Aliança Estratégica para o Desenvolvimento do Mercado de Títulos Verdes em Economias Emergentes


Checar CEBDS.org.br (Laura)

Guia Febraban Títulos Verdes

GIZ / SEB Strategic Alliance, parceiros, Banking Association in Mexico and India, CEBDS in Brazil, Green Finance Committee in China.

  1. O Guia by Laila Caiado, CEDBS

Títulos emitidos

2015 USD 42 bi

2016 ytd Out USD 60 bi

Cerca de USD 180 bi em circulação

(Vide slides)

2 slides com exemplos de aplicabilidade para emissão de títulos verdes.

Exemplos com indicadores para monitoramento ambiental, energéticos, biodiversidade, conservação, etc. Vide slide

NDC Brasileira, contribuição para acordo de Paris

http://www.mma.gov.br/clima/convencao-das-nacoes-unidas/acordo-de-paris

  1. Definição e Seleção, by Mats Olaussin, from SEB bank

Top Underwriters: BAML, Credit Agricole CIB, SEB, JP Morgan, HSBC

Check http://greenfinancing.org/

DEFINITION (but no consensus, The Green Bond Principles, ICMA)

Green Bonds are any type of bond instrument where the proceeds will be exclusively applied to finance or re-finance in part or in full new and/or existing elegible Green Projects and which are also aligned with the four principles of GBP

1.500 with AUM of USD 62 trillion aim to integrate ESG (Environmental, Society, Governance) into their portfolios.

Climate Bonds Initiative as a source of information.

Strengths: Mobilized human capital, optimize resource allocation, competence building, risk management

x

Weaknesses: Green washing, additional work

A typical Green Bond issuance process:

Decision, framework, selection of project, verification / second opinion, earmarked account, transparency, communication, transaction

  1. Second Opinion on Green Bonds by Harald Francke Lund, CÍCERO, http://www.cicero.uio.no/en/

Task Force on Climate related Financial Disclosures

New Graph with emissions CDIC/GCP/IPCC 2014 (check picture)

59-66% of Green Bonds have received a second opinion since 2013 (source climatebonds.net)

Check slide "Second Opinion Process".

3 scale ratings:

Dark green: Long term solution

Medium green: On the way to long term solution

Light green: Short term benefits, but not a long term solution

Emerging best practice: a) improved dialogue between financial and environmental experts, b) increased focus on supply chains and c) impact reporting (beyond emission reductions)

  1. The Buy side, by Tess Olsen-Rong, from AIM Affirmative Investment Management

3 Dimensional Investment Criteria:

Sustainability verification (positive externally, transparency, use of proceeds, issuer monitoring), risk evaluation, market assessment.

Check slide Disclosure & Tools

 CARBON CREDIT MARKETS

« … car rien ne se crée, ni dans les opérations de l’art, ni dans celles de la nature, et l’on peut poser en principe que, dans toute opération, il y a une égale quantité de matière avant et après l’opération ; que la qualité et la quantité des principes est la même, et qu’il n’y a que des changements, des modifications. »

Antoine-Laurent De Lavoisier 1789, Traité élémentaire de chimie.