{"id":36320,"date":"2022-11-22T20:09:57","date_gmt":"2022-11-23T01:09:57","guid":{"rendered":"https:\/\/test.greenmoney.com\/2025\/?p=36320"},"modified":"2024-07-07T19:57:09","modified_gmt":"2024-07-07T23:57:09","slug":"green-bonds-are-big-business-for-climate-investors","status":"publish","type":"post","link":"https:\/\/test.greenmoney.com\/2025\/green-bonds-are-big-business-for-climate-investors\/","title":{"rendered":"Green Bonds are Big Business for Climate Investors"},"content":{"rendered":"<div class=\"landing-links\"><a href=\"\/\">&gt;&gt; Back to July 2024 Issue<\/a><\/div>\n<h2><em>Can financial instruments such as green bonds and other sustainability-related products deliver enough financing for a multi-trillion-dollar energy transition?<\/em><\/h2>\n<p><a href=\"https:\/\/www.climateandcapitalmedia.com\/\"><img loading=\"lazy\" decoding=\"async\" class=\"alignleft wp-image-33692 \" src=\"https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2021\/10\/Climate-and-Capital-Media-Featured-News.jpg\" alt=\"Climate and Capital Media Featured News\" width=\"353\" height=\"173\" srcset=\"https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2021\/10\/Climate-and-Capital-Media-Featured-News.jpg 664w, https:\/\/test.greenmoney.com\/2025\/wp-content\/uploads\/2021\/10\/Climate-and-Capital-Media-Featured-News-300x147.jpg 300w\" sizes=\"auto, (max-width: 353px) 100vw, 353px\" \/><\/a><em>(First published Dec. 2022)<\/em> The cost of transitioning from fossil fuels to clean energy seems fantastically astronomical. Current estimates of the capital needed to decarbonize the global economy and achieve net zero emissions by 2050 offer some eye-watering figures. They range from a high of $9.2 trillion yearly (<a href=\"https:\/\/www.mckinsey.com\/~\/media\/mckinsey\/business%20functions\/sustainability\/our%20insights\/the%20net%20zero%20transition%20what%20it%20would%20cost%20what%20it%20could%20bring\/the-net-zero-transition-executive-summary.pdf\" target=\"_blank\" rel=\"noopener\">McKinsey report<\/a>) to a low of about $1 trillion annually (<a href=\"https:\/\/www.climateandcapitalmedia.com\/no-mckinsey-it-will-not-cost-9-trillion-per-year-to-solve-climate-change\/\" target=\"_blank\" rel=\"noopener\">according to the think tank Carbon Tracker<\/a>).<\/p>\n<p>So, based on those annual projections, a final price tag from now until 2050 could be anywhere between $30 trillion and $275 trillion. Consider that a BCG report\u00a0<a href=\"https:\/\/www.sifma.org\/wp-content\/uploads\/2020\/12\/Climate-Finance-Markets-and-the-Real-Economy.pdf\" target=\"_blank\" rel=\"noopener\">fixes<\/a>\u00a0the cost between $100 trillion and $150 trillion. Japan\u00a0<a href=\"https:\/\/www.ft.com\/content\/f1544826-06f3-4587-a06f-03207a5be2c3\" target=\"_blank\" rel=\"noopener\">estimates<\/a>\u00a0that Asia alone will need $40 trillion to reach net zero by 2050. And Climate Bonds Initiative\u00a0<a href=\"https:\/\/www.climatebonds.net\/\" target=\"_blank\" rel=\"noopener\">predicts<\/a>\u00a0annual green bond issuance of $5 trillion by 2025 is required to get things moving in the right direction.<\/p>\n<p>New research from Bloomberg New Energy Finance has resulted in yet another number to ponder: $114 trillion in investment in the global energy system by 2050.<\/p>\n<p><a href=\"https:\/\/about.bnef.com\/blog\/investment-requirements-of-a-low-carbon-world-energy-supply-investment-ratios\/\" target=\"_blank\" rel=\"noopener\">This analysis<\/a>\u00a0aimed to determine the investment needed to reach net zero and limit global temperature increases to no more than 1.5 degrees Celsius. It was commissioned by\u00a0<a href=\"https:\/\/www.gfanzero.com\/\" target=\"_blank\" rel=\"noopener\">the Glasgow Financial Alliance for Net Zero<\/a>, a coalition of banks, asset managers and insurers overseeing a combined $135 trillion of assets which, obviously, has a deeply vested interest in the findings.<\/p>\n<p>The research crunched numbers from credible sources \u2014 seven scenarios from the International Energy Agency, the Intergovernmental Panel on Climate Change (IPCC) and the Network for Greening the Financial System. The report concludes, with a nod to the daunting scope of the financial task: \u201cNumbers show that the decarbonization of the global economy is an undertaking with few parallels in modern history.