IATE Term of the Week: Green Bond

IATE每周课程:绿色债券

2020-09-18 17:20 terminology Coordination

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Most of us have heard of bonds, fixed income instruments that represent loans made by an investor to a borrower, usually corporate or governmental. They are often issued by companies, states and governments to finance projects and operations. A green bond, on the other hand, is a type of fixed income instrument which is specifically intended to raise funds for climate and environmental projects. Such bonds are typically asset-linked and backed by the issuing entity’s balance sheet. In IATE words, a green bond is a “debt capital instrument issued by a government, international organization or corporate entity (debtor) to a lender (creditor), providing the borrower with external funds which must be paid back over a certain period of time with either a fixed or variable rate of return, in order to finance an environmental project”. The aim of green bonds is to encourage sustainability and support projects focused on energy efficiency, pollution prevention, fishery and forestry, sustainable agriculture, clean water and transportation, sustainable water management and other related activities. This is why they come with tax incentives that make them a more attractive investment compared taxable bonds. To qualify for the green bond status, bonds are often verified by a third party such as the Climate Bond Standard Board, which confirms that it will fund projects which benefit the environment. History and Etymology The English term “bond” is related to the etymology of “bind”, and its usage in the sense of a binding instrument dates from at least the 1590s. Nevertheless, the first “green bond” was issued only in 2008 by the World Bank. This turned out to be a historical event that fundamentally changed the way stakeholders work together. Not long after they started to be referred to as climate bonds, in accordance with their purpose. However, according to Mackenzie and Ascui, climate bonds only represent an extension of the green bond concept since they raise finances for investments in emission reduction or climate change adaptation[1]. IATE seconds this point of view, as the “green bond” entry[2] clearly instructs “not to confuse with” “climate bond”. Future Even though bonds have been around for a long time now, and green bonds were not a tremendous invention per se, they have brought important changes in the way of doing business. They help the issuers diversify their investor base, increase demand when compared to standard bond offerings, demonstrate commitment to values that stakeholders find important, and show their interest in sustainable economy. The most recent case is that of Germany, which raised €6.5 billion from its first issued green bond. It is to expect that other countries and bodies will follow this example. One thing is certain – green bonds are here to stay.   [1] Mackenzie, C and Ascui. F. Investor leadership on climate change: an analysis of the investment community’s role on climate change, and snapshot of recent investor activity Archived 2012-04-26 at the Wayback Machine. Published by the UNEP Finance Initiative and UNPRI, 2009. [2] IATE. 2016. IATE – Entry ID 3530020. [ONLINE] Available at: https://iate.europa.eu/entry/result/3530020/en-all. [Accessed 14 September 2020]. Climate Bonds Initiative. 