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Author: Markus Hoffmann
Publisher: GRIN Verlag
ISBN: 3668251967
Category : Law
Languages : en
Pages : 42
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Book Description
Master's Thesis from the year 2015 in the subject Law - Miscellaneous, grade: B, London School of Economics (Department of Law), course: Environmental Law, language: English, abstract: Green Bonds are a novel form of long term debt financing instruments enabling continued and sustainable economic growth in a finite physical world. The market for green bonds or Climate Bonds comprises of debt instruments, the proceeds of which are Earmarked for use in environmentally friendly projects. Introduced by the European Investment Bank (EIB) in 2007, the market for green bonds has been growing rapidly, reaching the record volume of USD 36.6 billion in 2014. Rapidly growing markets offer a myriad of opportunities for investors, but those opportunities come with certain risks attached. The risk addressed by this paper is a twofold one. Firstly, there is a risk to the environment if the proceeds of earmarked bonds are used for projects that do not actually benefit the environment. Secondly, there is a legal and financial risk to bondholders that arises when issuers of green bonds use funds for purposes other than those set out in the bond indenture. There are two steps that need to be taken in order to address these risks at the same time. First, a uniform standard of what defines a green bond or a specified range of Shades of Green has to be found and implemented. Second, a green bond needs to state explicitly, in its indenture, what purposes the funds will be used for and of what shade of green those purposes are, in order to empower bondholders to take legal action if covenants are broken. These clauses will be referred to as Green Covenants. This paper will start by briefly setting out the threat posed by climate change before continuing to introduce green bonds, explaining how they operate and why they will become part of the solution to climate change. Four varieties of green bonds, issued by four very different entities, will then be examined and it will be shown that there are certain shortcomings they all have in common. This paper goes on by suggesting that these shortcomings can be addressed by introducing stricter and, most importantly, legally enforceable covenants that determine what proceeds of green bonds can be used for. This will be proven by comparing instruments of English Law and United States (US) Federal Law that are currently available to bondholders, with powers a stronger set of covenants will make available to bondholders in the future.
Author: Markus Hoffmann
Publisher: GRIN Verlag
ISBN: 3668251967
Category : Law
Languages : en
Pages : 42
Get Book Here
Book Description
Master's Thesis from the year 2015 in the subject Law - Miscellaneous, grade: B, London School of Economics (Department of Law), course: Environmental Law, language: English, abstract: Green Bonds are a novel form of long term debt financing instruments enabling continued and sustainable economic growth in a finite physical world. The market for green bonds or Climate Bonds comprises of debt instruments, the proceeds of which are Earmarked for use in environmentally friendly projects. Introduced by the European Investment Bank (EIB) in 2007, the market for green bonds has been growing rapidly, reaching the record volume of USD 36.6 billion in 2014. Rapidly growing markets offer a myriad of opportunities for investors, but those opportunities come with certain risks attached. The risk addressed by this paper is a twofold one. Firstly, there is a risk to the environment if the proceeds of earmarked bonds are used for projects that do not actually benefit the environment. Secondly, there is a legal and financial risk to bondholders that arises when issuers of green bonds use funds for purposes other than those set out in the bond indenture. There are two steps that need to be taken in order to address these risks at the same time. First, a uniform standard of what defines a green bond or a specified range of Shades of Green has to be found and implemented. Second, a green bond needs to state explicitly, in its indenture, what purposes the funds will be used for and of what shade of green those purposes are, in order to empower bondholders to take legal action if covenants are broken. These clauses will be referred to as Green Covenants. This paper will start by briefly setting out the threat posed by climate change before continuing to introduce green bonds, explaining how they operate and why they will become part of the solution to climate change. Four varieties of green bonds, issued by four very different entities, will then be examined and it will be shown that there are certain shortcomings they all have in common. This paper goes on by suggesting that these shortcomings can be addressed by introducing stricter and, most importantly, legally enforceable covenants that determine what proceeds of green bonds can be used for. This will be proven by comparing instruments of English Law and United States (US) Federal Law that are currently available to bondholders, with powers a stronger set of covenants will make available to bondholders in the future.
Author: Mario La Torre
Publisher: Springer Nature
ISBN: 3030402487
Category : Business & Economics
Languages : en
Pages : 306
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Book Description
Sustainable investments, although not yet working under a comprehensive regulatory framework, represent a growing, worldwide phenomenon. Such growth reflects the renewed public and private interest in environmental issues such as climate change, poverty and financial inclusion, as well as growing support from conscious investors looking to finance environmental and social initiatives. However, despite the interest that sustainable investments are gaining among governors, investors and practitioners, important challenges remain that must be addressed. Comprising a collection of research presented at the 2nd Social Impact Investments International Conference, this contributed volume offers a global analysis of the current state of the sustainable finance sector, proposing solutions to challenging obstacles and exploring topics including impact investing, social impact bonds and green banking. Providing real-life case studies from Europe, Latin America and Africa, this book is an insightful and timely read for scholars interested in sustainable finance, social impact investing, development finance and alternative finance.
Author: Othmar M. Lehner
Publisher: Taylor & Francis
ISBN: 100096616X
Category : Business & Economics
Languages : en
Pages : 615
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Book Description
Green finance is heralded in theory and practice as the new panacea – the ideal way to support the green transition of businesses into more sustainable, environmentally responsible forms, by means of incentivized financial investments. This handbook brings together a variety of expert scholars with industry specialists to offer the most authoritative overview of green finance to date, presenting the current situation in the field. It focuses on green finance in a comprehensive way, discussing its characteristics, underlying principles, and mechanisms. The book carefully illuminates the issues surrounding green finance and delineates its boundaries, mapping out and displaying the disparate voices, traditions, and professional communities engaged in green and sustainable finance activities. Specifically, it examines the "environmental" in the environmental, social, and governance (ESG) measurements, while also discussing the interplay between each measurement. It develops a range of analytic approaches to the subject, both appreciative and critical, and synthesizes new theoretical constructs that make better sense of hybrid financial relationships. Furthermore, the handbook illustrates existing best practices and theories, and critically examines the gaps to derive the necessary future research questions. It highlights the essential issues and debates and provides a robust research agenda. As such, it helps to create an effective market for the various green financing instruments through clarification and standardization. This handbook will be the standard reference work for a broad audience, encompassing scholars, researchers, and students but also interested professionals, regulators, and policymakers wishing to orient themselves in a rapidly developing and increasingly topical field.
