Climate Bonds Initiative

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1 Climate Bonds Initiative Serena Vento- Head of Partnerships & Commercial Relationships Matteo Bigoni Certification Manager Climate Bonds Initiative Milano 2 Luglio 2018 The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

2 Mobilising Capital Markets for Climate Change Solutions- Why it Matters The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

3 Source: NASA Scientific Vizualization Studio

4 Our current path: catastrophic climate change! 3m sea level rise 7m sea level rise Source: 2020 The Climate Turning Point Source: 2020 The Climate Turning Point

5 We know what to do, and the Capital is there All infrastructure has to now be green. And rivers of capital need to flow to assets and projects that are the right ones for the 2050 world we have to build. Christiana Figueres, UNFCCC

6 And investors are committed - USD 60tn AuM represented at UN Climate Summit NYC Insurers pledge to increase climate investments by factor 10 by Paris Green Bonds Statement: USD 11 tn asking for more green paper - Investors supported by EU HLEG on Sustainable Finance & FSB s TCFD

7 Bridge to SDGs via resilience links SDGs 6, 7, 9, 11,13 & 15

8 Rapidly mobilising capital towards a low carbon world Changing the narrative around climate finance Tracking the market Developing Standards Policy models and advice Partnerships & access to capital

9 Our Partners

10 INTRODUCTION TO THE GREEN BOND MARKET The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

11 Rapid growth continues 85% up on 2017 USD160.2bn total issuance Over 1,500 green bond issues 40 countries, all continents ABS Financial corporate Non-financial corporate Development bank Local government Government-backed entity Sovereign Loan 2018 Ambition $300bn 2018 Target $250bn 249 issuers (156 new) 100 USD10.7bn largest bond 4 sovereign GBs: France, Fiji, Nigeria, Poland USD Billions April 2018 The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

12 $373bn Green bonds have a long way to grow Outstanding, 15 May 2018 $895bn Outstanding, 30 June 2017 The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

13 What are Green Bonds? Green bonds are debt securities issued by financial, non-financial or public entities where the proceeds are used to finance 100% green projects and assets Just like regular vanilla bonds. Green is a bonus feature to the bond. It s about the projects and the assets, not the issuer. The green label is a tool for investors Proceeds to climate projects Any entity Any structure Reporting Comparable pricing to vanilla bonds Refinance as well as new projects Sovereign Local Government Multilateral Development Banks Commercial Banks Corporates Senior unsecured Asset backed Covered Bonds Loans, Sukuk, others Transparency to assets and projects Independent review Reporting on use of proceeds The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

14 Who buys Green Bonds? Profile of investors As the Green Bond markets have grown and attracted increasing attention, there is more mainstreaming of investors which buy into these instruments. Whilst a certain group of investors are those with green mandates and ESG related investing activities, there is also increasing uptake by vanilla investors. Large pension funds and asset managers are increasingly looking for sustainability and low carbon related investments and often, these green bonds fit exactly what they are looking for There are substantial climate change risks to insurers and insurers are becoming increasingly aware of this. Increasing the amount of low carbon investments in their portfolio is part of that long term risk mitigation The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

15 Green bond benefits there s more to bond happiness than pricing alone! Issuer benefits become more and more apparent and diverse Issuer benefits Investor diversification (regions, types) Investor engagement and stickiness CSR / Funding alignment supporting reputation given strong and persistent investor demand for green. Investor benefits Greening AuM through well-understood products Access to green assets / projects without project risk Strong secondary market performance Engagement with company management on green The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

16 US, China & France dominated 2017 issuance Cumulative issuance (RHS) USD Billions The US, China and France led the way accounting for 56% of global issuance. Largest overall issuer was Fannie Mae with USD24.9bn from green MBS program. The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

17 Green issuance is spreading globally Cumulative, data as of 19 th March 2018 The Climate Bonds Initiative - Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

18 Renewable energy & green buildings dominate the use of proceeds 6,5 Bn 4% 4,9 Bn 3% 3,7 Bn 3% 0,2 Bn 0% 20,9 Bn 13% 24,1 Bn 15% 2017 USD160.2bn 53,1 Bn 33% Energy Buildings Transport Water Waste Land Use Adaptation Industry 46,7 Bn 29% The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

19 Underwriters are competing for business The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

20 Rules for green bond markets Chinese regulations & definitions EU Taxonomy and Green Bonds Standards India Green Bond Regulations Canada, Argentina ASEAN Green Bond guidelines Use of proceeds Process for Project Selection Management of Proceeds Reporting Morocco, Indonesia, Singapore, Japan, Peru, Chile

21 Rules for green bond markets Use of proceeds Process for Project Selection Management of Proceeds Reporting

22 Green Definitions Next: EU Sustainable Finance Taxonomy via High-Level Expert Group on Sustainable Finance

23 Criteria & Governance Chinese regulations & definitions EU Taxonomy and Green Bonds Standards India Green Bond Regulations Canada, Argentina ASEAN Green Bond guidelines Morocco, Indonesia, Singapore, Japan Use of proceeds Process for Project Selection Management of Proceeds Reporting

24 Certification

25 Harmonisation of green definitions and criteria is an immediate goal for the green bond market Investors are interested to see the details of the projects and assets linked to the bond, but they often don t have the technical background to judge its merits Second Party Opinions have provided this confidence based on a number of different proprietary approaches and reassuring narratives on green credentials There is a need for consistent and widespread use of definitions and criteria to alleviate this uncertainty for investors, especially mainstream (non-esg) investors. Work is underway in the EU and in China, with support from CBI and GBP High Level Group on Sustainable Finance (EU HLEG) Climate Bonds led the Sustainability Taxonomy Sub-Group Global taxonomy - not just for EU issuers and investors China Green Bond Catalogue Climate Bonds has advised the Chinese Government on their definitions HLEG partner EIB and China Green Finance Committee working on harmonisation across the EU Taxonomy and China Green Bond Catalogue The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

26 Take up of the Certification option is growing: from 8% in 2016 up to 15% in 2017 The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

27 New York MTA currently the largest issuer of Certified Climate Bonds MTA have issued seven Certified Climate Bonds so far 1. February 2016, USD 782m 2. May 2016, USD 558m 3. February 2017, USD 312m 4. March 2017, USD 326m 5. May 2017, USD 608m 6. September 2017, USD 662m 7. December 2017, USD 2.17bn Eligible green assets in MTA s green bond framework include: Commuter rail routes Subway routes Rapid transit Bus routes Supporting infrastructure The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

28 Some of the issuers of Certified Climate Bonds The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

29 QUESTIONS? The Climate Bonds Initiative Milano, Luglio 2018 Copyright Climate Bonds Initiative 2018

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