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ABFM MODULE - D
Chapter 24: GREEN AND SUSTAINABLE FINANCING (PART-I)
What we will study?

*What is Green Finance?
*What is Sustainable Finance?
*What are the ISO standards for Green Finance?
*All about ISO 32210?
INTRODUCTION:
Around the world, regulators, national authorities, and
supranational organizations have begun to pay attention to
climate risk and sustainable finance.
The report, that was put out by the Intergovernmental Panel
on Climate Change (IPCC) in August 2021, underlined the
changes that have been noticed in the climate of the Earth in
every region and throughout the whole climate system.
According to the findings of the report, emissions of
greenhouse gases from human activities are responsible for
approximately 1.1 degrees Celsius worth of warming that has
occurred between the years 1850 and 1900.
The report also finds that the global temperature is expected
to reach or exceed 1.5 degrees Celsius warming, over the next
20 years, on average.
Consequently, during the Conference of the Parties (COP26)
Summit, which took place in Glasgow, United Kingdom, in
November 2021, a number of governments pledged to take
extensive climate action.
Therefore, the focus that has been placed on climate change
has increased as a result of the recent IPCC Report and the
COP26 Summit.
The 27th Conference of the Parties to the United Nations
Framework Convention on Climate Change - COP27 - builds on
the outcomes of COP26 to deliver action on an array of issues
critical to tackling the climate emergency - from urgently
reducing greenhouse gas emissions, building resilience, and
adapting to the inevitable impacts of climate change, to
delivering on the commitments to finance climate action in
developing countries.
Faced with a growing energy crisis, record greenhouse gas
concentrations, and increasing extreme weather events,
COP27 seeks renewed solidarity between countries, to deliver
on the landmark Paris Agreement, for people and the planet.
One of the many phrases, that are used to represent activities
that are connected to the two-way interaction between the
environment and finance and investment, is "green finance".
Over the course of the past decade, it has developed into a
common phrase, in part as a result of the proliferation of
national green investment banks and the fast-expanding
green bond market.
However, green finance is strongly connected to other
concepts, such as climate finance and sustainable finance,
which are related in some way.
The United Nations Environment Programme provides the
following helpful explanations of what each term refers to in
the following order:
1. A sustainable financial system takes into account the
environment, society, and government in addition to the
economy.
2. Green finance does not take into account social or
economic factors, but it does incorporate climate finance.
3. The term "climate finance" refers to a subset of "green" or
"environmental" financing.
Therefore, the most inclusive phrase is sustainable finance,
which encompasses all forms of financing activity that aid in
the achievement of sustainable development.
Both "financing the green," or investing in environmentally
friendly solutions, and "greening the finance," or reorienting
the financial system, are necessary components of the
investment that must be made in order to address the
sustainability concerns that exist in the modern world.
According to a report published by the Global Sustainable
Investment Alliance, which is a group of organisations tracking
these movements in five regions from the United States to
Australia, at least $30.7 trillion of funds are held in sustainable
or green investments, which is an increase of 34% from the
year 2016.
The International Energy Agency estimates that a total of 53
trillion US dollars ought to be invested in the global energy
industry by the year 2035 in order to avoid climate change
from becoming a hazard to human life.
This is an example of supporting green initiatives.
On the other hand, greening the finance can be demonstrated
by the research conducted by the New Climate Economy,
which reveals that the implementation of this systemic shift
will require money equal to ninety trillion dollars.
In a nutshell, there is a significant need for environmentally
friendly and sustainable forms of money.
ISO STANDARDS FOR GREEN FINANCE:

Investors have been drawn to growing industrial areas, such
as renewable energy, energy efficiency, green building, and
recycling, not only due to the prospect of healthy financial
returns in a developing part of the economy, but also by the
ethos of ethical and environmental investments.
The International Organization for Standardization (ISO) is
working on a set of standards to underlie and catalyze green
and sustainable finance.
Investments in environmental initiatives and programmes will
benefit from having more organisation, openness, and
credibility, as a result of this.
The International Organization for Standardization (ISO) has
already begun publishing standards to meet these needs
within the confines of three ISO technical committees (TCs):
ISO/TC 207: Environmental Management.
ISO/TC 322: Sustainable Finance and
ISO/TC 309, Governance of Organisations.
These committees fall under the umbrella of ISO.
The various ISOs are:
1. ISO 32210: Framework for Sustainable Finance.
2. ISO 14007: Environmental costs and Benefits.
3. ISO 14008: Monetary valuation of environmental impacts.
4. ISO 14097: Assessing and reporting investments related to
climate change.
ISO 32210:
It is of the utmost importance to move at a faster pace toward
a global economy that is more sustainable in order to achieve
the targets set for climate change and to bring activities into
alignment with sustainable development goals.
Without making significant adjustments in the financial
industry, it will not be possible to meet these objectives.
ISO 32210 "Sustainable finance":