Author: Asian Development Bank
Publisher: Asian Development Bank
ISBN: 9292578561
Category : Business & Economics
Languages : en
Pages : 276
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Book Description
A large financing need challenges climate-adjusted infrastructure in developing Asia, estimated at $26 trillion till 2030. This necessitates crowding-in private sources to meet financing, efficiency, and technology gaps. However, a lack of bankable projects is a major hurdle. This publication suggests one possible innovative financing approach. The Green Finance Catalyzing Facility (GFCF) proposes a blended finance framework for governments and development entities to better leverage development funds for risk mitigation, generate a pipeline of bankable green infrastructure projects, and directly catalyze private finance. The GFCF provides useful inputs for the current debate on mainstreaming green finance into country financial systems.
Author: Thilo Kuntz
Publisher: Edward Elgar Publishing
ISBN: 1802202536
Category : Law
Languages : en
Pages : 539
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Book Description
The Research Handbook on Environmental, Social and Corporate Governance presents a comprehensive view of a rapidly evolving area of study. Adopting a comparative approach, it goes beyond issues of sustainability and human rights, covering the whole spectrum of ESG and its regulatory developments.
Author: Beate Sjåfjell
Publisher: Cambridge University Press
ISBN: 9781108473293
Category : Law
Languages : en
Pages : 758
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Book Description
The emerging field of corporate law, corporate governance and sustainability is one of the most dynamic and significant areas of law and policy in light of the convergence of environmental, social and economic crises that we face as a global society. Understanding the impact of the corporation on society and realizing its potential for contributing to sustainability is vital for the future of humanity. This Handbook comprehensively assesses the state-of-the-art in this field through in-depth discussion of sustainability-related problems, numerous case studies on regulatory responses implemented by jurisdictions around the world, and analyses of predominant strategies and potential drivers of change. This Handbook will be an essential reference for scholars, students, practitioners, policymakers, and general readers interested in how corporate law and governance have exacerbated global society's most pressing challenges, and how reforms to these fields can help us resolve those challenges and achieve sustainability.
Author: Pia Rebelo
Publisher: Bloomsbury Publishing
ISBN: 150996794X
Category : Law
Languages : en
Pages : 221
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Book Description
This book applies a contract-governance theory to the implementation of decarbonisation objectives in the international maritime sector. In doing so, it provides an overview of how the network of contractual relationships that characterise commercial shipping can become effective sites of collaboration between shipping actors to improve upon energy efficiency and CO2 reduction. To achieve this aim, the book investigates and develops a set of contractual tools that can enable private actors to strengthen their commitments to net-zero targets (whether state-mandated or voluntary) and develop cooperative norms to guide decision-making and contractual interpretation. These mechanisms include contractual clauses and drafting considerations which can secure a desired outcome for contractual performance, thereby managing climate risks and providing adequate remedy where such risks materialise. In a transnational sector such as shipping, where contracts can exert greater influence on corporate decarbonisation efforts than international regulation, the book challenges the traditional limitations of contract law and calls for a deeper integration of green principles into private relationships.
Author: David Ramos Muñoz
Publisher: Springer Nature
ISBN: 3031386922
Category : Business & Economics
Languages : en
Pages : 320
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Book Description
Green bond issuance has surged in recent years in response to growing investor appetite and borrowers' needs as they embark on the sustainability transition. The EU leads the way, with over 40% of all sustainable bond issuances denominated in euro. The EU’s 'Regulation on European Green Bonds and optional disclosures for bonds marketed as environmentally sustainable and sustainability-linked bonds’ is the first comprehensive legislative text covering such issuance, and a cornerstone of EU’s Sustainable Finance strategy. This book explores in an interdisciplinary way the challenges and opportunities of green bonds and sustainable finance from a legal, regulatory and economic perspectives. First, it analyses green bonds as a new financial instrument in the context of the existing capital markets law. Second, it studies green bond impact on the market and on investor protection. Third, it assesses green bonds’ relevance for prudential supervision and central banking. The variety of viewpoints ensures a highly comprehensive analysis of green bonds’ impact in a European and global context.
Author: Mr. Alfred Schipke
Publisher: International Monetary Fund
ISBN: 151358278X
Category : Business & Economics
Languages : en
Pages : 52
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Book Description
China’s bond market is destined to play an increasingly important role, both at home and abroad. And the inclusion of the country’s bonds in global indexes will be a milestone for its financial market integration, bringing big opportunities as well as challenges for policymakers and investors alike. This calls for a good understanding of China’s bond market structure, its unique characteristics, and areas where reforms are needed. This volume comprehensively analyzes the different segments of China’s bond market, from sovereign, policy bank, and credit bonds, to the rapidly growing local government bond market. It also covers bond futures, green bonds, and asset-backed securities, as well as China’s offshore market, which has played a major role in onshore market development.
Author: Jean-Pierre Casey
Publisher: CEPS
ISBN: 9290795964
Category : Business & Economics
Languages : en
Pages : 142
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Book Description
Assessing regulatory measures taken at the EU level that impact European bond markets, this book examines the desirability, utility, and feasibility of certain policy measures.
