Shades of green: Do they matter?

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ESG Clarity Intelligence 10/05/2022

ESG Clarity

"(...) Professor Gianfranco Gianfrate of the EDHEC Business School looks at how proceeds are used from light to dark green bonds. 

Green bonds are a relatively new type of bonds defined by the International Capital Markets Association (ICMA) as “any type of bond instrument where the proceeds will be exclusively applied to finance or re-finance, in part or in full, new or/and existing eligible green projects”.

The “greenness” of bonds usually is certified by an external review. According to the ICMA’s Green Bond Principles, there are four main types of green external reviews: second-party opinion, verification, certification, and green rating. External reviewers are typically independent research institutions dedicated to environmental research such as the Center for International Climate Research (CICERO). The objective of an external reviewer is to determine whether a given activity or technology supports a low-carbon and climate resilient society in the long-term. (...)" 

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Shades of green: Do they matter?, 10/05/2022