{"id":14399,"date":"2021-07-12T15:14:19","date_gmt":"2021-07-12T13:14:19","guid":{"rendered":"https:\/\/it.andersen.com\/?p=14399"},"modified":"2024-02-14T16:22:44","modified_gmt":"2024-02-14T15:22:44","slug":"green-bonds","status":"publish","type":"post","link":"https:\/\/it.andersen.com\/en\/green-bonds\/","title":{"rendered":"Green Bonds"},"content":{"rendered":"<p><strong>Green Bonds<\/strong> are <strong>financial instruments<\/strong>, more precisely <strong>debt instruments<\/strong>, which <strong>issuance<\/strong> is linked to projects that have a <strong>positive environmental impact<\/strong>: energy efficiency, renewable energy, sustainable management of living natural resources in particular land and water, pollution prevention, waste management, green buildings, and clean transportation.<\/p>\n<p>The <strong>First Green Bond <\/strong>on the market was issued by <strong>BEI<\/strong>, the European investment bank, on the <strong>4<sup>th <\/sup>of July 2007<\/strong>, thanks to Aldo Romano\u2019s insight, the current BEI\u2019s Head of Sustainability Funding. Later, <strong>companies<\/strong>, municipals and <strong>State agencies<\/strong> have started to issue Green Bonds. Among these, the most important Italian issuers are Enel, IntesaSanpaolo, State Railway and CDP.<\/p>\n<p>The main differences between Green Bonds and traditional bonds, developed by <strong>International Capital Market Association<\/strong> (ICMA), concern the following aspects:<\/p>\n<ul>\n<li>The eligible <strong>project\u2019s selection<\/strong> that has to contribute to <strong>environmental sustainability<\/strong> objectives;<\/li>\n<li>The <strong>management of proceeds<\/strong>, at least once in a year, specifying for which projects are used and which <strong>environmental objectives<\/strong> these projects want to satisfy;<\/li>\n<li>The <strong>proceeds<\/strong> that have to be <strong>linked<\/strong> to the <strong>selected project<\/strong>: the amount of money should be credited to a sub-account or otherwise tracked by the issuer in an appropriate manner;<\/li>\n<li>The <strong>reporting<\/strong> activity <strong>conducted<\/strong> by an <strong>external auditor<\/strong> that certifies documents and objectives.<\/li>\n<\/ul>\n<p>The <strong>market<\/strong> is <strong>self-regulated<\/strong>: the issuer of a Green Bond has to respect the ICMA\u2019s principles after the issuance; otherwise, it will be affected in terms of reputation.<\/p>\n<p>The <strong>increase in the market<\/strong> of Green Bonds, and its sustainability, is due to <strong>two <\/strong>main<strong> factors<\/strong>: the <strong>entrance <\/strong>in the Green Bond\u2019s <strong>market<\/strong> of the <strong>emerging countries<\/strong>\u2019 companies (mainly China and India), and the <strong>increasing attention<\/strong> to <strong>environmental sustainability<\/strong> from the supranational institutions.<\/p>\n<p>Moreover, the Italian Stock Exchange states that \u201crecently the <strong>European Commission<\/strong> has highlighted the <strong>Green Bond<\/strong>\u2019s market <strong>operation<\/strong> and <strong>potentiality<\/strong>, introducing a set of measures called \u201c<em>Clean Energy for all the Europeans<\/em>\u201d, according to which <strong>from 2021<\/strong> it will be necessary an <strong>annual<\/strong> <strong>injection<\/strong> of <strong>177 billion<\/strong> of euro, in order to reach the <strong>2030 objectives<\/strong> regarding <strong>climate and energy<\/strong>, for which Green Bonds will play an essential role.<\/p>\n<p>&nbsp;<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Green Bonds are financial instruments, more precisely debt instruments, which issuance is linked to projects that have a positive environmental impact: energy efficiency, renewable energy, sustainable management of living natural resources in particular land and water, pollution prevention, waste management, green buildings, and clean transportation. The First Green Bond on the market was issued by [&hellip;]<\/p>\n","protected":false},"author":74,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[50],"tags":[],"_links":{"self":[{"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/posts\/14399"}],"collection":[{"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/users\/74"}],"replies":[{"embeddable":true,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/comments?post=14399"}],"version-history":[{"count":1,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/posts\/14399\/revisions"}],"predecessor-version":[{"id":14400,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/posts\/14399\/revisions\/14400"}],"wp:attachment":[{"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/media?parent=14399"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/categories?post=14399"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/it.andersen.com\/en\/wp-json\/wp\/v2\/tags?post=14399"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}