Access to China's Green Bond Market. June 2017
|
|
- Trevor Hopkins
- 5 years ago
- Views:
Transcription
1 Access to China's Green Bond Market June 2017
2 Main content 1. Current State of Green Bond Market in China 2. Features of CUFE-CNI Green Bond Index Series
3 Overview of the Market Top-level design of green finance to support development objective Innovative, Coordinated, Green, Open and Shared Development (13th Five-Year Plan) An annual investment of at least 2 trillion Yuan is needed to achieve the environmental targets Green Bond offers an efficient channel of financing environmental projects The 3rd largest bond market (CNY 68 trillion), and 2nd largest in corporate bond market (31trillion) National standard of green bond criteria have been published Green Finance Committee of China Society of Finance and Banking (GFC) established in April 2015 PBoC officially announced the Green Bond Endorsed Project Catalogue of GFC ( Dec 2015 ) According to GFC Catalogue, the size of green bonds reached CNY 2.25 trillion as of May 2017
4 Defining Green Bond in China: GFC Catalogue 6 categories and 31 sub-categories of Green Projects Reporting on the use of bond proceeds Category GB1 GB2 GB3 GB4 GB5 GB6 Energy Saving Pollution Prevention and Control Resource Conservation and Recycling Clean Transportation Clean Energy Ecological Protection and Climate Change Adaption ü Conforming to national conditions ü In line with international practice For more details, please refer to the appendix. 4
5 2 trillion green bond and use of proceeds Clean Energy Clean Transportation As of May 2017; CUFE, CNI Index * Debt amount includes only the portion for green purpose usage. * GBm : Mixed use of proceeds in line with at least 2 categories. 5
6 Growing issuance, with improved transparency As of May 2017; CUFE, CNI Index * Debt amount includes only the portion for green purpose usage. 6
7 Main content 1. Current State of Green Bond Market in China 2. Features of CUFE-CNI Green Bond Index Series
8 Intro. of CUFE-CNI Green Bond Index Series Collaboration with International Institute of Green Finance, Central University of Finance and Economics CUFE IIGF is a standing member of GFC actively involved in setting green bond standard Designed to track the performance of labeled and unlabeled green bonds in China Including three total return indices CUFE-CNI High Grade Green Bond TR Index (Index Code: CNB00013) CUFE-CNI High Grade CUFE-CNI High Grade Unlabeled Green Bond Labeled Green Bond TR Index(CNB00014) TR Index(CNB00015) Synchronously quoted in China and Europe (Luxembourg Stock Exchange) 8
9 Highlights of the Index Methodology Strictly accordant with national standard of Green Bond Use only GFC Catalogue for green bond identification Bond specific analysis on the funding usage (CUFE IIGF) * Focusing on green bonds with the highest credit quality Select only government-related bond and AAA credit Establishing the labeled and unlabeled green bond index separately Overall and unlabeled index is traced back to 2011 EOY, and Labeled green bond back to 2016 EOY Index Criteria and Calculation Methodology Sample range Selection Weighting Rebalancing Pricing Base Date Unlabeled and labeled green bond aligning the GFC Catalogue (CUFE IIGF), publicly-offered in China onshore bond market Govt. Bond, Policy Bank Bond, and Credit bonds of AAA issuers, fixed-rate coupon and RMB denominated Minimum maturity 91 days, and original term at issuance is between1 and 10 years (including) Excluding floating rate, convertible bond and ABS/ABN Adjusted market cap, which is the portion of bond proceeds used exclusively for green purpose Once a month at month end Market observed price, and CNI evaluated price for CNB00013 and CNB00014; for CNB00015 * In case funding usage of the bond is not available, it will also be treated as green if at least 90% of the issuers revenue comes from green sectors. 9
10 Performance of the Indices Index Cum. Return(%) Annualized Return (%) Volatility 3-year 5-year 3-year CNB CNB CNB00015 * / / / T-Bond Index Source: CNI Index, as of May 2017 *The cumulative return of labeled green bond index is traced backed to Due to the short history, it s not displayed in above chart. 10
11 1.5 trillion Index Coverage, 85% Unlabeled Index N.O. of bonds Debt Amt (0.1 billion) WAVG* Maturity (yr) WAVG* Coupon(%) CNB CNB CNB Source: CNI Index, as of May 2017 (after EOM rebalancing) * The statistic is weighted by debt amount, and the charts show the split of index constituents by number of bonds. 11
12 Top 10 Issuers of Unlabeled Green Bond Dominated by Clean Transportation and Clean Energy Issuer N.O. of bonds Debt Amt (0.1 billion) WAVG Maturity (yr) WAVG Coupon(%) Note China Railway Transportation China Three Gorges Corp Electricity State Grid Corporation of China Electricity Guangzhou Metro Group Transportation China Yangtze Power Electricity Beijing Infrastructure Investment Transportation Shanghai Shentong Metro Group Transportation Changsha City Rail Transportation Group Transportation Shenzhen Metro Group Transportation Huadian Fuxin Energy Corp Electricity Source: CNI Index, as of May 2017 (after EOM rebalancing) 12