\u201d<\/p>\n<div class=\"visibility-wrapper-970-to-300\">\n<div id=\"div-gpt-ad-1652553476095-0\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1652553476095-0'); });\n<\/script><\/div>\n<div id=\"div-gpt-ad-1622053269469-0\" class=\"ad-float-left\"><script>\n    googletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053269469-0'); });\n<\/script><\/div>\n<\/div>\n<p>New numbers come from a just-released International Energy Agency report, which sees investments in clean energy rising by 50% by the end of this decade to $2 trillion a year, more than double the amount invested annually in fossil fuels today. The IEA also\u00a0<a href=\"https:\/\/www.iea.org\/reports\/world-energy-outlook-2022\" target=\"_blank\" rel=\"noopener\">notes<\/a>\u00a0that green investments should grow to $4 trillion annually by 2030 to meet net zero targets.<\/p>\n<p>Whatever hypothetical price you buy into, it\u2019s bound to be a significant number \u2014 one that seems even more daunting at a time of high inflation, rising interest rates and a looming recession.<\/p>\n<p>How are such vast amounts of capital to be raised? One answer is through\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/g\/green-bond.asp\" target=\"_blank\" rel=\"noopener\">green bonds<\/a>, a variation of the fixed-income debt instrument historically used by governments and corporations to borrow large amounts of capital. Bonds are the default choice to raise money which dwarfs the ability of banks to lend. Plus, public debt markets spread the risk, as many individual investors engage as lenders rather than one or more institutions. A\u00a0<a href=\"https:\/\/www.investopedia.com\/terms\/g\/green-bond.asp\" target=\"_blank\" rel=\"noopener\">green bond<\/a>\u00a0is a fixed-income instrument specifically earmarked to raise money for climate and environmental projects.<\/p>\n<p>Currently, there\u2019s a gold rush of inflows to green bonds of various types. The first green bond\u00a0<a href=\"https:\/\/www.worldbank.org\/en\/news\/feature\/2021\/12\/08\/what-you-need-to-know-about-ifc-s-green-bonds\" target=\"_blank\" rel=\"noopener\">was issued<\/a>\u00a0in 2008, a AAA-rated issuance by the European Investment Bank and World Bank. Between 2014 and 2016, the global market began to grow exponentially; it has reached record highs each year since.<\/p>\n<p>To date, the global green bonds market cumulative issuance\u00a0<a href=\"https:\/\/www.climatebonds.net\/\" target=\"_blank\" rel=\"noopener\">has reached<\/a>\u00a0almost $2 trillion; so far, in 2022, the total is $313 billion. One forward-looking projection based on inflows data comes from\u00a0<a href=\"https:\/\/esg.moodys.io\/sustainable-finance\" target=\"_blank\" rel=\"noopener\">Moody\u2019s<\/a>, which has estimated a $1 trillion market in global sustainable debt issuance for this year. Those figures begin to approach the low end of estimated amounts that have been called for to support the transition, and they\u00a0<a href=\"https:\/\/www.politico.com\/newsletters\/the-long-game\/2022\/09\/08\/green-bonds-turn-into-big-business-00055419\" target=\"_blank\" rel=\"noopener\">are still increasing<\/a>, despite the tight economic conditions forecast for the 12 months.<\/p>\n<p>What\u2019s more, the Inflation Reduction Act looks to turbocharge the green bond market in the U.S. The $369 billion act provides tax credits, incentives and other financial support that are sure to stimulate funding. Stephen Liberatore, head of ESG\/impact for global fixed income at global investment manager Nuveen, said,\u00a0speaking\u00a0at the\u00a0<a href=\"https:\/\/www.environmental-finance.com\/content\/events\/esg-in-fixed-income-global-series-2022\/\" target=\"_blank\" rel=\"noopener\">Environmental Finance ESG in Fixed Incomes Americas 2022<\/a>\u00a0conference, \u201cHopefully, this act creates a catalytic effect in a variety of ways.\u201d<\/p>\n<p>Aniuli Pandit, head of sustainable bonds, EMEA and Americas, HSBC, agreed. <em>\u201cThis is going to stimulate a great amount of spending towards clean energy and transport. It\u2019s a catalyst for revolutionizing the way in which capital is going to have to flow and support a mass greening of the economy. A lot will come from large companies expanding the projects they are doing, so they will do large bonds to help finance these projects, which they will link to green labels and green financing.