E N E R G Y & S U S T A I N A B I L I T Y S U M M I T. June 2014
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1 E N E R G Y & S U S T A I N A B I L I T Y S U M M I T June 2014
2 E N E R G Y & S U S T A I N A B I L I T Y S U M M I T Agenda Page Green Bonds 1 Conservation Finance 5 Energy Efficiency Financing Concepts 8 1
3 G R E E N B O N D S Growth of Green Bond Market November 2007 Onward (in $mm) Most issuance to date has been Supranational and Agency issuers. The Commonwealth of Massachusetts G.O. issued the first municipal Green Bond in 2013, and corporates represent over 50% of the issuance YTD in The forecast for 2014 includes additional expectations of Muni issuers as well as Corporate issuers *** FY 2014 estimate: 35,000 *** 15,859 10,421 2,131 3,965 1,124 1,155 Pre YTD Source: J.P. Morgan as of May 15, 2014 *Includes use of proceeds Green Bonds as well as the Toyota ABS 2
4 G R E E N B O N D S Green Investor Landscape Pure Green Investors Socially Responsible Investors Asset Managers Corporates Green investing mandate is a growing market but currently very limited assets under management Established socially responsible mandate but not necessarily required to buy bonds designated as green Asset Managers have been Corporate governance reporting a positive impact guidelines moving towards on franchise value for green socially responsible investments investing 3
5 G R E E N B O N D S Green Bond Principles (GBP) Green Bond Principles Recommended Process Stage 1: Use of Proceeds Sustainability Framework Definition Declare the eligible Green Project categories (including indirectly through financial intermediaries) in the Use of Proceeds section of the legal documentation for the security Recommended that all designated categories provide clear environmental benefits that can be described, quantified and assessed, where feasible Stage 2: Process for Project Evaluation and Selection Outline the investment decision-making process to be followed in determining the eligibility of an individual investment using Green Bond proceeds If possible, work to establish impact objectives from the projects selected Stage 3: Management of Proceeds Proceeds should be moved to a sub-portfolio or otherwise tracked by the issuer and attested to by a formal internal process While bonds are outstanding, balance should be periodically reduced by amounts of investments made during period Recommend to make known the intended types of eligible instruments for the balance of unallocated proceeds Stage 4: Reporting Report at least annually on the specific investments made from the Green Bond proceeds (in addition to disclosure of Use of Proceeds and the eligible investments for unallocated proceeds) Report on quantitative and/or qualitative performance indicators metrics, where feasible, to measure the impact of the investments 4
6 E N E R G Y & S U S T A I N A B I L I T Y S U M M I T Agenda Page Green Bonds 1 Conservation Finance 5 Energy Efficiency Financing Concepts 8 5
7 C O N S E R V A T I O N F I N A N C E Building the Market for Conservation Finance: NatureVest 6
8 C O N S E R V A T I O N F I N A N C E Conservation Finance Capital Structure Virtually unlimited capital availability for investment-grade credits Easily scalable Traditional Investors (public debt) Mission-Aligned Funding (concessionary capital) Market-driven pricing and terms Concessionary pricing driven by alignment with mission objectives Capital commitments can be custom-tailored to suit individual donor/investor needs Limited capital available Difficult to scale 7
9 E N E R G Y & S U S T A I N A B I L I T Y S U M M I T Agenda Page Green Bonds 1 Conservation Finance 5 Energy Efficiency Financing Concepts 8 8
10 E N E R G Y E F F I C I E N C Y F I N A N C I N G C O N C E P T S Applying the Social Impact Bond or Pay for Success model to energy efficiency financing for a Corporate Client Creating an investment contract where repayment and returns are linked to realizing cost savings and reduced greenhouse gas emissions from energy efficiency projects [1] Investment contract + upfront capital [6] Returns Investors [5] Report savings Corporate Client [3] Energy efficiency projects Cost savings [2] Guarantee (if applicable) Third party assessor [4] Base-line measurements and realized savings Energy Efficiency Projects Guarantor 9
11 Contact us Matt Arnold Managing Director (212) or (202)
12 Additional information available upon request. This material is intended for your personal use and should not be circulated to any other person without our permission and any use, distribution or duplication by anyone other than the recipient is prohibited. We believe the information contained in this material to be reliable but do not warrant its accuracy or completeness. Any investment, products, services or strategies may not be suitable for all clients. Opinions, estimates, investment strategies and views expressed in this document constitute our judgment based on current market conditions and are subject to change without notice. This material should not be regarded as research or a J.P. Morgan research report nor as including sufficient information to support an investment decision and is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The investment strategies and views expressed herein may differ from the opinions expressed by other areas of J.P. Morgan including research. This material is not intended as a recommendation or suggestion concerning municipal derivatives, the issuance of municipal securities, the use of guaranteed investment contracts, or the investment of the proceeds of municipal securities. J.P. Morgan is not acting as a municipal advisor, and the information provided herein shall not constitute advice, within the meaning of Section 975 of the Dodd-Frank Wall Street Reform and Consumer Protection Act The information provided herein is for general informational purposes only. The information is not intended as a recommendation of or an offer or solicitation to purchase or sell any investment product or service or as a recommendation of an investment manager. The investment products and services described herein may not be suitable for all clients. The recipient of this material must make its own independent decisions regarding any securities or financial instruments mentioned herein. Furthermore, please be advised that past performance and forecasts are not reliable indicators of future results. Clients should contact their J.P. representative and execute transactions through a J.P. Morgan subsidiary or affiliate in their home jurisdiction unless governing law permits otherwise. 11
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