13 Top 10 Issuers of Labeled Green Bond Growing rapidly, commercial and policy banks are most active Issuer N.O. of bonds Debt Amt (0.1 billion) WAVG Maturity (yr) WAVG Coupon(%) Note Industrial Bank Commercial Bank Shanghai Pudong Development Bank Commercial Bank Bank of Communications Commercial Bank Bank of Beijing Commercial Bank China Development Bank Corp Policy Bank Agricultural Development Bank of China Policy Bank State Grid Corporation of China Electricity Harbin Bank Commercial Bank Bank of Nanjing Commercial Bank China Energy Conservation and Environmental Protection Group Source: CNI Index, as of May 2017 (after EOM rebalancing) Industrial 13
14 Perspective of Green Bond Fund Green Bond Fund Fund Manager Location Established TIAA-CREF Social Choice Bond Fund Teachers Advisors, Inc US SEC registration 2012 Calvert Green Bond Fund Calvert Investment Management, Inc US SEC registration 2013 AXA World Funds Planet Bonds AXA Investment Managers Paris Luxembourg-SICAV 2015 State Street Green Bond Index Fund State Street Global Advisor Luxembourg-SICAV 2015 Mirova Green Bond Global Natixis Asset Management / Mirova France-SICAV 2016 Green Bond Index ETF Van Ereck US SEC registration 2016 Amund-IFC Green Bond Fund Amundi France-SICAV 2017 Green bond index funds and ETF are gaining popularity in global market The CUFE-CNI indices offer transparent exposure to the Chinese green bond market, with attractive yields 14
15 Appendix: GFC Catalogue Level I Level II Category Note GB1: Energy Saving GB2: Pollution Prevention and Control GB3: Resource Conservation and Recycling 1.1.Industrial Energy Saving 1.2 Sustainable Building 1.3 Energy Management Center 1.4 Urban and Rural Infrastructure Construction with Energy Saving Efficiency 2.1 Pollution Prevention and Control 2.2 Environmental Restoration Project 2.3 Clean Utilization of Coal 3.1 Water Saving and Unconventional Water Use 3.2 Redevelopment and Integrated Utilization of Tailings and Associated Mine 3.3 Recycling and Utilization of Industrial Solid Wastes, Exhaust Gas, and Effluent 3.4 Recycling, Processing and Utilization of Renewable Resource 3.5 Remanufacturing of Electromechanical Products 3.6 Recycling and Utilization of Biomass Resource through constructing high efficiency facilities and conducting energy-saving improvement, to reduce energy/ water/ raw material consumption per unit product or service, lower pollutants and GHG (e.g.,co2) emissions generated from resource consumption, and achieve resource conservation, GHG emission reduction and pollutant alleviation. through constructing facilities for desulfurization, denitrificaiton, dust removal and sewage treatment, as well as other forms of integrated environmental treatment, to reduce pollutant discharge, control environmental pollution, protect, restore and improve environment. through the exploitation and reuse of tailings and associated mines, reuse of industrial and agricultural waste, recycling and remanufacturing of waste metals and non-metallic, to improve resource utilization, save resources and minimize environmental damages. 15
16 Appendix: GFC Catalogue (cont.) GB4: Clean Transportation GB5: Clean Energy GB6: Ecological Protection and Climate Change Adaption 4.1 Railway Transportation 4.2 Urban Rail Transit 4.3 Public Urban and Rural Transportation 4.4 Waterway Transportation 4.5 Clean Fuel 4.6 New Energy Automobile 4.7 Internet Application on Transportation 5.1 Wind Power Generation 5.2 Solar Photovoltaic (PV) Power Generation 5.3 Smart Grid and Energy Internet 5.4 Distributed Energy Resource 5.5 Solar Thermal Application 5.6 Hydropower Generation 5.7 Other New Energy Application 6.1 Natural Ecological Protection and Protective Development of Tourism Resource 6.2 Ecological Agriculture, Husbandry and Fishery 6.3 Forestry Development 6.4 Emergency Prevention and Control of Disaster through constructing high efficiency facilities and conducting energy-saving improvement, to reduce energy/ water/ raw material consumption per unit product or service, lower pollutants and GHG (e.g.,co2) emissions generated from resource consumption, and achieve resource conservation, GHG emission reduction and pollutant alleviation. substituting fossil energy consumption with renewable energy such as solar energy, wind energy, hydropower, geothermal energy, ocean energy, to reduce pollutants and CO2 emitted from the exploitation, production and consumption of fossil fuels; through the utilization of low carbon energy such as natural gas, to minimize pollutant discharge and GHG emission reduction. through comprehensive treatment of soil erosion, ecological restoration, disaster prevention and control, and natural reserve construction, to improve the ecological environment quality, strengthen disaster prevention ability, and enhance biodiversity conservation, etc.; through afforestation, forest tending and conservation, eco-agriculture, animal husbandry and fishery, and strengthened infrastructure construction, to mitigate or adapt climate change and reduce the adverse effects of climate change on social and economic development. 16