\u201d<\/em><\/p>\n<h2>There are, however, three issues that cloud this encouragingly bright picture of investing as a means of addressing climate change:<\/h2>\n<p><strong>1)\u00a0 Definitions: How to accurately describe the various newly minted products?<\/strong>\u00a0The basic green bond designation has expanded to include climate bonds and sustainability bonds, terms often used interchangeably but which denote instruments that are not identical in their details \u2014 although they may overlap. While all green bonds are a form of debt financing for an environmental project, the specifics of each differ based on its issuer and what the proceeds are used for. Sustainability bonds are used to finance a combination of green and social projects and to allocate their proceeds accordingly. They align with the four core components of the International Capital Market Association, Green Bonds Principles and Social Bonds principles.<\/p>\n<p>Another recent is sustainability-linked bonds, which have raised the ante by promising higher returns if the issuer does not meet certain climate goals. The question of definition, then, boils down to actual targets, stated purpose and distribution of proceeds for any given bond.<\/p>\n<p>In one recent example, investors bought $589 million of sustainability-linked bonds issued by Chanel. But it turned out that the company, which set its own objectives to reduce Scope 3 (indirect) emissions by 10 percent by 2030, had already dropped its score by 21 percent below the baseline set forth in the new bond. Chanel later said that it was still \u201cfinalizing 2019 data\u201d when the bond was sold; \u201cin other words,\u201d\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2022-10-04\/greenwashing-enters-a-22-trillion-debt-market-derailing-climate-goals?srnd=green\" target=\"_blank\" rel=\"noopener\">reports\u00a0<\/a>Bloomberg, \u201cthey didn\u2019t know that the target was already achieved.\u201d<\/p>\n<p>The other reason for this discrepancy between an aspirational goal and actual metrics was market pressure. Demand for such apparently quantifiable, targeted bonds\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2022-10-04\/greenwashing-enters-a-22-trillion-debt-market-derailing-climate-goals?srnd=green\" target=\"_blank\" rel=\"noopener\">exceeds<\/a>\u00a0the amount on offer by two to five times. The perceived value of \u201cgreen\u201d in the market is so high that investors are chasing the reputational \u201chalo\u201d from mission-specific bonds based on the most basic information when more transparency about more challenging goals seems necessary.<\/p>\n<p><strong>2)\u00a0 Metrics<\/strong><strong>\u00a0and measurements: Who\u2019s setting targets for the variations of green and sustainability bonds, and how are they measured?<\/strong>\u00a0The answer today is the issuer. Not surprisingly, the self-described targets are not always the most robust.<\/p>\n<p>This question is particularly acute for the new, sustainability-linked bonds, as both penalties and rewards are pegged directly to performance. A Bloomberg News analysis of more than 100 sustainability-linked bonds sold by global companies to investors in Europe\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2022-10-04\/greenwashing-enters-a-22-trillion-debt-market-derailing-climate-goals?srnd=green\" target=\"_blank\" rel=\"noopener\">found<\/a>\u00a0that \u201cthe majority are tied to climate targets that are weak, irrelevant, or even already achieved.\u201d In the end, the issuing companies acquired cheaper financing and a green reputational \u201chalo\u201d without accomplishing much.<\/p>\n<p>For now, issuers of green bonds are confirming their validity by aligning with the Green Bond Principles, endorsed by the International Capital Market Association,\u00a0<a href=\"https:\/\/www.icmagroup.org\/sustainable-finance\/the-principles-guidelines-and-handbooks\/green-bond-principles-gbp\/\" target=\"_blank\" rel=\"noopener\">to bring<\/a>\u00a0a transparent framework to the market as a solution. Voluntary, yes, but a promising effort to hold issuers accountable. Climate Bonds Initiative also\u00a0<a href=\"https:\/\/www.climatebonds.net\/\" target=\"_blank\" rel=\"noopener\">offers<\/a>\u00a0a standardized framework and certification for various bond types.