Tuesday, July 17, 2018

Green Bond Pledge – A Climate Finance Framework for Cities & Sub-nationals


Linking Action Agendas to Financing Strategies



As I write this, I’m breathing the smoke from yet another intense California fire. Although I’m over 50 miles away, we’ve been warned to stay indoors to avoid health problems. This fire is approaching 100,000 acres burned; a milestone that has been met all too often in recent years.

Our California fire season used to be mainly in the late summer and fall, after a dry spell. It’s now approaching year-round, as California becomes hotter and drier due to climate change.

It’s no coincidence that 2017 was the second warmest year in California’s record. 43 people lost their lives in California in 2017 due to fires which consumed over 1.3 million acres and resulted in $180 billion in suppression, insurance and recovery costs. Very large fires used to happen rarely, but now happen with regularity. Fifteen of the twenty largest California fires since 1930 have happened after 1999.

As California builds and finances the infrastructure for the future, new fire stations are clearly an essential part of the mix and with the state embracing green finance principles; it’s no surprise that the latest local financing for fire stations was accomplished with green bonds.

Rendering of San Rafael fire station to be built with green bond
(Source:  Official Statement for Bond)

This is a small, real economy example of green bonds financing the infrastructure needed in a climate challenged world.
 

Sub-national Action on the Global Agenda


Sub-national government use of green bonds is increasing dramatically and so is their recognition of the link between infrastructure finance, climate resilience and adaptation.

The Green Bond Pledge launched in March by ex-UN climate chief, Christiana Figures, is a way to demonstrate local commitment to discussing and addressing climate impacts on infrastructure while assuring that project financing uses green bonds where applicable.

It’s another step for cities and municipalities in connecting their climate action conversations with their capital raising strategies and balance sheets.

This is already happening in California where state and local government agencies issued more than $4.15 billion in green bonds last year; surpassing all previous years. The bonds are helping finance everything from sustainable water, fire stations and mass transit projects to energy efficient hospitals, green schools and climate-resilient infrastructure.

Overall a record USD12bn of green municipal bonds were issued across U.S. in 2017 with New York State finishing the year ahead of California in the Top 10 list out of the 20 states who issued green. They stand out among the lower 48 states.

Yet, green bond leadership at the local level, particularly in U.S. with its huge muni bond market, isn’t woven more broadly into local climate action agendas.

 


The Global Green Bond Surge

2017 saw a wider global surge in green bonds. For the first time, close to $161 billion in green bonds were issued globally.

But, is the growth fast enough to tackle our climate needs? Not yet, though there is hope.

Gothenburg, Sweden received awards as a trail-blazing early issuer of green bonds for green projects. Cape Town is using green bonds for clean water and electric buses. Mexico City issued a green bond for various sustainability projects, hence, local governmental leadership examples are emerging country by country.

At the COP23 Climate Summit in Germany last fall, mayors and city representatives from local governments came together to show world leaders their commitment to accelerating climate solutions. Several federations of local agencies have been facilitating these efforts, with not-so-catchy acronyms like: R20, ICLEI, C40, Under-2 Coalition, Compact of Mayors, UCLG and more.

These groups showcased innovative steps to reduce fossil fuel use, create sustainable cities and accelerate their national climate agendas. From the U.S. the “We are Still In” Coalition showed that actions at the local and state level can make up for the present lack of national leadership.

Prime Minister of Fiji and COP23 President Frank Bainimarama
(Bonn, Nov 2017 photo by Michael Paparian)


"We can draw from the power and enthusiasm of local and regional leaders in the mission to tackle climate change.” said Prime Minister of Fiji and COP23 President Frank Bainimarama, speaking to local leaders at the COP23 Summit. “So many of you have already demonstrated how to make decisions and implement them."

Resilience and adaptation at a local level


What’s common at many sub-national levels is a growing realization of the need for resilience in both local communities and their infrastructure.

For some communities, water quality, scarcity and efficiency have come to the fore, in others, flood mitigation, storm surge and ocean rise is a growing threat. Transport, sustainable development and clean energy are common themes in almost every city.

