Handbook/Reference guide

Green Bond Handbook: a Step-by-step guide to issuing a Green Bond

Publication Date: March 2022

The Green Bond Handbook is a step-by-step guide on how to prepare and execute a successful Green Bond issue for Financial Institutions. Since the market is already well-served by pertinent and timely research, this living document is intended to be a practical guide for potential issuers. The Green Bond Handbook is designed as a tool through which to disseminate Best Practices along the green bond process, including but not limited to, the quality of reporting. The Handbook has been compiled by market practitioners with deep practical experience of working with issuers and investors and will be updated periodically to reflect innovation in practice in the Green Bond market. This Handbook focuses on structuring a Green Bond which is compliant with the ICMA Green Bond Principles, which are adopted by 95% of issuers.

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Reports

Amundi Planet Emerging Green One - 2021 Annual Impact Report

Publication Date: April 2022

The fourth "Amundi Planet Emerging Green One - 2021 Annual Impact Report" features the global impact of the AP EGO Fund and the activities of the IFC managed GB-TAP on stimulating the supply of green bonds in emerging markets.

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Emerging Market Real Economy Sustainable Bonds

Publication Date: April 2022

This report examines the potential for sustainable bond issuance in five countries focussing on three key sectors.

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Green Bond Funds - Impact Reporting Practices 2021

Publication Date: January 2022

Green Bond Funds - Impact Reporting Practices 2021 is a free-to-view report from Environmental Finance, supported by GB-TAP

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Latin America & Caribbean State of the Market 2021

Publication Date: September 2021

This publication is the second instalment of our State of the Market series for the Latin America & Caribbean (LAC) region. The report describes the shape and size of labelled Green, Social and Sustainability (GSS) debt issued by entities domiciled in LAC to the end of June 2021 (H1 2021). The market analysis is complemented by an overview of key policy developments and opportunities for growth of sustainable finance in LAC.

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AI Solutions to Support ESG Integration in Emerging Markets

Publication Date: May 2021

This paper describes potential approaches for institutional investors and asset managers to align their investment strategies for emerging markets with the Sustainable Development Goals through environmental, social, and governance (ESG)-integrated investments. A key challenge limiting institutional investors and asset managers from investing in emerging markets is the lack of material ESG data for emerging market issuers. Investors are making use of Artificial Intelligence (AI) and Machine Learning technologies such as Natural Language Processing to support ESG data analysis. The paper recommends support for open-access ESG and impact data, the use of AI to extend analytics, and cross-industry collaborations between big finance and big tech

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Emerging Market Green Bonds Report 2020

Publication Date: April 2021

The third edition of the “Emerging Market Green Bonds Report” highlights the key trends in and outlook for green bond market developments in emerging markets (EMs) in the context of the COVID-19 crisis. The report also provides a broad overview of the policy and regulatory updates that could affect the green bond market.

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Amundi Planet Emerging Green One – 2020 Annual Impact Report

Publication Date: April 2021

The third “Amundi Planet Emerging Green One Fund --- Annual Impact Report” features the global impact of the AP EGO Fund and the activities of IFC managed Technical Assistance Program (GB-TAP) on stimulating the supply of green bonds in emerging markets. This report highlights key impact parameters such as CO2 emissions avoided, the amount invested in green bonds, etc.

The report also showcases the ESG profile and climate impacts of issuers in the portfolio and sets great examples of green finance in emerging markets.

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The Race for Green Capital in Emerging Markets - Imperial CCFI

Publication Date: March 2021

The interview-based report “Marathon or Sprint? The Race for Green Capital in Emerging Markets” authored by the Centre for Climate Finance & Investment at Imperial College Business School finds that while Emerging Markets (EM) are highly vulnerable to climate change, they are not attracting and deploying sufficient capital to fund climate transition, mitigation, and adaptation measures. Hurdles preventing the issuance of sufficient sustainable bond products include insufficient market standardization and investor development, overly short-term focused investment approaches, and the failure of green finance frameworks to address the needs for transition financing in EM. The report proposes to focus on coordinated launches of transition bonds for heavy emitters, addressing climate concerns with issuers, and lowering the focus on indexation in favor of long-term investing. International Financial Institutions and Sovereign Wealth Funds are well-placed to provide the patient risk-capital and risk-sharing and are encouraged to increase their involvement in stimulating EM transition finance.

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Green Bond Funds - Impact Reporting Practices 2020

Publication Date: December 2020

Green Bond Funds – Impact Reporting Practices 2020 is a report from Environmental Finance, supported by GB-TAP.

