New financing instruments spur concerns over validity of some ‘green’ investments
For example, in the United Arab Emirates, Masdar — the country’s state-owned renewables company — issued a $750mn green bond in July. But Morgan Stanley said this deal was “somewhat controversial” because UAE, as a country, is such a big oil producer.
Italian energy company Enel was the first to issue a sustainability-linked bond. It has now issued $29bn-worth, in different deals, since 2019. And Chile has become the second-largest SLB issuer with a total of $8bn. In July, Chile issued the first SLB in Chilean currency. Heathrow airport also issued an SLB for £650mm. Its targets include a goal of reducing Scope 3 emissions.
Banks, themselves, have their own net zero goals and are using green bonds to pay for their carbon-cutting projects.Mona Dajani, partner at law firm Shearman & Sterling But she also notes that “it’s hard to confirm a single number for how many emissions have been eliminated or how much renewable energy has been added to the grid through sustainable-debt financing”.
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