17 Disclaimer This document has been compiled by the Shenzhen Securities Information Co., Ltd. ( SSIC ) for information purpose only. SSIC has attempted to ensure that the information in this document is accurate, but is not guarantee the accuracy, timeliness, completeness, performance or fitness for a particular purpose of the document or any of the information in it. No responsibility or liability can be accepted by Shenzhen Stock Exchange or SSIC for any errors or for any loss from use of this publication or any of the information or data contained herein. Past performance is no guarantee of future results. 17
18 Thanks For more information please visit Or contact us: Tel:
GREEN BOND FRAMEWORK
GREEN BOND FRAMEWORK November 2017 1 Contents 1. CDB Background... 3 2. CDB s Green Strategy... 3 3. Green Bond Framework... 4 4. Third Party Verification... 7 Disclaimer... 8 2 1. CDB Background China
More informationBank of China Limited Sustainability Series Bonds Management Statement
Bank of China Limited Sustainability Series Bonds Management Statement Bank of China Limited, including all its branches globally ( BOC ) is responsible for the preparation and fair presentation of this
More informationResponsible investment in green bonds
Responsible investment in green bonds march 2016 Contents 1 Green bonds 3 2 Investing in themes 4 2.1 Climate 4 2.2 Land 4 2.3 Water 4 3 Definition of green bonds 5 4 Conclusion 7 Appendix 1: CBI Standards
More informationThe GBP Databases and Indices Working Group. Summary of Green Bond Database Providers
The GBP Databases and Indices Working Group Summary of Green Bond Database Providers May 2017 1 This material was prepared by the GBP Databases & Indices Working Group, coordinated by BNP Paribas and HSBC,
More informationpggm.nl pggm.nl PGGM Fixed Income Green and social bond framework Adopted by PGGM Vermogensbeheer BV
pggm.nl pggm.nl PGGM Fixed Income Green and social bond framework d December 2017 Adopted by PGGM Vermogensbeheer BV PGGM Fixed Income Green and social bond framework 1. Introduction Dedicated use-of-proceeds
More informationGreen Bond Framework
Green Bond Framework ENGIE is committed to successfully addressing the energy challenges of coming decades by producing energy that emits low CO 2. The environment, universal access to energy and the quest
More informationSolar Gr G e r en n Bond n s s Webinar July 2016
Solar Green Bonds Solar Green Bonds Webinar July 2016 Topics covered in this webinar 1. CBI & the green bond market 2. Green bond labelling & the role of standards 3. Climate Bonds Standard & Certification
More informationAnnual Report on Bank of China s Green Bonds. Outstanding BOC Green Bonds
Annual Report on Bank of China s Green Bonds Bank of China ( BOC ) Green Bonds enables BOC to support environment friendly projects and companies which are particularly active in terms of environment preservation,
More informationInvesco Fixed Income Investment Insights China green bonds: A sustainable asset class
Invesco Fixed Income Investment Insights China green bonds: A sustainable asset class October, 2017 Ken Hu Chief Investment Officer, Fixed Income, Asia Pacific China is shifting the green bond market with
More informationThe Green Bond Principles. Beijing, September 2016
The Green Bond Principles Beijing, September 2016 Table of Contents 1. Green Bond Global Market Overview and Green Bond Principles 2. Market Dynamics and Key Developments 1. Green Bond Global Market Overview
More informationStrategic Development of Green Bond Market in Hong Kong
Strategic Development of Green Bond Market in Hong Kong Overview and Considerations for Future Actions of the Government 19th October 2017 Emission (GtCO 2 ) Impact of climate change Selected greenhouse
More informationBank of China Limited Green Bond Management Statement
Bank of China Limited Green Bond Management Statement Bank of China Limited, including all its branches globally, ( BOC ) is responsible for the preparation and fair presentation of this Green Bond Management
More informationMSCI Global Environment Indices Methodology
MSCI Global Environment Indices Methodology 1. Introduction The MSCI Global Environment Indices are free float-adjusted market capitalization weighted indices designed to provide exposure to environmental
More informationFrom Zero to Hero lessons and experiences from the growth of the Chinese green bond market
From Zero to Hero lessons and experiences from the growth of the Chinese green bond market Alan XiangruiMeng Green Bond Analyst Climate Bonds Initiative March 2018 Which is green? What is a green bond?