It features surveys of green bond funds and investors, analysis of impact reporting practices, case studies from green bond funds, and an examination of the challenges of impact data collection and aggregation.

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Emerging Markets: Assessment of Hard-Currency Bond Market

Publication Date: June 2020

The Emerging Markets: Assessment of Hard-Currency Bond Market report finds that 804 financial institutions, including 398 banks, across 60 emerging-market countries issued hard-currency bonds with a total of $648 billion in outstanding value as of June 2019. While relatively small compared to the global bond market outstanding ($107 trillion as the end of 2018), the segment is sufficiently large and diversified to deploy specific investment strategies.

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Emerging Market Green Bonds Report 2019: Momentum Builds as Nascent Markets Grow

Publication Date: May 2020

The second edition of the joint IFC-Amundi “Emerging Market Green Bonds Report” highlights where there has been growth and where there is potential in the emerging market green bond market. Although there are still further challenges to be addressed, the market is poised for growth over the coming years, with nascent green bond markets scaling up if the right steps are taken.

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Amundi Planet Emerging Green One – 2019 Annual Impact Report

Publication Date: March 2020

The second Amundi Planet Emerging Green One Fund Annual Impact Report highlights the work of the AP EGO Fund, and its associated IFC-managed technical assistance program (GB-TAP), to develop the supply and demand for emerging market green bonds—efforts that are crucial to unlocking the potential of green bonds and financing green solutions in emerging markets.

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Emerging Market Green Bonds Report 2018: A Consolidation Year Paving the Way for Growth

Publication date: April 2019

IFC and Amundi conducted the first-ever analysis of the global cross-border bonds issued by emerging market financial institutions over a five-year period, from 2014 to 2018. From there, this report describes the potential growth and impact of green bonds in emerging markets. The findings should inspire a greater understanding of the estimated $29 trillion climate-related investment potential in emerging countries.

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Amundi Planet Emerging Green One – 2018 Annual Impact Report

Publication Date: March 2018

The first Annual Impact Report of the Amundi Planet Emerging Green One Fund covers the impact of AP EGO investments and the activities of IFC managed Technical Assistance Program (GB-TAP) in support of emerging market green bond issuances. The report features the environmental, social and governance profile of issuers in the Fund’s portfolio, along with a deep dive into the Fund’s green bond holdings and their respective environmental performance.

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Case Studies

Thematic bonds in Colombia: A case study

Publication Date: October 2021

This case study describes all thematic bonds issued in Colombia to date (May 2021). From in-depth interviews with the leading issuers, investors, and regulators, we summarize the main drivers and obstacles in developing these emerging financial instruments, together with the impacts these bonds have had on the Colombian capital market.

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Imperial College Case Study

Publication Date: March 2020

IFC and asset manager Amundi launched the Amundi Planet Emerging Green One (EGO) fund in March 2018. The fund was the largest green bond fund targeting emerging markets to date, and it already started to deliver results. But, would its unique focus and innovative financial structure continue to pay off? What lessons could it offer about climate-smart financing going forward? Were there any factors or limitations that could affect its success? This case considers these questions from the perspectives of two driving forces behind the EGO fund: IFC and Amundi.

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Isbank Case Study: Green Bonds in Emerging Markets (Part A)

Publication Date: October 2020

This teaching case developed by the Stockholm School of Economics offers a compelling narrative of İşbank’s green bond issuance journey from the perspective of Derya Sargın Malkoç (Assistant Manager, Investor Relations) and Nilgün Yosef Osman (Manager, Structured Finance) who both participated in the Green Bonds and Sustainable Finance Executive Program, organized by IFC managed Technical Assistance Program (GB-TAP). Shortly after completing the program, Malkoç and Osman persuaded their senior management to issue what might be Turkey's first pure green bond of $50 million on Euronext Dublin in July 2019.

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Isbank Case Study: Green Bonds in Emerging Markets (Part B)

Publication Date: October 2020

This teaching case developed by the Stockholm School of Economics offers a compelling narrative of İşbank’s green bond issuance journey from the perspective of Derya Sargın Malkoç (Assistant Manager, Investor Relations) and Nilgün Yosef Osman (Manager, Structured Finance) who both participated in the Green Bonds and Sustainable Finance Executive Program, organized by IFC managed Technical Assistance Program (GB-TAP). Shortly after completing the program, Malkoç and Osman persuaded their senior management to issue what might be Turkey's first pure green bond of $50 million on Euronext Dublin in July 2019.

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