A consortium of investment banks today announced their support
of the Green Bond Principles – Bank of America Merrill Lynch, Citi,
Crédit Agricole Corporate and Investment Banking, JPMorgan Chase,
BNP Paribas, Daiwa, Deutsche Bank, Goldman Sachs, HSBC, Mizuho
Securities, Morgan Stanley, Rabobank and SEB. These Principles were
developed with guidance from issuers, investors and environmental
groups and serve as voluntary guidelines on recommended process for
the development and issuance of Green Bonds. They encourage
transparency, disclosure and integrity in the development of the
Green Bond market.
These Green Bond Principles suggest process for designating,
disclosing, managing and reporting on the proceeds of a Green Bond.
They are designed to provide issuers with guidance on the key
components involved in launching a Green Bond, to aid investors by
ensuring the availability of information necessary to evaluate the
environmental impact of their Green Bond investments and to assist
underwriters by moving the market towards standard disclosures
which facilitate transactions.
These Principles build on first-to-market issuances by
multilaterals and provide a platform for other future Green Bond
issuers to direct funding to Green Projects. They are complemented
by an appendix of established definitions of Green Project
categories that were developed by multilaterals, non-profit and
non-government organizations, and other relevant stakeholders. Read
more about the Green Bond Principles here.
The four banks that served as a drafting committee for these
Principles – Bank of America Merrill Lynch, Citi, Crédit Agricole
Corporate and Investment Banking and JPMorgan Chase – will propose
in 2014 a governance process that will allow for diverse
stakeholder input into the Green Bond Principles. It is anticipated
that an independent third party will be designated to serve as a
secretariat whose administrative duties will include facilitating
information exchange with issuers, investors, underwriters, and
other stakeholders such as non-profit environmental organizations,
non-government organizations, academics and other thought
leaders.
COMMENTS FROM SUPPORTING BANKS:
Bank of America
“The development of a robust and liquid market for green bonds
is an important progression for debt markets,” said Suzanne Buchta,
Global Co-head of Green Debt Capital Markets at BofA Merrill. “In
co-authoring these principles we attempt to help standardize the
product and we hope to catalyze investment into environmentally
sustainable projects, something to which our firm is very
committed.”
Citi
“Citi is proud to be a co-founder of the Green Bond Principles
as a voluntary guideline for bond issuers who are deploying capital
to environmentally beneficial purposes,” said Michael Eckhart,
Citi’s Global Head of Environmental Finance. “Our experience
placing Green Bonds to date suggests that this will be a helpful
guideline for corporate and public sector issuers.”
Crédit Agricole CIB
Tanguy Claquin, Managing Director at Crédit Agricole CIB
commented, “We are very pleased to have co-authored and announced
the establishment of the Green Bond Principles. This is an
important first step towards a more coherent approach to the market
of Green and Sustainability Bonds, which will ultimately increase
its attractiveness for investors thus encouraging investments into
sustainability projects.”
JPMorgan Chase & Co.
“Increasing the amount of capital targeted to address pressing
environmental challenges such as climate change is critical," said
Marilyn Ceci, Managing Director in the Corporate & Investment
Bank at JPMorgan Chase. “JPMorgan Chase is pleased to have
co-authored the Green Bond Principles, which involved strong
collaboration among colleagues in our Corporate & Investment
Bank and Environmental Affairs office. By providing transparency
and integrity to the Green Bond market and bolstering investor
confidence, we expect the Green Bond Principles will expand capital
allocation to projects that provide environmental benefits.”
BNP Paribas
“BNP Paribas is proud to partner with our fellow institutions to
support the development of a robust Green Bond Market. Today’s
announcement is a crucial early step to foster the creation of a
new transparent marketplace for socially responsible
capital-raising and investment,” said Jim Turner, Head of Debt
Capital Markets for North America.
Daiwa
“The GBP is a wake-up call. It will help bring this most
important product and its message to the forefront and into the
mainstream bond world,” said Jose Padilla, Head of US Debt Capital
Markets at Daiwa.
Deutsche Bank
“As a carbon neutral bank, Deutsche Bank believes that the new
Principles will play an important role in unlocking the green
market capital necessary to finance the transformation to a cleaner
and more sustainable future. We are pleased to be part of this
collaborative effort,” said Hakan Wohlin Deutsche Bank’s Global
Head of Debt Origination.
Goldman Sachs
“We are excited about continued developments in the area of
green bonds as an important mechanism through which we can help
harness the deep and liquid fixed income capital base for
environmentally beneficial solutions,” said Martin Weber, Head of
SSA and Growth Markets Origination. “Goldman Sachs has had a long
standing commitment to furthering market-based solutions to address
critical environmental issues and we look forward to helping
further catalyze financing and investments.”