2020. Explaining green bonds. [ONLINE] Available at: https://www.climatebonds.net/market/explaining-green-bonds. [Accessed 13 September 2020]. Euractiv. 2020. Germany raises €6.5 bln from first-ever green bond – EURACTIV.com. [ONLINE] Available at: https://www.euractiv.com/section/energy-environment/news/germany-raises-e6-5-bln-from-first-ever-green-bond/. [Accessed 14 September 2020]. IATE. 2016. IATE – Entry ID 3530020. [ONLINE] Available at: https://iate.europa.eu/entry/result/3530020/en-all. [Accessed 14 September 2020]. Investopedia. 2020. Bond. [ONLINE] Available at: https://www.investopedia.com/terms/b/bond.asp. [Accessed 14 September 2020]. Investopedia. 2020. Green Bond. [ONLINE] Available at: https://bit.ly/2R7pTie. [Accessed 13 September 2020]. Luxembourg Stock Exchange. 2020. Green bonds. [ONLINE] Available at: https://www.bourse.lu/green-bonds. [Accessed 14 September 2020]. Wikipedia. 2020. Bond (finance). [ONLINE] Available at: https://en.wikipedia.org/wiki/Bond_(finance)#Etymology. [Accessed 13 September 2020]. World Bank. 2019. 10 Years of Green Bonds: Creating the Blueprint for Sustainability Across Capital Markets. [ONLINE] Available at: https://www.worldbank.org/en/news/immersive-story/2019/03/18/10-years-of-green-bonds-creating-the-blueprint-for-sustainability-across-capital-markets. [Accessed 13 September 2020]. Written by Lara Karlović, a digital marketing enthusiast with experience in social media management, SEO copywriting and content marketing.
我们大多数人都听说过债券,也就是固定收益工具,代表投资者向借款人(通常是公司或政府)提供的贷款。债券通常由公司、州和政府发行,为项目和运营提供融资。 另一方面,绿色债券是一种固定收益工具,专门为气候和环境项目筹集资金。此类债券通常与资产挂钩,并由发行实体的资产负债表支持。用IATE的话来说,绿色债券是“政府、国际组织或公司实体(债务人)向贷款人(债权人)发行的债务资本工具,从而向借款人提供外部资金,这些资金必须在一定时期内以固定或可变的回报率偿还,以便为环境项目提供资金支持”。 绿色债券旨在鼓励可持续性发展、支持侧重于能源效率、污染防治、渔业和林业、可持续农业、清洁水和运输、可持续水管理和其他相关活动的项目。这就是为什么债券附带税收优惠,,使其比应税债券成为更具吸引力的投资。 为了获得绿色债券资格,债券通常会通过第三方(例如气候债券标准委员会)进行核实,该委员会确认债券将为有益于环境的项目提供资金。 历史与词源 英语术语“bond”与“bind”的词源有关,其在具有约束力的文书中的用法至少可以追溯到1590年代。尽管如此,世界银行仅在2008年发行了第一笔“绿色债券”。这是一个历史性事件,从根本上改变了利益相关者的合作方式。 根据其目的,不久就将它们称为气候债券。然而,根据Mackenzie和Ascui的观点,气候债券只是绿色债券概念的扩展,因为气候债券为减少排放或适应气候变化的投资筹集资金[1]。 从“绿色债券”条目[2]明确指示“不要与”“气候债券”混为一谈,这一观点值得关注。 未来 尽管债券已经存在了很长时间,绿色债券本身并不是什么了不起的发明,却给商业方式带来了重大变化。绿色债券有助于发行者使其投资者基础多样化,与标准债券发行相比增加需求,表明对利益攸关方认为重要的价值承诺,并显示出他们对可持续经济的兴趣。最近一个例子是德国,该国从其首次发行的绿色债券中筹集了65亿欧元。预计其他国家和机构也将效仿这一做法。可以肯定的是--绿色债券将继续存在。 [1]Mackenzie,C和Ascui。F.投资者在气候变化方面的领导作用:对投资界在气候变化方面作用的分析,以及最近期投资者活动的快照,2012年04-26存档于Wayback机器。由环境署金融倡议和联合国资源研究所于2009年出版, [2]IATE。2016年。IATE-入口ID 3530020。[在线]可查阅:https://iate.europa.eu/entry/result/3530020/en-all。[2020年9月14访问]。 气候债券倡议。2020年。解析绿色债券。[在线]网址:https://www.climatebonds.net/market/explains-green-bonds。[2020年9月13号访问]。 Euractiv. 2020年。德国首次通过绿色债券Euractiv.com融资65亿欧元。[在线]网址:https://www.euractiv.com/section/energy-environment/news/germany-raises-e6-5-bln-from-first-ever-green-bond/。[2020年9月14访问]。 IATE。2016年。IATE-入口ID 3530020。[在线]可查阅:https://iate.europa.eu/entry/result/3530020/en-all。[2020年9月14访问]。 Investopedia。2020年。债券。[在线]网址:https://www.investopedia.com/terms/b/bond.asp。[2020年9月14访问]。 Investopedia。2020年。绿色债券。[在线]网址:https://bit.ly/2r7ptie。[2020年9月13号访问]。 卢森堡证券交易所。2020年。绿色债券。[在线]网址:https://www.bourse.lu/green-bonds。[2020年9月14访问]。 维基百科。2020年。债券(金融)。[在线]可查阅:https://en.wikipedia.org/wiki/bond_(financi)#词源。[2020年9月13号访问]。 世界银行。2019年。绿色债券10年:建立整个资本市场的可持续发展蓝图。[在线]可查阅:https://www.worldbank.org/en/news/immersive-story/2019/03/18/10-years-绿色债券-创造可持续发展蓝图-跨资本市场。[2020年9月13号访问]。 由数字营销热衷者LaraKarlović撰写,他在社交媒体管理、SEO广告撰写和内容营销方面经验丰富。

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