by Szilárd Erhart, Unit ENV F.1 – SDGs, Green Finance & Economic Analysis, Directorate-General for Environment
Exchanges have been playing a fundamental role in the development and stimulation of green bond markets. They have created a transparent green marketplace and served both issuer and investor sides of the market. This development has always been driven by both market and public forces since the first issuance of green bonds in 2007 by the European Investment Bank (EIB). The goal of this paper is to take stock of achievements made by five green bond exchanges in Europe (Borsa Italiana – Milano, London Stock Exchange, Luxembourg Stock Exchange, Nasdaq Stockholm, Oslo Børs). Green bond listings are an integral part of the Sustainable Stock Exchanges (SSE) Initiative, and the European Commission’s Sustainable Finance Action Plan has recently acknowledged their key role. This paper introduces the role of exchanges in green finance, reports on the EU’s sustainable finance strategy development, investigates the “green listing requirements” and provides statistical insights into listed green bond markets (number and value of traded bonds, average issue value, maturity of bonds, redemption structure and trading volumes, currency structure, etc.). To aggregate and concentrate the information of our statistical analysis and measure green performance, we prepared simple rankings of green exchanges on the basis of the indicators used in the analysis.
Arina Abbott oversees marketing at Green Alpha Advisors, an asset manager that invests public equities in the innovation-driven, sustainable economy.
While fossil fuel risk has reared its ugly head in the form of blazing fires, stronger storms, and oil-stained beaches, the U.S. remains home to the highest number of climate change deniers in the world. Meanwhile, systemic inequality has continued to demonstrably strengthen its grip on American society and its economy, yet people still have no idea how unequal society has actually become.
I’d like to thank Todd Cort and Dan Esty for their commitment to the exchange of original ideas related to the increasingly important topic of ESG data and metrics.
Their scholarship and stewardship helped create what many are now calling a seismic shift in the discourse on ESG. I’d also like to thank all the contributors for their thoughtful, well-reasoned essays and our sponsors for their courage to partner with us on this critical topic.
Sponsors of the latest issue of the Journal of Environmental Investing
It is with great pride that we brought you this recent special issue of the JEI covering the State of ESG Data and Metrics, which marked our 8th year of publication and was hosted for the first time by two leading academics at Yale, Professors Dan Esty and Todd Cort. We once again thank our sponsors.
EOS Climate has just completed the first project to generate verified emission reductions (VERs), also known as carbon credits, from the reclamation and re-use of hyrdofluorocarbon (HFC) refrigerants.
JEI Publisher Angelo Calvello explores “Divestment as Abdication” in his December column for Chief Investment Officer (CIO) magazine. Homing in on the unique nature of the fossil fuel divestment campaign, he advises CIOs to embrace divestment, but as a call to action: identify, measure, and manage exposure to the risks of carbon and climate with existing analytical tools.
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The Journal of Environmental Investing (JEI) is an inter-disciplinary, peer-reviewed, open-access journal that publishes original research in all areas at the intersection of the environment and investing. The JEI presents research papers, commentaries, case studies, and reviews on manifold topics. It focuses on the critical issues of creating, deploying, financing, structuring, and managing successful market-based solutions to the environmental challenges of today.
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