Banks, governments and businesses say financial markets can play a crucial role in driving the shift to a lower-carbon world.
climate conference in Egypt, companies and country delegates are discussing ways of enhancing the market for green bonds, or bonds that are linked to projects deemed environmentally beneficial.
Proponents of the market say these are the very companies that need incentives to spend on green projects and that the market is still maturing. The Bank for International Settlements in September called on governments to impose tougher penalities on themselves when they fail to hit targets, calling it a credibility issue for the SLB market.
Advocates nevertheless are pushing for wider acceptance of a labelled transition product to respond to the pressing need to finance decarbonisation efforts in this sphere.Financial products that help brown companies go green are a trickier concept to sell to the market. Alternatively, a social bond might fund an affordable housing project that also rehouses people displaced by a climate-fueled wildfire or flood.
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