More informationCGN INAUGURAL GREEN BOND ISSUANCE
CGN INAUGURAL GREEN BOND ISSUANCE Table of Contents 1. Independent Limited Assurance Statement 1 Appendix: Green Bond Management Statement 3 2. Green Bond Framework 6 Page 1 of 13 Page 2 of 13 Appendix
More informationMSCI Global Environment Indices
Methodology August 2010 2010 MSCI All rights reserved 1 of 8 1 INTRODUCTION The MSCI Global Environment Indices are free float-adjusted market capitalization weighted indices designed to provide exposure
More informationBank of China Limited Green Bond Management Statement
Bank of China Limited Green Bond Management Statement Bank of China Limited, including all its branches globally ( BOC ) is responsible for the preparation and fair presentation of this Green Bond Management
More informationMiFID II product governance / Retail investors, professional investors and ECPs target market -
MiFID II product governance / Retail investors, professional investors and ECPs target market - Solely for the purposes of the manufacturer s product approval process, the target market assessment in respect
More informationPERSPECTIVES SERIES GREENING THE FINANCIAL SYSTEM: GREEN BONDS ANGELA CHAN AND MARK CHAN 15 MARCH 2018
PERSPECTIVES SERIES GREENING THE FINANCIAL SYSTEM: GREEN BONDS ANGELA CHAN AND MARK CHAN 15 MARCH 2018 1 OVERVIEW Background to green finance and Green Bonds The Green Bond Principles (2017) Climate Bond
More informationASEAN GREEN BOND STANDARDS
ASEAN GREEN BOND STANDARDS November CONTENTS Page Introduction 1 Definitions 5 1.0 Scope of ASEAN Green Bond Standards 7 2.0 Objective of ASEAN Green Bond Standards 7 3.0 Criteria for ASEAN Green Bonds
More informationMarket Summaries. People s Republic of China. Yield Movements. Size and Composition
Market Summaries People s Republic of China Yield Movements The People s Republic of China s (PRC) government bond yield curve fell between 1 June and 15 August (Figure 1). The entire yield curve shifted
More informationBonds and Climate Change
Bonds and Climate Change The state of the market in 2013 New York September 2013 Bloomberg Context HSBC estimates that USD10trn in investment is required between 2010 and 2020 for the low-carbon economy
More informationOpportunities from China's Environmental Renaissance
KGRN 12/31/2018 Opportunities from China's Environmental Renaissance Overview of the KraneShares MSCI China Environment ETF (Ticker: KGRN) info@kraneshares.com 1 Introduction to KraneShares About KraneShares
More informationGreen Bond Guidelines for the Real Estate Sector
Green Bond Guidelines for the Real Estate Sector October 2016 Introduction The Green Bond Principles ( Principles ) provide the basis for capital market participants to originate Green Bonds; specifically,
More informationCHINA GREEN BOND MARKET
CHINA GREEN BOND MARKET 2017 A USD37. Chinese Green Bond Market The British Embassy Beijing is a supporter of the Climate Bonds Published in February 2018 jointly by the Climate Bonds Initiative and China
More informationKey considerations when looking for greener pastures
AUTHOR S PERSPECTIVE Green bonds Key considerations when looking for greener pastures Clive Smith, Senior Portfolio Manager, Fixed Income EXECUTIVE SUMMARY The green bond market is a relatively new development
More informationANDRA AP- FONDEN GREEN BONDS ANDRA AP-FONDEN AND GREEN BONDS
ANDRA AP- FONDEN GREEN BONDS 2 ANDRA AP-FONDEN AND GREEN BONDS A decade of green bonds 3 Andra AP-fonden (AP2) celebrates ten years as an active green bond investor. In November 2008, the Fund invested
More informationE1/95. Green Evaluation TenneT Holding B.V. Green Bonds. Transaction Overview. Green Evaluation Overview. Overall Score. Transparency.
Green Evaluation TenneT Holding B.V. Green Bonds Transaction Overview TenneT Holding B.V. (TenneT) is a transmission system operator (TSO) headquartered in the Netherlands. On June 12, 2017, TenneT issued
More informationOpportunities for Engagement
Nanjing University China s 12 th FYP: Transformation and Upgrade Opportunities for Engagement September, 2010 Prof. Li Xindan School of management and engineering Agenda Navigating risk in a land of opportunity
More informationChina CleanTech Index
China CleanTech Index April-June 2016 Quarterly Performance Report Published internationally by: Published in China by: Published in Australia by: Produced by: To request further information or to be added
More informationSecond-Party Opinion Banco Atlántida Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles, 2018. This assessment is based on
More informationResponsibilities of the Management of Swedbank and DNV GL
SWEDBANK GREEN BOND DNV GL ELIGIBILITY ASSESSMENT Scope and Objectives Swedbank AB (henceforth referred to as Swedbank ) provides various banking products and services to private, corporate, and organizational
More informationGBP SBP Databases and Indices Working Group. Summary of Green Social - Sustainable Bonds Database Providers
GBP SBP Databases and Indices Working Group Summary of Green Social - Sustainable Bonds Database Providers June 2018 1 This material was prepared by the GBP-SBP Databases & Indices Working Group, coordinated
More informationFramework Overview and Second Party Opinion Mitsubishi UFJ Lease and Finance Green Bond
Mitsubishi UFJ Lease and Finance Green Bond Evaluation Summary Sustainalytics is of the opinion that the Framework is transparent, will create meaningful impact, and aligns with the Green Bond Principles
More informationTABLE OF CONTENTS 1. GUERNSEY GREEN FUND SCOPE INVESTMENT CRITERIA APPLICATIONS DESIGNATION... 3
BLANK PAGE The Guernsey Green Fund Rules, 2018 ii TABLE OF CONTENTS 1. GUERNSEY GREEN FUND... 1 2. SCOPE... 1 3. INVESTMENT CRITERIA... 1 4. APPLICATIONS... 3 5. DESIGNATION... 3 6. OVERSIGHT OF THE FUND...
