Green Bonds. Our Experience with THE WORLD BANK. Presentation by: George Richardson, Head of Capital Markets
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1 THE WORLD BANK Our Experience with Green Bonds Presentation by: George Richardson, Head of Capital Markets The Euromoney Sustainable and Responsible Capital Markets Forum New York - March 12, 2014 THE WORLD BANK TREASURY 1225 CONNECTICUT AVE NW, WASHINGTON, DC USA
2 SUSTAINABLE INVESTMENT FOCUS Investors have been incorporating environmental, social and governance criteria in their investment decisions. The World Bank partners with investors and financial intermediaries to design sustainable investmentfocused products. 2
3 The Green Bond Story The Green Bond Market Investors Intermediaries Issuer Green Projects in borrowing member countries Wind Power Solar Power Solution Technologies to Reduce GHG Emissions Waste Management 1. Due Diligence? World Bank Project Cycle & Safeguards 2. Project Risk? World Bank is AAA/Aaa 3. Liquidity? Bond is Transferable 4. Return? Market-based 5. Terms? Maturity/Currency - Flexible Transport Efficiency Reforestation Energy Efficiency Sustainable Forest Management
4 Types of Projects Supported by Green Bonds Mitigation Solar and wind installations Funding for technologies that result in significant reductions in GHG emissions Rehabilitation of power plants and transmission facilities to reduce GHG emissions Greater efficiency in transportation, including fuel switching and mass transport Waste management (methane emission) Energy efficient building construction Reforestation and avoided deforestation Adaptation Protection against extreme events, such as floods and droughts (including reforestation and watershed management) Food security improvement and stress-resilient crops (to slow down deforestation) Sustainable forest management and avoided deforestation 4
5 Supranational Green Bonds Benefits Investors have high quality fixed income product that meets their financial needs (risk/return) and supports climate actions Diversify investor base for the issuer Create awareness about: the issuer climate efforts in member countries about climate change and the need for private sector financing and opportunities Mobilize funds from the private sector for climate change projects in member countries Catalyst for bigger green bond market for global efforts 5
6 Green Bonds: Part of the SRI Fixed Income Market Acceleration Since World Bank issues 60th Green Bond with USD 550 mm FRN; bringing World Bank Green Bond total to USD 4.5 bn equivalent in size Dec Nov Oct BAC first FIG Green Bond USD 500 mm EDF first utility Green Bond EUR 1.4 bn Vasakronan first corporate Green Bond SEK 500 mm KBN launches their inaugural syndicated Green Bond USD 500 mm FMO debut Euro Sustainability Bond EUR 500 mm EIB AfDB taps launches its EUR its vanilla inaugural benchmark USD Green Climate Bond Awareness USD 500 Bond mm ; now largest SSA green bond 2013 Sep Aug Jul Jun EBRD issues a Green Bond USD 250 mm City of Gothenburg first city to issue a Green Bond SEK 500 mm World Bank launches benchmark USD Green Bond USD 550 mm; total World Bank Green Bonds reaches USD 4 bn with 60 bonds State of Massachusetts first US State to issue a Green Bond USD 100 mm EIB launches first plain vanilla EUR benchmark Climate Awareness Bond EUR 650 mm (increased to EUR 1+ bn) IFFIm issues its first USD FRN benchmark USD 750 mm May Apr Mar Feb Jan IFC launches the first USD 1 bn sized Green Bond Kexim first non-supra USD Green Bond USD 500 mm 2012 World Bank surpasses 50th Green Bond issuance milestone with Green Bonds in 17 currencies; totaling USD 3 bn equivalent in size World Bank issues a Green Bond USD 510 mm 2011 World Bank first US retail structured Green Bond NIB first Green Bond from Nordic region World Bank investments in World Bank Green Bonds surpass USD 1 bn with 10 new Green Bonds denominated in 10 different currencies IFFIm first A$ SRI Bond IFC issues its first Green Bond AfDB launches Clean Energy Bond ADB sells first Water Bond followed by a Clean Energy Bond IFFIm first UK retail ISA bond denominated in GBP World Bank launches its first USD Green Bond USD 300 mm 2008 World Bank launches its first Green Bond SEK bn (increased to SEK 3.35 mm) 2007 EIB first Climate Awareness Bond 2006 IFFIm first dedicated purpose SRI Bond
7 More Information Web site: Bloomberg: IBRD <Go> 4 <Go> 7
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