HSBC
“The Green Bond market grew fivefold last year, with USD10
billion raised by the public sector, corporates and financial
institutions. The Green Bond Principles are an excellent initiative
to increase transparency and disclosure in this market, and to
foster continued growth in investments which help combat climate
change," said Ulrik Ross, Managing Director at HSBC.”
Mizuho
Mark Wheatcroft, Head of Debt Capital Markets at Mizuho
International commented: “Mizuho is proud to support the
development of the Green Bond Principles, which will act as a
measure of quality assurance for all involved in this exciting and
developing market.”
Morgan Stanley
“Morgan Stanley is proud to be one of the leading underwriters
of Green Bonds, with USD 4.75 billion of issuance across 7
Supranational, Agency and Corporate deals in 2013,” said Navindu
Katugampola, Vice President at Morgan Stanley. “We believe that the
Green Bond Principles will help act as a catalyst to develop this
rapidly growing market, by providing a clear set of voluntary
guidelines for issuers, investors and underwriters. We are
exceptionally pleased to support this effort as part of our overall
commitment to sustainable finance.”
Rabobank
“The world faces enormous challenges in the next 40 years. It
needs investments that are not only large scale but also focused:
financing sustainable food production and supply, growing energy
demands, sustainable basic materials and more. Rabobank is proud to
be part of the Green Bonds Principles and to be able to contribute
to the future developments in this initiative. We will use our
knowledge of amongst others sustainable agriculture, food &
beverage sectors, renewable energy and developments in the biobased
and circular economy. Having been involved in several sustainable
Green Bonds we are convinced this will be of help to grow this
important market,” said Marco Roddenhof, Global Head Capital
Markets Rabobank International.
SEB
“It has been a great pleasure, as a co- founder of the green
bond market, to take part in the ongoing development of the market
and thereby acknowledge the trust we have been shown by our
investors and the issuers we represent. We believe the principles
will secure a common understanding and thereby create the
homogenous market development needed to allow further growth,” said
Christopher Flensborg, Head of Sustainable Products and Product
Development at SEB.
INFORMATION ON SUPPORTING BANKS
Bank of America
Bank of America is one of the world's largest financial
institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. We serve approximately 51
million consumer and small business relationships with
approximately 5,200 retail banking offices and approximately 16,200
ATMs and award winning online banking with 30 million active users
and more than 14 million mobile users. Bank of America is among the
world's leading wealth management companies and is a global leader
in corporate and investment banking and trading across a broad
range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations in more than 40 countries. Bank of America Corporation
stock (NYSE: BAC) is listed on the New York Stock Exchange.
Citi
Citi, the leading global bank, has approximately 200 million
customer accounts and does business in more than 160 countries and
jurisdictions. Citi provides consumers, corporations, governments
and institutions with a broad range of financial products and
services, including consumer banking and credit, corporate and
investment banking, securities brokerage, transaction services, and
wealth management. Additional information may be found at
www.citigroup.com | Twitter: @Citi | YouTube: www.youtube.com/citi
| Blog: http://new.citi.com | Facebook: www.facebook.com/citi |
LinkedIn: www.linkedin.com/company/citi
Crédit Agricole CIB
Crédit Agricole CIB is the Corporate and Investment Banking arm
of the Crédit Agricole Group, the world’s fifth largest bank by
total assets (The Banker, July 2013).
Crédit Agricole CIB offers its clients a comprehensive range of
products and services in capital markets, investment banking,
structured finance and corporate banking.
The Corporate and Investment Bank is structured around four
major divisions:
- Client Coverage & International
Network and Global Investment Banking
- Structured Finance
- Global Markets Division
- Debt Optimisation &
Distribution.
The Bank provides support to clients in large international
markets through its network with a presence in major countries in
Europe, America, Asia and the Middle East.
For more information, please visit its website at
www.ca-cib.com.
JPMorgan Chase & Co.
JPMorgan Chase & Co. (NYSE: JPM) is a leading global
financial services firm with assets of $2.5 trillion and operations
worldwide. The Firm is a leader in investment banking, financial
services for consumers and small businesses, commercial banking,
financial transaction processing, asset management and private
equity. A component of the Dow Jones Industrial Average, JPMorgan
Chase & Co. serves millions of consumers in the United States
and many of the world’s most prominent corporate, institutional and
government clients under its J.P. Morgan and Chase brands.
Information about JPMorgan Chase & Co. is available at
www.jpmorganchase.com.
BNP Paribas
BNP Paribas Corporate and Investment Banking (CIB) is a leading
provider of solutions to a wide range of clients including
corporates, sovereigns, financial institutions and investors
worldwide. Approximately 19,000 professionals in 45 countries
provide clients with personalized services for managing their risks
and assets, financing and expanding their business and servicing
their operational needs.
BNP Paribas CIB excels in:
Corporate Banking - where it has leading franchises in
Transaction Banking (trade finance, cash management) and in
Specialized Financing (energy & commodities, transportation,
export, project, leveraged, media telecom, corporate acquisition
finance and real estate)
Derivatives - where it is one of the leading global players in
interest rates, credit, foreign exchange, commodity and equity
derivatives.
