As COP22 began in Marrakesh last week, S&P Global Ratings published a new report which examines the low carbon agenda progress, made globally, since COP21 in Paris last year.
The report focuses in detail on the following themes:
The green bond market has grown at an impressive rate in the past year, with issuance up 50% in 2016 on last year’s totals. In addition, the proceeds from green bonds are also diversifying, the report indicates that S&P is seeing an increase in water, waste, and adaptation-focused bonds, yet away from renewable energy investment.
Trends in green infrastructure investment show the need for a significant scaling up of both public- and private-sector capital flows to meet the 2-degree target.
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Many governments will need to begin sourcing the financing required to meet their climate pledges. France will be the first sovereign to issue a green bond in 2017, with a proposed €3 billion green bond issuance intended to reach €9 billion by 2019.
The Global Commission on the Economy and Climate estimates that US $80 to $90 trillion will be required over the next 15 years for necessary infrastructure investment to reach climate change goals. Another US $90 billion will be necessary to reach the Paris Agreement’s Green Climate Fund’s US $100 billion target for climate change adaption and mitigation in developing countries.
The full report can be found here.