<\/p>\n<p><strong>3)\u00a0 Greenwashing: Do green bonds actually achieve the beneficial outcomes they promise? So far, the answer is a mixed one.<\/strong>\u00a0\u201cThe changes are often less than meets the eye,\u201d\u00a0<a href=\"https:\/\/www.ft.com\/content\/178449a7-8897-4359-b23a-e85524c3e227\" target=\"_blank\" rel=\"noopener\">concludes<\/a>\u00a0one takedown, criticizing a lack of transparency and goals that are too vague and too lax.<\/p>\n<div id=\"div-gpt-ad-1622053479374-0\" class=\"ad-float-left\"><script>\ngoogletag.cmd.push(function() { googletag.display('div-gpt-ad-1622053479374-0'); });\n<\/script><\/div>\n<p>As green instruments have proliferated in the market to meet the demands of investors, so have questions about efficacy. Debates are raging about points one (definitions and taxonomies) and two (metrics and measurements) with the intent of calling out greenwashing and certifying best practices. Should frameworks be voluntary or mandatory? Can standard goals be set and adhered to? The answers are a work in progress.<\/p>\n<p>These are still early days for green bonds, in general, and for newer products, such as sustainability-linked bonds, in particular. Of the latter, Lupin Rahman, ESG integration specialist for Pacific Investment Management Co., one of the world\u2019s largest bond investors,\u00a0<a href=\"https:\/\/www.bloomberg.com\/news\/features\/2022-10-04\/greenwashing-enters-a-22-trillion-debt-market-derailing-climate-goals?srnd=green\" target=\"_blank\" rel=\"noopener\">said<\/a>, <em>\u201cThis is a very, very young market. Two and a half years is nothing in terms of the history of investing, so this market is still finding itself.\u201d<\/em><\/p>\n<p>As the green bond market matures, the promise that it can deliver the financing for an historic global economic shift beckons as an achievable goal. That would be good news for investors and for the climate-change-stressed planet.<\/p>\n<p>&nbsp;<\/p>\n<p><strong><em>Article written for<\/em><\/strong> <a href=\"https:\/\/www.climateandcapitalmedia.com\/\" target=\"_blank\" rel=\"noopener\"><strong><em>Climate and Capital Media<\/em><\/strong><\/a><em>\u00a0<\/em><strong><em>by John Howell,<\/em><\/strong><em> a writer, editor, and broadcaster who oversees the Climate Finance Weekly newsletter and advises on communications and media strategy. He was co-founder, editorial director, and chief of thought leadership for 3BL Media, for which he managed all original editorial content, wrote, and edited newsletters, and created the Brands Taking Stands initiative. He has worked as an editor and contributor for Elle, Artforum, and High Times magazines, developed new media for Hearst Magazines, and created communications for Calvin Klein, Polo\/Ralph Lauren, and The Body Shop. He lives and works in New Hampshire and Maine.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p><span style=\"font-weight: 400;\">Can financial instruments such as green bonds and other sustainability-related products deliver enough financing for a multi-trillion-dollar energy transition? The cost of transitioning from fossil fuels to clean energy seems fantastically astronomical. Current estimates of the capital needed to decarbonize the global economy and achieve net zero emissions by 2050 offer some eye-watering figures. They range from about $1 trillion to $9 trillion annually. So, based on those annual projections, a final price tag from now until 2050 could be anywhere between $30 trillion and $275 trillion. <em>(Dec. 2022)<\/em><\/span><\/p>\n","protected":false},"author":3,"featured_media":36439,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[365,400],"tags":[125,135,136,134],"class_list":["post-36320","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-december-2022-women-and-sustainable-investing","category-july-2024-greenmoneys-250th-issue","tag-additional-articles","tag-energy-climate","tag-impact-investing","tag-sustainable-business"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v25.6 - 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