By Jon Hay
23 Dec 2020
The world is watching full of hope as Joe Biden prepares to take the helm of the world’s most important economy. He has promised to act decisively on climate change, which must include financial reform. There is much worthy work to do but four things would save Biden a lot of time.
In international affairs, the US likes to lead. On climate change, that’s going to be difficult, when it has spent the last four years sulking in the corner. But old habits die hard.
As
GlobalCapital discusses in a recent report on how the Biden administration will tackle greening the US economy and financial system, the US will need to find a new rhetoric to engage with other countries on climate but President Biden will be ideally suited to the job, being a consensus-builder.
2021: The decarbonisation race is on
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Building-related emissions hit record high
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The International Capital Market Association ( ICMA ) has published its much anticipated Climate Transition Finance Handbook
1 (the Handbook ). Unlike previous releases, the Handbook does not comprise a formal set of Transition Bond Principles , nor seek to create a distinct asset class of transition bonds , but rather seeks to give guidance to issuers on devising and evidencing their overarching sustainable transition strategies and the bonds they issue to achieve them. The Handbook can be used in conjunction with the existing sustainable finance principles.
2020: the year for transitioning issuers
2020 has been another evolutionary year for sustainable finance in spite of market volatility mainly brought about by the fall out of the COVID-19 pandemic. This year the sustainable bond market opened up to a new class of issuer – the climate transitioning issuer. These are issuers who are at a point further away from having a business model consistent with the Paris Agreement t
By Jon Hay
17 Dec 2020
Transition bonds are likely to play a prominent role in labelled debt markets in 2021, after the market produced long-awaited guidance in December. As Jon Hay reports, the new market is bound to provoke disagreement but it will be a creative conflict.
Green bonds have become intensely popular and influential, even spawning broods of regulations in China and Europe now being copied elsewhere in the world whose effects go far beyond that product. But they have barely touched many industries with high carbon emissions, which need to go green most urgently.
That is about to change. “We are speaking to all the major oil and gas companies in our client base, as well as other transitioning sectors such as heavy industrials and the aviation sector,” said Arthur Krebbers, head of sustainable finance for corporates at NatWest Markets in London. “The discussion has ramped up significantly in the last two or three years, from them not wanting this as an age