More informationOpportunities from China's Environmental Renaissance
KGRN 6/30/2018 Opportunities from China's Environmental Renaissance Overview of the KraneShares MSCI China Environment ETF (Ticker: KGRN) info@kraneshares.com 1 Introduction to KraneShares About KraneShares
More informationPASUKHAS GREEN ASSETS SDN BHD
PASUKHAS GREEN ASSETS SDN BHD ASEAN GREEN SRI SUKUK PROPOSED SUKUK ISSUANCE OF RM200.0 MILLION SECOND OPINION REPORT 26 FEBRUARY 2019 Analysts Dinagaran Chandra (603) 7628 1039 dina@ram.com.my Benjamin
More informationGreen Bond / Green Bond Programme. External Review Form
Green Bond / Green Bond Programme External Review Form Section 1. Basic Information Issuer name: Deutsche Hypothekenbank (Actien-Gesellschaft) Green Bond Framework Review provider s name: oekom research
More informationS&P Global Ratings Green
S&P Global Ratings Green Michael Wilkins Managing Director Global Infrastructure Ratings Copyright 2016 by S&P Global. All rights reserved. Bond Evaluation Tool Live Webcast Tuesday, 25 th October 2016
More informationFramework Overview and Second-Party Opinion Japan Excellent, Inc. Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Japan Excellent, Inc. (JEI) Green Bond Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles
More informationContents. Section 2: Tax credits for environment industry activities
Contents Section 1: Definitions Article 1: Definitions Section 2: Tax credits for environment industry activities Article 2: Tax credit rate Article 3: Procedures to take advantage of this tax credit Section
More informationHow does going green affect firms financial performance? Evidence from a global firm level dataset.
How does going green affect firms financial performance? Evidence from a global firm level dataset. Tobias Kruse, Myra Mohnen, Peter Pope, Misato Sato OECD GGSD & GGKP 28 November 2018 Contact: T.J.Kruse@lse.ac.uk
More informationportolacreek A California-Registered Investment Advisor Client Questionnaire
portolacreek A California-Registered Investment Advisor Client Questionnaire Our Impact The purpose of this introductory questionnaire is to begin learning about your unique preferences in regard to the
More informationNew Development Bank s 2016 Green Financial Bond Duration Assurance
Appendix I New Development Bank s 2016 Green Financial Bond Duration Assurance Description of the use of proceeds (Reporting Period: 1 January 2017 18 July 2018) In accordance with The Announcement on
More informationEnergy Transition Long-Short Strategy
Energy Transition Long-Short Strategy Methodology Guide 2018-11-07 Table of Contents 1. Strategy Overview and Description... 3 2. Membership Criteria... 4 2.1 Long Component Universe... 4 2.2 Short Component
More informationChina Carbon Market Monitor
China Carbon Market Monitor October 2015/No. 2 The PMR China Carbon Market Monitor provides timely information across the seven Chinese pilot carbon markets. It also provides analysis of climate policy
More informationFramework Overview and Second-Party Opinion Mitsubishi Estate Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Framework is robust, transparent and credible and well aligned with the four core components of the Green Bond Principles 2017. This assessment
More informationJapan s Green Bond Guidelines
Japan s Green Bond Guidelines Overall illustration of environmental finance policies and individual initiatives Prepare and publish a commentary that sorts concepts etc. that institutional investors and
More informationSINDICATUM RENEWABLE ENERGY COMPANY GREEN BOND
SINDICATUM RENEWABLE ENERGY COMPANY GREEN BOND SECOND OPINION BY SUSTAINALYTICS November 13, 2017 www.sustainalytics.com Ankita Shukla (Toronto) Senior Advisor, Advisory Services ankita.shukla@sustainalytics.com
More informationSecond-Party Opinion EDP Green Bond The Framework applies to issuances by EDP Energias de Portugal S.A. and EDP Finance BV.
