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GlobalCapital: How has Covid-19 changed your approach to ESG?
Kazuyuki Aihara, Nomura: Covid-19 had a major impact on the bond market. Covid-19 response bonds were issued in large numbers and, as a result of that, the social bond market got bigger. That is one major impact of the pandemic on the sustainable financing market. The pandemic also changed how issuers view the markets, particularly by encouraging them to consider shorter-term funding.
The major impact we have seen, however, is that the vulnerability of the world became clear — and that threw questions of sustainability into sharp relief. That was not necessarily reflected in rising issuance. Of course, we saw some Covid-19 bonds but green bond issuance did not really increase. Still, the market started to pay more attention to sustainability and what it means in practice. That is going to help this market grow in the long term.