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Study on the Potential of Green Bond Finance for Resource-Efficient Investments

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Study on the Potential of Green Bond Finance for Resource-Efficient Investments Study on the potential of green bond finance for resource-efficient investments Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE This document has been prepared for the European Commission however, it reflects the views only of the authors, and the Commission cannot be held responsible for any use which may be made of the information contained therein. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2016 ISBN 978-92 -79-63802-2 doi:10.2779/234777 © European Union, November 2016 EUROPEAN COMMISSION Directorate-General for ENVIRONMENT Directorate ENV.A — Policy Unit ENV.A.2— Green Finance & Economic Analysis European Commission B-1049 Brussels Study on the potential of green bond finance for resource-efficient investments Authors: Annica Cochu, Carsten Glenting, Dominic Hogg, Ivo Georgiev, Julija Skolina, Frederik Eisinger, Malene Jespersen, Rainer Agster, Steven Fawkes, Tanzir Chowdhury 3 TABLE OF CONTENTS ABSTRACT ................................................................................................................... 7 EXECUTIVE SUMMARY ................................................................................................... 8 ABBREVIATIONS .......................................................................................................... 16 INTRODUCTION ........................................................................................................... 19 Background ......................................................................................................... 19 Contents ............................................................................................................. 21 1. ANALYSIS OF THE GREEN BOND MARKET .................................................................... 22 1.1 Green bond market ......................................................................................... 22 1.2 Market development and functioning in the EU ................................................... 30 1.3 Market development and functioning outside the EU ............................................ 33 2. ANALYSIS OF THE PUBLIC SECTOR ROLE .................................................................... 38 2.1 Key bottlenecks .............................................................................................. 38 2.2 Public sector measures .................................................................................... 46 2.3 Good practices ................................................................................................ 54 3. ANALYSIS OF THE OPPORTUNITY IN DEVELOPING COMMON EU STANDARDS .................. 57 3.1 Existing standards and their key components ..................................................... 57 3.2 Key bottlenecks due to the lack of common standards ......................................... 64 3.3 Possible EU policy measures ............................................................................. 66 3.4 Analysis of EU policy measures ......................................................................... 69 4. CONCLUSIONS ......................................................................................................... 75 4.1 Green bond market development ...................................................................... 75 4.2 Public sector role ............................................................................................ 75 4.3 Opportunities in developing common EU standards ............................................. 77 ANNEX A: GLOSSARY ................................................................................................... 80 ANNEX B: STAKEHOLDERS FEEDBACK ............................................................................ 85 ANNEX C: POLICY TOOLBOX .......................................................................................... 88 ANNEX D: COUNTRY STUDIES ..................................................................................... 109 ANNEX E: BIBLIOGRAPHY ........................................................................................... 170 5 Disclaimer The information and views set out in this report are those of the author(s) and do not necessarily reflect the official opinion of the Commission. The Commission does not guarantee the accuracy of the data included in this study. Neither the Commission nor any person acting on the Commission’s behalf may be held responsible for the use, which may be made of the information contained therein. 6 ABSTRACT Green bonds could play a key role in helping to finance the investment needed to achieve the EU’s 2030 Climate and Energy objectives and the UN Sustainable Devel- opment Goals. This report presents an analysis of the development and functioning of the green bond market, including the main actors and sectors, with specific focus on financing invest- ments into improved resource efficiency. It summarizes the key bottlenecks limiting the development of the market in specific countries and sectors. It identifies a set of possible public sector measures to overcome these bottlenecks, supported by exam- ples of good practices. The report also assesses the regulatory feasibility and expected impacts of specific standardization options on the liquidity and size of the market. Fi- nally, the report presents a set of recommendations addressed at the EU and its Mem- ber States. A Policy Toolbox provides additional detail on possible public sector measures on the demand and supply side. Nine country case studies support the analysis, focusing on Bulgaria, France, Germany, Italy, the United Kingdom, as well as China, Mexico, Nor- way, and the United States. 7 EXECUTIVE SUMMARY A green bond is differentiated from a regular bond by its label, which signifies a com- mitment to exclusively use the funds raised to finance or re-finance "green" projects, assets or business activities. Green projects are projects that promote progress on environmentally sustainable activities. Green bonds provide an opportunity to mobilize capital for green investments. They offer an opportunity to investors to make in- formed, explicit decisions to invest in green projects. Green bonds are a means of at- tracting new investors and hence mobilizing liquidity for green investments. The main actors in the market1 can be categorized as issuers (entities with green pro- jects needing funding or refunding), underwriters (financial institutions arranging the issuance of the green bonds), external reviewers (verifying the "greenness" of the underlying projects) including rating agencies, intermediaries (such as stock exchang- es), and investors (particularly those with a mandate to invest in green assets). Issu- ers of green bonds may benefit from reputational gains2 and upgraded environmental risk management processes due to commitments to green disclosure. On the other hand, bond investors, especially long-term and responsible investors, are provided with an emerging class of green assets and more opportunities to actively engage with issuers on ESG (Environmental, Social, Governance) factors related to the financed projects. The green bond market can provide an additional source of green financing to bank lending and equity financing, and enable long-term financing for green projects in ge- ographies where the supply of long-term bank loans can be limited. Today, green bonds mainly finance projects within renewable energy (45.8% of the issuance global- ly in 2015), energy efficiency (19.6%), low carbon transport (13.4%), sustainable water (9.3%), and waste & pollution (5.6%). The demand for green bonds has been growing exponentially with pension funds and insurance companies diversifying their investment portfolios. The total issuance of green bonds was USD 41.8 bn. in 2015 and reached USD 65.4 bn. by November 2016. In the light of the global commitment to shift to a low carbon economy, the green bond market is likely to continue to grow, while attracting more diverse issuers and investors. Key developments in the evolution of the green bond market have included: The green bond market emerged in 2007-08 with the first few issuances by Multilateral Development Banks. Private sector issuers, including corporates and banks joined the market in 2013-2014, supported by the launch of the Green Bond Principles. From 2013, there was a surge in the issuance of labelled green bonds. More countries joined the green bond market in 2015, contributing to a total annual issuance of USD 41.8 bn. Corporate green bonds accounted for 36% of the issuance – the highest share ever, followed by municipalities with 15% and by banks with 12%. Today, the annual green bond issuance continues to grow rapidly and current estimates for 2016 range from USD 70 to USD 100 bn., with much of this growth being the impact of Chinese issuers in the market. 1 The referred main actors are active in both the primary and secondary bond markets. See more details in the Glossary (Annex A) 2 For example, corporate issuers of green bonds whose business model is not oriented towards developing sustainable solutions can flag a responsible and long-term oriented product to investors. 8 The EU green bond market has developed well compared to other green bond
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