上傳人：奔***

認(rèn)證信息

認(rèn)證類型：個(gè)人認(rèn)證

認(rèn)證主體：常**（實(shí)名認(rèn)證）

IP屬地：河北

IP屬地：河北 更新時(shí)間：2024-03-12 格式：pdf 頁數(shù)：37 大?。?83.95KB 人氣指數(shù)：12 舉報(bào) 版權(quán)申訴

1、DisclosuresachievinganeconomicbenefitofUSD3.0bnperannum…?...ontopoftheinterestprincipalthegreenbondspay?EMrenewableenergyDMcleantransptbondsareinshtsupplyrelativetotheirstronggreencredentialsThreeprojecttypesdominateThis

2、reptexamineswhichgreenbondprojectsthegreenbondmarketisfunding.OftheUSD495.9bnequivalentofoutstinggreenbondswefindthat35%arefundingrenewableenergyprojects23%energyefficiency13%cleantranspt29%‘otherprojects’(includinggreen

3、buildings).103milliontonnesofcarbonemissionreductionyearUsingestimatesfcarbonemissionreductionachievedbyprojecttypeperUSD1000ofbondoutstingweestimatethesebondsfund103milliontonnesofcarbonemissionreductionperyear.Usingthe

4、latestEuropeancarbonpricethissuggestsgreenbondssecureEUR2.7bn(USD3.0bn)of‘economic’valueperyear.UsingPindyck’sestimatefthe‘socialcost’ofcarbonrangingfromUSD80ttoUSD100t(page6)greenbondsbringUSD8.2bntoUSD10.3bnof‘socialbe

5、nefit’eachyear.Thisisinadditiontotheinterestgreenbondspaydespitethefactwethinkgreenbondsareissuedinlinewithnongreen(seeThehaloeffect3September2018).WenotethatDMgreenbondsfundahigherpercentofrenewableenergyprojectsthanEMg

6、reenbondsbutalowerpercentofcleantransptprojects.Thisseemsoddgiveni)EMrenewableenergyprojectsoftencutmecarbonthanDMprojectswhileii)lowcarbongridDMstatesaregoodplacesfelectricpublictransitsystems.WeopentwotradingpositionsW

7、eopenatradingBuyontheVestasEUR500m2.75%ofMarch2022VestasshouldbenefitfromSenvionenteringpreliminaryselfadministrationon9April.WeopenatradingBuyonReNewPowertheIndianrenewableenergyfirmcloseourBuytradeinBazalgetteFinance.F

8、igure14presentsoursixopentrades.YTD2019greenbondsupplyup44%YoYYTD2019greenbondsupplyisinlinewithourUSD140bntoUSD180bn2019supplyestimate(GreenBondsInsights:2019MarketOutlook).SocialsustainabilitysupplyYTD2019isup81%YoY(So

9、cialSDGBonds:Bracefimpact17April2019).2May2019MichaelRidleyGreenBonds6)cleantranspt7)sustainablewastewatermanagement8)climatechangeadaptation9)circulareconomyproductsprocesses10)greenbuildings.___________________________

10、___________1PublishedbytheInternationalCapitalMarketsAuthity(ICMA)in2014040801201601415161718ytd1819ytdIssuance(USDbn)MultiLateralFinancialCpateSovereignSubsovereignABSUSMunicipal9.8%27.6%31.1%15.0%3.3%6.5%MultiLateralFi

11、nancialCpateSovereignSubsovereignABSUSMunicipalBondswithbenefits?WeestimatethattheUSD495.9bnofgreenbondsoutstingachieve103milliontonnesofcarbonemissionreductionperyear…?…equivalenttoUSD3.0bnofvalueeconomicvalueperyear…?…