Advisory and Capital Markets - where it is a top European house
in ECM and a global leader in DCM (bond, convertibles and equity
issuance)
www.cib.bnpparibas.com
Daiwa
Daiwa Capital Markets is the international investment banking
arm of Japan's Daiwa Securities Group. Daiwa Capital Markets works
in close collaboration with Daiwa Securities in Japan and other
Daiwa companies globally. As one of the leading, comprehensive
financial service firms in Asia, Daiwa Securities Group operates
core businesses such as Retail, Global Markets, Global Investment
Banking, Asset Management, and Investment.
Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global investment
banking, securities and investment management firm that provides a
wide range of financial services to a substantial and diversified
client base that includes corporations, financial institutions,
governments and high-net-worth individuals. Founded in 1869, the
firm is headquartered in New York and maintains offices in all
major financial centers around the world.
HSBC
HSBC Holdings plc, the parent company of the HSBC Group, is
headquartered in London. The Group serves customers worldwide from
around 6,600 offices in 81 countries and territories in Europe, the
Asia-Pacific region, North and Latin America, and the Middle East
and North Africa. With assets of US$2,693bn at 31 December 2012,
the HSBC Group is one of the world’s largest banking and financial
services organisations.
Mizuho
Mizuho Securities Co. Ltd. is the securities and investment
banking arm of the Mizuho Financial Group, one of the world’s
largest financial services companies. Head-quartered in Tokyo with
a global network of offices, Mizuho Securities offers a wide range
of services including sales and trading in both debt and equity
securities, the underwriting of new issues, M&A advisory and
securities lending services.
Morgan Stanley
As a leading global financial services firm providing a wide
range of investment banking, securities, investment management and
wealth management services, Morgan Stanley is committed to
harnessing the power of capital markets to achieve sustainability
for clients, communities and stakeholders. Morgan Stanley’s
Institute for Sustainable Investing seeks to mobilize capital to
address pressing global challenges and identify market-based,
scalable solutions. For more information about the Morgan Stanley
Institute for Sustainable Investing,
visit http://www.morganstanley.com/sustainableinvesting.
Rabobank
The Rabobank Group is one of the world’s leading, sound and
sustainable financial institutions. With our roots in the
Netherlands, the Rabobank Group has grown in recent decades into an
international financial services provider that has activities in
the field of banking, asset management, leasing, insurance and real
estate.
SEB
SEB is a leading Nordic financial services group. As a
relationship bank, SEB in Sweden and the Baltic countries offers
financial advice and a wide range of financial services. In
Denmark, Finland, Norway and Germany the bank's operations have a
strong focus on corporate and investment banking based on a
full-service offering to corporate and institutional clients. The
international nature of SEB's business is reflected in its presence
in some 20 countries worldwide. On September 30, 2013, the Group's
total assets amounted to SEK 2,569 billion while its assets under
management totalled SEK 1,427 billion. The Group has about 16,000
employees. Read more about SEB at www.sebgroup.com.
PRESS CONTACTS:Bank of
America Merrill LynchKerrie McHugh, 646-855-3375kerrie.mchugh@bankofamerica.comorCitiTyler
Daluz, 212-793-5234tyler.b.daluz@citi.comorCrédit Agricole
CIBTeresa Wincrantz,
+447595055877Teresa.wincrantz@cnc-communications.comorJPMorgan
Chase & Co.Jennifer Kim,
212-622-7068Jennifer.h.kim@jpmchase.comorBNP ParibasCeleste
Brown, +44-207-595-2436celeste.brown@bnpparibas.comorAndrew Achimu,
+44-207-595-6647andrew.achimu@bnpparibas.comorDaiwaIsabel
deJesus, 212-612-6151Isabel.dejesus@us.daiwacm.comorDeutsche
BankFrank Hartmann,
FrankfurtTel:+49(69)910-42744Frank.hartmann@db.comorGoldman
SachsAndrew Williams, +1
212-357-0005andrew.williams@gs.comorHSBCJonny Blostone, +44
(0) 20 7992 3448jonny.blostone@hsbc.comorMizuho International
plc0207 236 1090orMorgan StanleyAlex Wessendorff, +44 20
7425-8955Alexander.Wessendorff@morganstanley.comorRabobankEvertjan
Manuels, +31 30 216 9507Head of Corporate Fixed Income Origination
Rabobank Internationalevertjan.manuels@rabobank.comorHans Biemans,
+31 30 712 31 86Global Sustainability Strategist Rabobank Global
Financial MarketsHans.biemans@rabobank.comorPress Office+ 31 (0) 30 216
2758pressoffice@rn.rabobank.nlorSEBAnna Helsén, +46
706984858anna.helsen@seb.se
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