, starting with climatechange; (2) to clarify investor duties to extend time horizons and bring greater focus on ESG factors; (3) to upgrade Europe’s disclosure rules to make climatechangerisksand opportunities fully transparent; (4) to empower and connect Europe’s citizens with sustainable finance issues; (5) to develop official European sustainable financial standards, starting with one on greenbonds; (6) to establish a “Sustainable Infrastructure Europe” facility to expand the size and quality of the EU pipeline of sustainable assets; (7) to reform governance and leadership of companies to build sustainable finance competencies; and (8) to enlarge the role and capabilities of the ESAs to promote sustainable finance as part of their mandates (EU High-level Expert Group on Sustainable Finance 2018, p. 13).
 
7
The ten actions of the European Commission ActionPlan on Financing Sustainable Growth are the following: (1) Establishing an EU classification systems for sustainable activities; (2) Creating standards and labels for green financial products; (3) Fostering investment in sustainable projects; (4) Incorporatingsustainabilitywhen providing investment advice; (5) Developingsustainabilitybenchmarks; (6) Better integratingsustainabilityin rating and research; (7) Clarifying institutionalinvestorsandasset managers’duties; (8) Incorporatingsustainabilityin prudential requirements; (9) Strengtheningsustainabilitydisclosure and accounting rule-making; and (10) Fostering sustainable corporategovernance and attenuating short-termism in Capital Markets.
For the deadlines of these actions, it’s possible to see the relative Annex III, Workplan of the initiatives set out by this ActionPlan (European Commission 2018a).
 
8
To analyse the recent evolution of Green Bond Market in an international prospective, see, among others (Eurosif 2018, pp. 50–52; Climate Bond Initiative 2018a, b, e; International Finance Corporation (IFC) 2017; Sustainable Banking Network (SBN) 2018; Sustainable Stock Exchanges Initiative (SSE) 2018).
 
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Metadaten
Titel
The Increasing Importance of Green Bonds as Instruments of Impact Investing: Towards a New European Standardisation
verfasst von
Maria Cristina Quirici
Copyright-Jahr
2020
Verlag
Springer International Publishing
Buch
Contemporary Issues in Sustainable Finance

Print ISBN: 978-3-030-40247-1

Electronic ISBN: 978-3-030-40248-8

Copyright-Jahr: 2020

DOI
https://doi.org/10.1007/978-3-030-40248-8_8