What’s lagging in many of the local activities is a connection and commitment to green finance.

The critical link is finding the right pathways to aligning balance sheets and infrastructure investment with climate action outcomes.

Why a Green Bond Pledge?

Just as many local governments have committed to 100% renewable energy, 100% green buildings and other measures over time, local governments can increasingly link their climate ambition with investment via a commitment to issuing more of their bonds as green bonds.

This is the space that the Green Bond Pledge is designed to open up.



The Pledge helps bring the political and climate policy objectives of cities and municipalities closer to financial and investment areas.

The Pledge allows local governments to demonstrate to investors and the financial markets that they are committed to best practice related to their infrastructure projects.

This is a change that can be made fairly easily. With a staged, progressive and prudent implementation into capital raising policies, it is possible, overtime, to integrate local capital allocation and investment decisions with climate goals.

The Last Word


Local governments are well positioned to lead their peers, national governments, corporations and the finance community by committing to a broad green bond policy objective for their infrastructure.

Supporting the development of green finance is consistent with the stance global leaders are taking with regards to international finance, banking sector and big pension and sovereign wealth funds.

If the green pipeline grows wider and longer, investors will respond.

Local governments have demonstrated their influence in terms of moving the marketplace for clean energy, clean transportation, green buildings and more.

These local governments can also now urge the financial markets to shift more rapidly towards climate solutions by saying “yes” to the Green Bond Pledge.


Christiana Figueres discuses cities and climate at COP23 in Bonn
(Nov, 2017, photo by Michael Paparian)


In March Christiana Figueres from M2020 placed a challenge before all bond issuers: city, corporates and banks, to begin the green transition in their borrowing programs, by committing to the Pledge and start a new a new green finance conversation.

The Global Climate Action Summit, (GCAS) in San Francisco in September provides an ideal platform for city and municipal governments to announce their support for the Pledge before an audience of the world’s biggest investment funds.

I can’t think of a better time to respond.

Want to know more?


Green Bond Pledge Webinar: 26th July, 2018


12:00 PM EDT/09:00 AM PDT/17:00 PM BST

This webinar, co-hosted by CDP and Climate Bonds Initiative, will introduce the Green Bond Pledge. Speakers will outline the Green Bond Pledge’s role to foster debate around finance for low carbon, climate resilient urban infrastructure as a part of cities’ plans to help the US to meet its Paris Accord emissions goals.

We will also share information on the upcoming Global Climate Action Summit (GCAS) in San Francisco and Green Bond Pledge announcements in support of maintaining climate momentum across states and cities.

Webinar Registration is here.

The Green Bond Pledge will also be highlighted as a major commitment local governments can make to the Global Climate Action Summit Sept. 13-14 in San Francisco. For information on the Climate Action Summit, see www.globalclimateactionsummit.org

78 comments:

  1. Outstanding blog, in my opinion site owners should acquire a great deal out of this blog its very user welcoming.
    mortgage refinance in Toronto

    ReplyDelete
  2. I like your post. It is good to see you verbalize from the heart and clarity on this important subject can be easily observed.. car financing pakistan - meezan car financing

    ReplyDelete
  3. But I think that people should first of all check all their cars for serviceability and emissions, and then eliminate all these problems. And this will reduce emissions by 10-15%. For example, I use Octane Boosters and Best OBD2 Scanner for my car to test cars. Which I regularly order on Amazon. By the way, a good site with reviews of auto products.

    ReplyDelete
  4. Great post full of useful tips! My site is fairly new and I am also having a hard time getting my readers to leave comments. chauffeur service dubai - dubai airport transfers

    ReplyDelete
  5. Thanks for posting this info deposit slip template. I just want to let you know that I just check out your site and I find it very interesting and informative stock certificate. I can't wait to read lots of your posts.

    ReplyDelete
  6. Thank you for taking the time to publish this information very useful! examples

    ReplyDelete
  7. Thank you so much for sharing such a great contents. Your writing skills specially on this topic deserve 5 star rating. Visit our website for comments private Chauffeur Services Dubai

    ReplyDelete
  8. wow, great, I was wondering how to cure acne naturally. and found your site by google, learned a lot, now i’m a bit clear. I’ve bookmark your site and also add rss. keep us updated. Begin Your Best Lifestyle Investments Today!