The Framework applies to issuances by EDP Energias de Portugal S.A. and EDP Finance BV. Evaluation Summary Sustainalytics is of the opinion that the Framework is credible and impactful, and aligns with
More information(for marketing during the Subscription Period only (20 July September 2018))
MiFID II product governance / Retail investors, professional investors and ECPs target market Solely for the purposes of the manufacturer s product approval process, the target market assessment in respect
More informationMITSUBISHI UFJ FINANCIAL GROUP GREEN BOND
MITSUBISHI UFJ FINANCIAL GROUP GREEN BOND FRAMEWORK OVERVIEW AND SECOND OPINION BY SUSTAINALYTICS September 1st, 2016 Farnam Bidgoli (London) Trisha Taneja (Toronto) Dominic Chan (Singapore) Manager, Advisory
More informationResearch FTSE Russell China Bond Research Report
Research FTSE Russell China Bond Research Report October 2018 ftserussell.com FTSE Russell China Bond Research Report Highlights On August 24 China implemented real-time delivery-versuspayment (DVP) settlement
More informationQBE INSURANCE GROUP GREEN BOND
QBE INSURANCE GROUP GREEN BOND FRAMEWORK OVERVIEW AND SECOND OPINION BY SUSTAINALYTICS March 20 th, 2017 www.sustainalytics.com Trisha Taneja (Toronto) Advisor, Advisory Services trisha.taneja@sustainalytics.com
More informationStrongly committed to ecological
Strongly committed to ecological transition thanks to an ambitious law passed in August 2015, and building on the success of the COP21 and the signing of the Paris Climate Agreement, at the end of 2015
More informationIBERDROLA FRAMEWORK FOR GREEN FINANCING (the Framework )
IBERDROLA FRAMEWORK FOR GREEN FINANCING (the Framework ) February 2018 IBERDROLA Framework for Green Financing 1 Index I. INTRODUCTION... 3 1. RATIONAL... 3 2. SCOPE... 3 3. PRINCIPLES AND GENERAL GUIDELINES...
More informationENEL Green Bond Framework
ENEL Green Bond Framework December 2017 1. Introduction Enel and its subsidiaries (the Group or the Enel Group ) are deeply committed to the renewable energies sector and to researching and developing
More informationA green China what you need to know by Ken Hu
A green China what you need to know by Ken Hu January 2018 Going green has emerged as a key component of China s current growth plans as the country sets its sights on addressing pollution concerns and
More informationTHE CARBON YIELD METHODOLOGY
THE CARBON YIELD METHODOLOGY This methodology, funded by the Rockefeller Foundation, was produced as a collaboration between Lion s Head Global Partners (LHGP), a specialist Merchant Bank and Asset Manager;
More informationMirova obtains the new Energy and Ecological Transition for Climate label for its three funds
Paris, 23 May 2016/2 obtains the new Energy and Ecological Transition for Climate label for its three funds, an asset management company dedicated to responsible investment, today announced that the Environmental
More informationSecond-Party Opinion Commerzbank Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Framework is credible and impactful and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on
More informationChina Green Bond Market Mid Year Report 2017 中国绿色债券市场 2017 半年报
China Green Bond Market Mid Year Report 2017 中国绿色债券市场 2017 半年报 JANUARY-JUNE 2017 2017 年 1 月至 6 月 Market Overview China s green bond market growth was on track in the first half of 2017 At the end of June,
More information- 2 - COPY OF FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 60 /POJK.04/2017 ON THE ISSUANCE AND THE TERMS OF GREEN BOND
- 2 - FINANCIAL SERVICES AUTHORITY OF THE REPUBLIC OF INDONESIA COPY OF FINANCIAL SERVICES AUTHORITY REGULATION NUMBER 60 /POJK.04/2017 ON THE ISSUANCE AND THE TERMS OF GREEN BOND BY THE GRACE OF GOD THE
More informationGreen Financing & Green PPP implementation in China. WANG Dai Researcher/Engineer Tianjin Academy of Environmental Sciences
Green Financing & Green PPP implementation in China WANG Dai Researcher/Engineer Tianjin Academy of Environmental Sciences Köln - Germany 17/09/2017 Green Financing & Green PPP implementation in China
More informationGreen Bonds 101. Financing Solutions to Climate Change. Justine Leigh-Bell, Climate Bonds Initiative. 26 May 2016
Green Bonds 101 Financing Solutions to Climate Change Justine Leigh-Bell, Climate Bonds Initiative 26 May 2016 Agenda 1. Introduction to the Climate Bonds Initiative 2. What is a bond? 3. Challenge + Opportunity:
More informationIBERDROLA FRAMEWORK FOR GREEN FINANCING
IBERDROLA FRAMEWORK FOR GREEN FINANCING April 2018 IBERDROLA Framework for Green Financing 1 Index I. INTRODUCTION... 3 1. RATIONAL... 3 2. SCOPE... 3 3. PRINCIPLES AND GENERAL GUIDELINES... 4 II. PROCEDURES...
