{"id":36133,"date":"2018-03-21T13:04:48","date_gmt":"2018-03-21T13:04:48","guid":{"rendered":"http:\/\/www.climatechangenews.com\/?p=36133"},"modified":"2018-03-23T11:19:57","modified_gmt":"2018-03-23T11:19:57","slug":"ex-un-climate-chief-calls-green-bonds-hit-1-trillion-2020","status":"publish","type":"post","link":"https:\/\/www.climatechangenews.com\/2018\/03\/21\/ex-un-climate-chief-calls-green-bonds-hit-1-trillion-2020\/","title":{"rendered":"Ex-UN climate chief calls for green bonds to hit $1 trillion by 2020"},"content":{"rendered":"

Cities and companies are being\u00a0urged to show their commitment to climate-friendly\u00a0infrastructure investments\u00a0by signing a “green bond pledge” launched on Tuesday.<\/strong><\/p>\n

The initiative<\/a> aims to scale up finance for projects that are resilient to the impacts of climate change and\u00a0support the transition to a low carbon economy.<\/p>\n

Unveiling the\u00a0pledge\u00a0in\u00a0London, former UN climate chief Christiana Figueres said green bonds issuance\u00a0needed to hit $1 trillion a year by 2020 to support international climate goals.<\/p>\n

\u201cWhen green investments move from business plans into budgets and balance sheets a wealth of opportunity will be unlocked across the value chain,” she said.<\/p>\n

\"\"

Former UN climate chief Christiana Figueres (Photo: UN Photos)<\/p><\/div>\n

“Organisations committing to the Green Bond Pledge will benefit from these opportunities and help the necessary acceleration of capital flows\u00a0– before 2020\u00a0– to deliver a sustainable future for everyone.\u201d<\/p>\n

Figueres is spearheading the campaign as part of her Mission 2020 programme<\/a> to mobilise short-term action towards the long-term goals of the Paris Agreement.<\/p>\n

The green bond pledge<\/strong><\/p>\n

We agree that all infrastructure and capital projects will need to be climate resilient and where relevant, support the reduction of greenhouse gas emissions.<\/em><\/p>\n

We welcome the role that green bonds can play in helping to achieve the financing of that infrastructure. \u00a0<\/em><\/p>\n

As a signatory to this pledge, we support the rapid growth of a green bonds market, consistent with global best practices that can meet the financing needs we face and issue, whenever applicable, bonds for infrastructure as green bonds.\u00a0\u00a0<\/em><\/p>\n

We pledge to support this goal by establishing a green bonds strategy that will finance infrastructure and capital projects that meets the challenges of climate change while transforming our community into a competitive, prosperous and productive economy.<\/em><\/p><\/blockquote>\n

Rahul Ghosh of ratings agency Moody’s told the Climate Bonds Initiative<\/a> (CBI) conference he expects $250 billion of green bonds to be issued in 2018, up from $155bn last year.<\/p>\n

The pledge builds on CBI’s work to\u00a0align\u00a0the $90tn global bond market with\u00a0climate goals. It has developed guidelines in several sectors for what counts as “green”. For example, buildings must meet certain energy efficiency standards to qualify.<\/p>\n

These\u00a0standards are not universal and criteria are still evolving. CBI does not endorse\u00a0any kinds of fossil fuel energy applications, while China\u00a0counts\u00a0things like efficiency upgrades to traditional power generation as “green”.<\/p>\n

\n

@CFigueres<\/a> opening the #CBI18<\/a> “We need to reach 1 trillion investments in green bonds by 2020 … the decarbonisation of the economy has to happen as soon as possible” @ClimateBonds<\/a> pic.twitter.com\/GJWONh880A<\/a><\/p>\n

\u2014 Chiara Soletti (@ChiaraSoletti) March 20, 2018<\/a><\/p><\/blockquote>\n