    ReplyDelete
  9. Great post full of useful tips! My site is fairly new and I am also having a hard time getting my readers to leave comments.car leasing

    ReplyDelete
  10. Excellent website! I adore how it is easy on my eyes it is. I am questioning how I might be notified whenever a new post has been made. Looking for more new updates. Have a great day! how-to-earn-money-from-swagbucks

    ReplyDelete
  11. Though both of them give quite substantiate discussion of finances, as a system of formation, distribution and usage of the funds of money sources, that comes out of the following definition of the finances: Purchase invoices to Xero

    ReplyDelete
  12. This is my first time visit to your blog and I am very interested in the articles that you serve. Provide enough knowledge for me. Thank you for sharing useful and don't forget, keep sharing useful info: Tax Refund Advance for Christmas

    ReplyDelete
  13. In the manuals of the political economy we meet with the accompanying meanings of finances.Share tips

    ReplyDelete
  14. in this explanation of finances like D. S. Moliakov and V. M. Rodionov's definitions, following the customary legacy, we meet with the extending of the monetary establishment. finansrapport.se

    ReplyDelete
  15. Powers need to have a strong business case for finance change joined with an administration structure that traverses operational, strategic and key necessities. futures-trading-systems.net

    ReplyDelete
  16. in this explanation of finances like D. S. Moliakov and V. M. Rodionov's definitions, following the customary legacy, we meet with the extending of the monetary establishment. passiv inkomst

    ReplyDelete
  17. We utilize the word 'considered 'essentially on the grounds that numerous SRED petitioners don't know that their SR&ED cases can be financing when they are documented - at times preceding recording!mélybölcsős szállítás Europa-Road Kft.

    ReplyDelete
  18. Your blog provided us with valuable information to work with. Each & every tips of your post are awesome. Thanks a lot for sharing. Keep blogging.. test bank

    ReplyDelete
  19. Thanks for a very interesting blog. What else may I get that kind of info written in such a perfect approach? I’ve a undertaking that I am simply now operating on, and I have been at the look out for such info. Dubai Airport Transfers~chauffeur service Dubai

    ReplyDelete
  20. This is really helpful. I didn't find explanation anywhere. Thanks much buddy! Dubai airport transfers || chauffeur service Dubai

    ReplyDelete
  21. Easy reading and cool style. No wonder that your blog has so many visitors. Thanks! Chauffeur Service Dubai & Dubai Airport Transfers

    ReplyDelete
  22. When utilizing a moving help you need to ensure that they will treat your stuff with care and that you won't discover scraped and broken furnishings, harmed boxes, and have broken things, and so forth At the point when you recruit moving organizations to move your family unit stuff they are the ones that are answerable for its wellbeing and security from the time they load it into the truck to the time they dump it. california long distance moving company

    ReplyDelete
  23. Excellent article. Very interesting to read. I really love to read such a nice article. Thanks! keep rocking. Saham Aplikasi

    ReplyDelete
  24. WONDERFUL article bout What Is The Best Air Fryer? because before you bought an air fryer you need to know what is the qualities of a best air fryer

    ReplyDelete
  25. Nail is also a way to look beautiful.This person describe 15 Best Fake Nails which add to your beauty

    ReplyDelete
  26. Best Nursery Rocking Chairs are helpful to make baby laugh and happy.If the chairs are not good then baby is uncomfortable and not felling good and it is not for good health so read it carefully and happy shopping :)

    ReplyDelete
  27. Perusahaan menerbitkan (menjual) saham untuk mengumpulkan dana guna menjalankan bisnis mereka. Pemegang saham (pemegang saham) sekarang telah membeli sebagian dari korporasi dan, tergantung pada jenis saham yang dimiliki, dapat memiliki klaim atas sebagian dari aset dan pendapatannya. Dengan kata lain, pemegang saham sekarang menjadi pemilik perusahaan penerbit. Kepemilikan ditentukan oleh jumlah saham yang dimiliki seseorang relatif terhadap jumlah saham yang beredar. Misalnya, jika sebuah perusahaan memiliki 1.000 saham beredar dan satu orang memiliki 100 saham, orang tersebut akan memiliki dan mengklaim 10% dari aset dan pendapatan perusahaan. cek juga markets.co.id dan rekomendasi saham hari ini