More informationSecond-Party Opinion Korea East-West Power Co. Ltd Sustainability Bond
Korea East-West Power Co. Ltd Sustainability Bond Evaluation Summary Sustainalytics is of the opinion that the Korea East-West Power Co. Ltd Sustainability Bond Framework is credible and impactful, and
More informationThe state of the market in 2012
Bonds and Climate Change The state of the market in 2012 E N E R G Y W A S T E A N D C O N T R O L P O L L U T I O N C L I M AT E F I N A N C E TRANSPORT I N G S A N D I N D U S T R Y I L D B U WAT E R
More informationMarket Summaries. People s Republic of China. Yield Movements
People s Republic of China 89 Market Summaries People s Republic of China Yield Movements Between 31 August and 15 October, the People s Republic of China s (PRC) yield curve shifted slightly downward
More informationFacilitating Cross- Border Capital Flows to Grow the China Green Bond Market
Facilitating Cross- Border Capital Flows to Grow the China Green Bond Market Climate Bonds Initiative Facilitating Cross-Border Capital Flows to Grow the China Green Bond Market Climate Bonds Initiative
More informationUse of Innovative Public Policy Instruments to Establish & Enhance the Linkage Between Green Technology and Finance
March 12, 2018 Use of Innovative Public Policy Instruments to Establish & Enhance the Linkage Between Green Technology and Finance PRAJWAL BARAL Co-Founder & Managing Partner, Hornfels Group Ltd. International
More informationResponsible Investment
資料 1-1 Responsible Investment 19 November 2018 1 19 November 2018 Executive Summary MULTIPLE FORCES ON CLIMATE CHANGE AMUNDI PLAYS A PIVOTAL ROLE IN THIS FIELD Unprecedented challenge Multiple forces to
More informationSection 54 Credit to holders of clean renewable energy bonds
IRC Sections 54, 54A-E and 45(d) Section 54 Credit to holders of clean renewable energy bonds (a) Allowance of credit If a taxpayer holds a clean renewable energy bond on one or more credit allowance dates
More informationMany Shades of Green. Disclosure Documents in Green Bond Offerings
Many Shades of Green Disclosure Documents in Green Bond Offerings A New Type of Municipal Security Green bonds are a relatively new category of debt that presently accounts for only a small volume of overall
More informationFinancial Instruments NCFF and PF4EE
Financial Instruments NCFF and PF4EE Add Country Add Date 2015 Add Name Add Affiliation Financial Instruments (FIs) Combined EIB and EC lending programme Managed by the EIB Two types: Private Financing
More informationNAFIN S ANNUAL GREEN BOND REPORT
As of November 03,2016 NAFIN S ANNUAL GREEN BOND REPORT I. Green Commitment. In line with the objectives of the Federal Government focused on promoting Sustainable Development in Mexico, stated in the
More informationClimate Bonds Standard Version 3.0
Climate Bonds Standard Version 3.0 Climate Bonds Initiative 1 Table of Contents The structure of the Climate Bonds Standard had been adjusted to better reflect its consistency and alignment with the Green
More informationChina CleanTech Index
China CleanTech Index January-March 2017 Quarterly Performance Report Published internationally by: Published in China by: Published in Australia by: Produced by: To request further information or to be
More informationTHE STATE OF CLIMATE CHANGE RISK MANAGEMENT BY INSTITUTIONAL INVESTORS
FROM MSCI ESG RESEARCH LLC THE STATE OF CLIMATE CHANGE RISK MANAGEMENT BY INSTITUTIONAL INVESTORS Current Status and Future Trends Short Version* July 2017 Manish Shakdwipee *The full version of this report
More informationESG INTEGRATION IN GREEN AND SOCIAL BONDS. Assessment process. Public 1
ESG INTEGRATION IN GREEN AND SOCIAL BONDS Assessment process Public 1 Content 1. WHY ACTIAM INVESTS IN GREEN AND SOCIAL BONDS?... 3 2. ACTIAM GREEN AND SOCIAL BOND ASSESSMENT PROCESS... 4 Phase 1: ACTIAM
More informationMarket Summaries. People s Republic of China. Yield Movements. Size and Composition
Market Summaries People s Republic of China Yield Movements The government bond yield curve of the People s Republic of China (PRC) shifted upward for all tenors between 1 September and 31 October (Figure
More informationGreen Bond Principles, 2014 Voluntary Process Guidelines for Issuing Green Bonds
Green Bond Principles, 2014 Voluntary Process Guidelines for Issuing Green Bonds January 13, 2014 I. EXECUTIVE SUMMARY Green Bonds enable capital-raising and investment for new and existing projects with
More informationJCR Assigned Green 1 to the Trust Beneficiary Rights
18-D-0557 September 28, 2018 Green Bond Evaluation by Japan Credit Rating Agency, Ltd. The Japan Credit Rating Agency, Ltd. (JCR) announces the following Green Bond Evaluation. JCR Assigned Green 1 to
More informationSizing the Potential Green Bond Market in Canada
