Next Season’s Green Bond Harvest : Innovations in Green Credit Markets

Coston, Elizabeth ; Odaro, Esohe Denise ; Hartwick, Evelyn ; Jones, Jamie

International Finance Corporation, Washington, DC

关键词: green bonds;    green finance;    social impact;    climate change;   

RP-ID  :  112018

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Capital markets have been a source offunding for green investments for a number of years, butuntil recently, financing was predominantly from equity.Private equity, venture capital, and government funding werethe most accessible sources of capital when greentechnologies such as solar and wind were in early stages ofdevelopment. More recently, as these technologies have beentested, proven, and refined, funders have naturallyprogressed along the capital structure towards public equityand debt financing to support growth and scale. At the sametime, leading financial institutions have provided impetusfor expanded green investing. International FinanceCorporation (IFC) and the Kellogg School of Management havecollaborated to author this paper which attempts to coverthe bounty of credit tools available for harvesting byissuers and sponsors, with the aim of attracting newinvestments to green industry. This paper is the first in aseries to proffer avenues to enhance the financialenvironment towards addressing this gap. This paper presentsa brief overview of efforts that can circumvent thesebarriers by introducing a mix of innovative products toattract different kinds of fixed income investors and drawmore private capital into funding green technologies.