The $280 Billion Climate Bond Market That Isn't Working [BNN Bloomberg (Canada)]
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Source: BNN Bloomberg
That's according to new research from the investor-focused nonprofit Climate Bonds Initiative (CBI). The group's study found that more than 80% of 768 sustainability-linked bonds issued from 2018 through November of last year aren't aligned with global climate goals. Sustainability-linked bonds (SLB) make up roughly $280 billion of issuance and can, according to CBI Chief Executive Officer Sean Kidney, “play an enormous part in transitioning the world economy to a greener future.” The problem, Kidney said in a statement, is that the market is “operating in the wild west.” SLBs are similar to ordinary bonds, with one key difference: They have built-in incentives for issuers to achieve set sustainability targets. Often, the issuer will face an interest rate increase if they fail to meet those goals. Issuers like SLBs because their proceeds can be used for general purposes as opposed to specific projects, which isn't the case for green bonds. As a result, the SLB market is accessi
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