{"id":32404,"date":"2016-12-12T18:37:59","date_gmt":"2016-12-12T18:37:59","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=32404"},"modified":"2016-12-13T08:55:21","modified_gmt":"2016-12-13T08:55:21","slug":"poland-green-bond-issue-will-not-fund-coal-says-official","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2016\/12\/12\/poland-green-bond-issue-will-not-fund-coal-says-official\/","title":{"rendered":"Poland green bond issue will not fund coal, says official"},"content":{"rendered":"

Poland will not use revenues from\u00a0a planned “green bond” for coal projects, the finance ministry\u00a0said on Monday.<\/strong><\/p>\n

The coal-guzzling\u00a0nation surprised many when it revealed the fundraising initiative last week,\u00a0given its hostility to renewable energy.<\/p>\n

It is\u00a0seeking to raise<\/a> between \u20ac500 million and \u20ac1bn in the first quarter of 2017 to finance green energy, transport, farming and forestry initiatives.<\/p>\n

As\u00a0its roadshow kicked off this week, Warsaw-based business newspaper Parkiet\u00a0reported<\/a>\u00a0potential investors were sceptical. One suggested the money could benefit the coal sector, which supplies 85% of the country’s power.<\/p>\n

But a government spokesperson told Climate Home: “Under no circumstances the proceeds from the green bonds can be used to buy coal assets.”<\/p>\n

An independent review<\/a> from\u00a0consultancy Sustainalytics\u00a0described the framework for using the funds as “robust, credible, and transparent”.<\/p>\n

What is a green bond?<\/strong><\/p>\n

A bond is a way of raising finance. A government, bank or corporation borrows money for a fixed period of time. It pays the lender \u2013 which could be an individual or institutional investor like a pension fund \u2013 a fixed or variable interest rate each year.<\/p>\n

The global bond market is worth more than US$100 trillion.<\/p>\n

Green bonds are a small but growing sub-sector of the market that\u00a0channel this source of finance towards environmentally friendly projects. Climate Bonds Initiative<\/a> counts US$77.5bn worth of labelled green bonds\u00a0issued in 2016.<\/p><\/blockquote>\n

Sean Kidney, chief executive of the Climate Bonds Initiative (CBI), admitted he was surprised to see Poland leading on this small and growing sector of the bond market.<\/p>\n

It is in a race with\u00a0France, Luxembourg and Nigeria to release the world’s first sovereign green bond – from a government, as opposed to development bank or company.<\/p>\n

CBI\u00a0develops and monitors standards\u00a0for labelling bonds as “green” in different sectors, to align with international climate goals.<\/p>\n

While the Polish government is not\u00a0using CBI’s framework, Kidney said it appeared to have “done everything the right way”.<\/p>\n

“What we need is to see a pipeline [of green projects] and to be sure it is not just a marketing exercise,” he told Climate Home. “Investors don’t like to invest in something unless there is more of it.”<\/p>\n

 <\/p>\n

 <\/p>\n

Report:<\/strong>\u00a0Court blocks Polish coal plant, in victory for campaigners<\/a><\/p><\/blockquote>\n

 <\/p>\n

Dave Jones, energy analyst at think-tank Sandbag, called on the bank overseeing the share issue to make sure it was used for its stated purpose.<\/p>\n

“It is exciting that governments are now becoming interested in green bonds,” he said. “However, green bonds cannot be seen as a mechanism for merely moving money around to refund existing projects. HSBC, as leaders of this process, have a responsibility to ensure this injection of money will fund genuinely new and genuinely green investments in Poland.”<\/p>\n

Weekly briefing:<\/strong> Sign up for your essential climate politics update<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"Investors are sceptical about Warsaw bid to finance renewables, given its coal-heavy energy policy","protected":false},"author":12,"featured_media":22337,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[82,3650],"tags":[352],"coauthors":[],"class_list":["post-32404","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-eu","category-green-bonds","tag-poland","type-news"],"acf":[],"yoast_head":"\nPoland green bond issue will not fund coal, says official<\/title>\n<meta name=\"description\" content=\"Investors are sceptical about Warsaw bid to finance renewables, given its coal-heavy energy policy\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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