Sizing the Potential Green Bond Market in Canada Summary The 2016 Canadian edition of the Bonds and Climate Change Report indicated that Canadian issuers currently account for $32.9bn outstanding of climate-aligned
More informationANNEX. to the. Proposal for a Regulation of the European Parliament and of the Council. establishing the InvestEU Programme
EUROPEAN COMMISSION Brussels, 6.6.2018 COM(2018) 439 final ANNEX 1 ANNEX to the Proposal for a Regulation of the European Parliament and of the Council establishing the InvestEU Programme {SEC(2018) 293
More informationHUANENG POWER INTERNATIONAL, INC. PROFIT ATTRIBUTABLE TO EQUITY HOLDERS INCREASED BY % FOR THE FIRST HALF YEAR OF 2018
To: Business Editor July 31, 2018 (For immediate release) HUANENG POWER INTERNATIONAL, INC. PROFIT ATTRIBUTABLE TO EQUITY HOLDERS INCREASED BY 609.74% FOR THE FIRST HALF YEAR OF 2018 (Beijing, China, July
More informationLuxembourg Green Exchange (LGX) The world s leading platform for sustainable finance
Luxembourg Green Exchange (LGX) The world s leading platform for sustainable finance Bringing green issuers and investors together Launched in 2016, the Luxembourg Green Exchange (LGX) is the largest platform
More informationRENOVATE AMERICA GREEN BOND
RENOVATE AMERICA GREEN BOND HERO GREEN BOND FRAMEWORK FRAMEWORK OVERVIEW AND SECOND OPINION BY SUSTAINALYTICS April 14 th, 2017 www.sustainalytics.com Trisha Taneja (Toronto) Advisor, Advisory Services
More informationBNP PARIBAS GREEN BOND FRAMEWORK 12/01/2018
BNP PARIBAS GREEN BOND FRAMEWORK 12/01/2018 1 CONTENTS Disclaimer and risk factors Introduction Eligible sectors Selection of assets External review by third parties Management of proceeds Governance Reporting
More informationEkološki Sklad Republike Slovenije, Javni Sklad Environmental Fund of the Republic of Slovenia, Public Fund
Ekološki Sklad Republike Slovenije, Javni Sklad Environmental Fund of the Republic of Slovenia, Public Fund Vesna Vidič, Assistant Director October 2007 Fund overview: The Slovenian Environmental Development
More informationTowards Sustainable Finance. Brussels 18 January 2018
Towards Sustainable Finance Brussels 18 January 2018 The clear need for sustainable financing Environmental challenges require businesses to act Climate change Resource scarcity Water distress It takes
More informationGLOBAL CLEAN ENERGY INVESTMENT TRENDS. ICCR event February 2015
GLOBAL CLEAN ENERGY INVESTMENT TRENDS ICCR event February 2015 Global gross annual capacity additions by technology, 2013-30 (GW) 400 350 Flexible capacity Solar thermal Small-scale PV 300 Utility-scale
More informationENEL Green Bond Framework
ENEL Green Bond Framework November 2018 1. Introduction Enel and its subsidiaries (the Group or the Enel Group ) are deeply committed to the renewable energies sector and to researching and developing
More informationMarket Summaries. People s Republic of China. Yield Movements. Size and Composition
Market Summaries People s Republic of China Yield Movements The entire government bond yield curve of the People s Republic of China (PRC) shifted downward between 1 March and 15 May (Figure 1). The yield
More informationMinistry of Environment. Plan for saskatchewan.ca
Ministry of Environment Plan for 2018-19 saskatchewan.ca Table of Contents Statement from the Minister... 1 Response to Government Direction... 2 Operational Plan... 3 Highlights... 9 Financial Summary...10
More informationRESPONSIBLE INVESTMENT GOVERNMENT PENSION FUND GLOBAL DEPUTY GOVERNOR EGIL MATSEN
RESPONSIBLE INVESTMENT GOVERNMENT PENSION FUND GLOBAL DEPUTY GOVERNOR EGIL MATSEN 7 MARCH 2017 The GPFG A financial investor with a unique set of characteristics Size Intergenerational investment horizon
More informationRenewing Ireland's Energy European Investment Bank
Renewing Ireland's Energy European Investment Bank IWEA Autumn Conference 2013 Galway Thursday 3 rd October 08/10/2013 1 The European Investment Bank (EIB) Long-term finance promoting European objectives
More informationFramework Overview and Second-Party Opinion Daiwa Securities Group Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Daiwa Securities Group Inc. Green Bond Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles
More informationKey Messages. Climate negotiations can transform global and national financial landscapes. Climate, finance and development are closely linked
How Will the World Finance Climate Change Action Key Messages Climate negotiations can transform global and national financial landscapes Copenhagen is as much about finance and development as about climate.
More informationSecond-Party Opinion EUROFIMA Green Bond
Evaluation Summary Sustainalytics is of the opinion that the Framework is credible and impactful, and aligns with the four core components of the Green Bond Principles 2018. This assessment is based on
More information