    ReplyDelete
  28. Moving can be exceptionally drawn-out, particularly on the off chance that you own a ton of stuff. Getting together the entirety of your things, leasing a truck, stacking the truck, heading to the new spot, and dumping everything... This is all very tedious. Thus, numerous individuals decide to employ a trucking organization to do all or part of it.san francisco local movers

    ReplyDelete
  29. "The arrangement of creation and use of important assets of money assets for guarantying communist enlarged further creation address precisely the finances of the communist society. millions of leads

    ReplyDelete
  30. Credit has an objective character. It is used for providing widened further production of the state and other needs. money

    ReplyDelete
  31. VoIP services are one of the most reliable and mostly used services all over the world. It helps to enhance the business communication and many other benefits. For further details, visit VoIP Blog

    ReplyDelete
  32. Great articles and great layout. Your blog post deserves all of the positive feedback it’s been getting. 안전놀이터

    ReplyDelete
  33. Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day! 먹튀검증

    ReplyDelete
  34. I can’t believe focusing long enough to research; much less write this kind of article. You’ve outdone yourself with this material without a doubt. It is one of the greatest contents. here

    ReplyDelete
  35. This most recent initially gives off an impression of being a piece of worth of principle modern assets, later it is moved to the expense cost of a prepared item (that is to the worth as well) and after its acknowledgment, and it is set the downturn store. Best cryptocurrency investment

    ReplyDelete
  36. it was a wonderful chance to visit this kind of site and I am happy to know. thank you so much for giving us a chance to have this opportunity. I also like one website I thind everyone visit this website. www.fcannon.com

    ReplyDelete
  37. Great articles and great layout. Your blog post deserves all of the positive. more Information visit our brand. www.shabda.name

    ReplyDelete
  38. Thankyou for this wondrous post, I am glad I observed this website. But I also preffer this website. www.raisekitchen.com

    ReplyDelete
  39. Likely I am likely to save your blog post. Visit Here> www.buyfryer.com

    ReplyDelete
  40. I’m extremely impressed with your writing skills and also with the layout on your weblog. More Information Visit this website.www.buyingbit.com

    ReplyDelete
  41. Very descriptive post, I loved that a lot. more Information come this website. www.kindlingquarterly.com

    ReplyDelete
  42. Excellent article. I’m experiencing some of these issues as well. I also like one more website please visit this website. www.thecouponsale.com

    ReplyDelete
  43. Very descriptive post, I loved that a lot. more Information come this website.. Emirates Airport Transfer

    ReplyDelete
  44. I’ve read some good stuff here. Definitely worth bookmarking for revisiting. I surprise how much effort you put to create such a great informative website. 토토커뮤니티

    ReplyDelete
  45. Wonderful blog! I found it while surfing around on Yahoo News. Do you have any suggestions on how to get listed in Yahoo News? I’ve been trying for a while but I never seem to get there! Appreciate it. สล็อต

    ReplyDelete
  46. Thankyou for this wondrous post, I am glad I observed this website on yahoo. 안전놀이터

    ReplyDelete
  47. Thank you for such valuable information. Keep sharing.
    Get the best moving service in Dubai. Packer and Movers in Springs Dubai

    ReplyDelete
  48. To be a part of one of those, all you want is to create an account and get your identification verification earlier than you may purchase or promote bitcoins.Bitcoin ATM

    ReplyDelete
  49. Fabulous post, you have denoted out some fantastic points, I like think this is a very wonderful website. I will visit again for more quality contents and also, recommend this site to all. Thanks. Luxury Taxi Service Dubai

    ReplyDelete
  50. Thanks for taking the time to discuss that, I feel strongly about this and so really like getting to know more on this kind of field. Do you mind updating your blog post with additional insight? It should be really useful for all of us. 먹튀검증

