Green & Sustainable bonds: a label is not enough

In Short

We expect a significant growth of green bond supply, dominated by issuance in Euro and US Dollar. Corporates, financials and utilities used to comprise the main issuers of green bonds, but more sectors are now joining the party, e.g. car makers. Demand is outpacing supply, leading to a mismatch and, potentially, a larger greenium. As climate risks rise, regulatory interventions may further distort markets.

Over the years, Generali Insurance Asset Management (GIAM) has gained important knowledge of the green & sustainable bonds market, benefitting from a virtuous environment at Group level. GIAM will use this expertise to capture opportunities in this increasingly complex and wide market, for the benefit of its institutional clients.

 

Table of content:

 

Green and sustainable bonds: citius altius fortius

  • The anatomy of the green bond market

  • EU Taxonomy: green history in the making

  • EU Green Bond Standard: a future reference

  • Transition bonds: late to the party

  • Sustainability-linked bonds: a new sub-asset class is emerging

 

Making sure green bonds create an impact on the real world

  • 4 key concepts of impact applied to green bonds

  • What future for the EU Green Bond standard?

  • Are Sustainability Linked Bonds a solution to secure impact?

 

What support from the EU institutional framework?

  • Climate change is high on the agenda of the ECB’s strategic policy review

  • EIOPA regulation: now and then

 

Investing, with an impact, in green and sustainable bonds

  • Not all green bonds are created equal

  • Market dynamics

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Investment White Paper | Green & Sustainable bonds: a label is not enough
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