(Bloomberg) -- Almost all green bonds issued in the US fail to drive real action to tackle climate change, undermining the merits of a global market that’s...
-- Almost all green bonds issued in the US fail to drive real action to tackle climate change, undermining the merits of a global market that’s grown to more than $3 trillion, according to a study.Pipe Fire Near Houston Forces Residents to Evacuate
Investors also typically don’t differentiate between bonds based on their “additionality,” a term used to measure activities that generate a positive climate impact that wouldn’t have otherwise occurred, according to the NBER study. Using proceeds for refinancing isn’t necessarily problematic, said Nneka Chike-Obi, senior director and head of Asia-Pacific ESG ratings and research at Sustainable Fitch.
Bonds are typically used to replace more expensive sources of capital for existing ventures, and “green bonds make refinancing green projects cheaper, therefore encouraging companies to initiate more of them,” he said.The Fed announced a larger-than-usual half-percentage-point reduction that Chair Jerome Powell said was meant to show policymakers' commitment to sustaining a low unemployment rate now that inflation has eased.
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