    ReplyDelete
  51. I am constantly surprised by the amount of information accessible on this subject. What you presented was well researched and well written to get your stand on this over to all your readers. Thanks a lot my dear. 파워볼

    ReplyDelete
  52. I can see that you are an expert at your field! I am launching a website soon, and your information will be very useful for me.. Thanks for all your help and wishing you all the success in your business. 대전스웨디시

    ReplyDelete
  53. Thank you for helping people get the information they need. Great stuff as usual. Keep up the great work! Professional Movers In Dubai

    ReplyDelete
  54. This is highly informatics, crisp and clear. I think that everything has been described in systematic manner so that reader could get maximum information and learn many things. ฉีดฟิลเลอร์ปาก อันตรายไหม

    ReplyDelete
  55. Interesting topic for a blog. I have been searching the Internet for fun and came upon your website. Fabulous post. Thanks a ton for sharing your knowledge! It is great to see that some people still put in an effort into managing their websites. I'll be sure to check back again real soon. nursing test bank

    ReplyDelete
  56. Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day! 토토사이트

    ReplyDelete
  57. I would like to say that this blog really convinced me to do it! Thanks, very good post. 온라인바둑이

    ReplyDelete
  58. Your articles are inventive. I am looking forward to reading the articles that you have linked here. Thumbs up! more info
    Womens swimwear

    ReplyDelete
  59. thanks for the tips and information..i really appreciate it.. 토토커뮤니티

    ReplyDelete
  60. You have done a great job on this article. It’s very readable and highly intelligent. You have even managed to make it understandable and easy to read. You have some real writing talent. Thank you. 먹튀폴리스

    ReplyDelete
  61. This is actually the kind of information I have been trying to find. Thank you for writing this information. https://westasianetwork.com/ashford-formula-distributor.php

    ReplyDelete
  62. Good website! I truly love how it is easy on my eyes it is. I am wondering how I might be notified whenever a new post has been made. I have subscribed to your RSS which may do the trick? Have a great day! https://visualaidscentre.com/

    ReplyDelete
  63. I’m going to read this. I’ll be sure to come back. thanks for sharing. and also This article gives the light in which we can observe the reality. this is very nice one and gives indepth information. thanks for this nice article... 먹튀검증

    ReplyDelete
  64. I have read your blog it is very helpful for me. I want to say thanks to you. I have bookmark your site for future updates. https://www.toryburchoutlet.org/

    ReplyDelete
  65. Hello I am so delighted I located your blog, I really located you by mistake, while I was watching on google for something else, Anyways I am here now and could just like to say thank for a tremendous post and a all round entertaining website. Please do keep up the great work. https://www.digitalanalog.in/

    ReplyDelete
  66. We have sell some products of different custom boxes.it is very useful and very low price please visits this site thanks and please share this post with your friends. 먹튀검증

    ReplyDelete
  67. Nice blog and absolutely outstanding. You can do something much better but i still say this perfect.Keep trying for the best. 대전건마

    ReplyDelete
  68. Due to Instagram’s popularity across the world, both brands and advertisers seek to increase their audiences and drive traffic to their pages. Getting more followers and getting more views on their posts will help them to promote their content. Buy instagram views

    ReplyDelete
  69. I know your expertise on this. I must say we should have an online discussion on this. Writing only comments will close the discussion straight away! And will restrict the benefits from this information. 바둑이

    ReplyDelete
  70. wow this saintly however ,I love your enter plus nice pics might be part personss negative love being defrent mind total poeple , 토토사이트

    ReplyDelete
  71. I wanted to thank you for this great read!! I definitely enjoying every little bit of it I have you bookmarked to check out new stuff you post. detectives privados barcelona

    ReplyDelete
  72. Thanks For sharing this Superb article.I use this Article to show my assignment in college.it is useful For me Great Work. 토토사이트

    ReplyDelete
  73. Thanks for sharing this quality information with us. I really enjoyed reading. Will surely going to share this URL with my friends. 꽁머니 즉시환전

    ReplyDelete