Principles and guidance outline a set of guiding principles and
practices that are intended to assist financial institutions in
enabling positive environmental and social outcomes,
mitigating risk, and delivering sustainable value.
The objective of the standard is to provide assistance to
organizations in:
A) Activities geared toward contributing to long-term
sustainability goals are being transitioned.
B) Creating value by seizing the new investment opportunities
afforded by the ongoing transition in the global economy.
C) Improving investment portfolios' ability to generate long-
term financial returns while also minimizing their impact on
the environment.
D) Identifying and mitigating risk.
E) Aligning the interests being pursued with the expectations
of the stakeholders.
Examples of ESG criteria include:
Environmental (E): Climate change, Natural resource depletion
and environmental degradation (including land use change,
habitat loss and species loss).
Social (S): Working conditions (including slavery and child
labour), local communities, conflict, health and safety,
employee relations and diversity.
Governance (G): Executive pay, bribery and corruption,
political lobbying and donations, board diversity and structure,
and tax strategy.
ISO 14008:
An organization's interactions with the environment are
referred to as its environmental aspects, while these
interactions' effects are referred to as its environmental
impacts. A favourable or negative influence is possible.
The projects backed by green finance and the businesses
involved in these processes each have aspects and
repercussions that are present across the whole finance cycle.
In order to comprehend and then manage the risks and
opportunities connected with them in a cost-effective manner,
it is crucial to establish the monetary value.
The first globally accepted reference for determining the
economic value of an organization's environmental impacts
and aspects is ISO 14008, Monetary valuation of
environmental impacts and related environmental aspects.
It utilises a coordinated collection of technologies to combine
economic studies with environmental management in a
standardised manner.
To make its information more accessible to users rapidly, the
standard, created by ISO TC 207, employs the vocabulary of
ISO 14001 on environmental management systems. Why then
do we require ISO 14008? Simply said, in order to evaluate
risks and possibilities, firms must be aware of all costs and
externalities.
The standard also aids in the formulation of policies like green
taxes, compensation schemes, and subsidies that take into
account the present or potential cost of environmental harm.
Additionally, it offers a crucial tool for the expanding fields of
disclosure and reporting today.
ISO 14007:
Additional guidance for calculating environmental costs and
benefits is provided by ISO 14007, Environmental
management.
ISO 14007 offers instructions on how to use those values for
cost and benefit analyses after organisations have determined
monetary values for environmental consequences.
The concept of dependencies, or how organisations depend
on the environment, is also explained in this standard.
The commercial case for evaluating an organization's reliance
on "natural capital" is becoming more compelling due to
increasing resource scarcity and deteriorating ecosystem
services.
Natural Capital can be defined as the world's stocks of natural
assets which include geology, soil, air, water and all living
things.
Companies will choose greener investments and build more
sustainable enterprises when they recognise the obvious
environmental advantages of the natural capital they rely on.
ISO 14097: Risks and opportunities brought about by climate
change can have an impact on the performance of financial
institutions and the businesses they invest in.
In light of this, a fresh framework for assessing how climate
change may affect funding and investment has just been
created.
Organizations reporting in accordance with the suggestions of
the Task Force for Climate-related Financial Disclosures will
benefit greatly from ISO 14097, Greenhouse gas management
and related activities - Framework including principles and
requirements for assessing and reporting investments and
financing activities related to climate change.
The standard accomplishes three goals:
1. Aid finance managers and investors in identifying
opportunities and dangers associated to climate change.
2. Provide the information and data required to make
defensible decisions to reduce or eliminate climate-related
risks and to seize opportunities.
3. Facilitate the shift to a low-carbon economy with fewer
risks to the climate and spur more investment in the prospects.
ABFM MODULE - D
Chapter 24: GREEN AND SUSTAINABLE FINANCING (PART-II)
What we will study?

*All about building Green Finance?
*What are the different Instruments to fund Green Financial
Project?
BUILDING GREEN FINANCE:
ISO 14000, released in August, 2022, provides guidance on
identifying and assessing environmental aspects and impacts,
and performance criteria for projects, assets and activities.
The intent is to support the development of green finance by
assisting borrowers and financiers to take into account the
environmental aspect and impacts or environmental
performance of the project,
The guidance is applicable to individual, corporate or public
entities providing or seeking green finance, regardless of size.
A framework to determine relevant environmental criteria
supported by credible information is presented.
The objective of applying these criteria is to avoid, minimize,
reduce and mitigate adverse environmental impacts and risks,
as well as to identify opportunities to optimize environmental
performance.
Key concepts involved in identifying and assessing relevant
environmental criteria, including significance, context and
materiality as well as "do no significant harm", are examined.
Instruments to fund Green Financial Project:
Governments, charities, banks, and private investors can
finance "green" initiatives using a variety of methods.
They can be divided into four categories: loan, equity, and
risk-mitigation products.
Global foundations and NGOs typically provide project-
specific grants, such as for decentralised solar mini-grids for
rural electrification.
Credit enhancement guarantees and insurance products are
risk-mitigation tools.
In guarantees, government agencies, development financial
institutions (DFIs), or financial services firms can assure
lenders that payment will be made in full or in part in the
event that the borrowers default.
Environmental risk liability coverage and environmental loss
insurance are features of green insurance products.
The DFIs may offer early-stage seed money to launch a project
under equity.
Additionally, for an ownership stake in such ventures or assets,
venture capitalists and private equity funds may invest, or the
general public may do so through initial public offerings (IPOs).
Green loans and green bonds are the two main categories of
debt securities.
Only banks offer green loans, but a wider range of investors
can purchase green bonds, commonly referred to as climate
bonds.
In a bond, the issuer serves as the borrower, while the holder
serves as the lender.
The lenders receive a return in the form of fixed interest
payments.
Green bonds are the green financing product that has gained
the most interest.
A global non-profit group called the Climate Bonds Initiative
(CBI) reports that the issuance of green bonds and loans
worldwide surged 51% year over year to reach $257 billion in
2019.
According to the Economic Survey 2019-20, the first half of
2019 saw $10.3 billion in green bond transactions in India, one
of the Asian markets with the quickest rate of growth for
green bonds.
As previously mentioned, green bonds are similar to ordinary
bonds, except that the revenues are designated towards
particular "green," or climate-friendly, projects or assets.
Organization-guaranteed bonds, asset-backed bonds, and
hybrid-bonds are the three main categories of green bonds,
according to the source of repayment for the lenders and the
available remedies in the event of a default.
Going above and beyond the innovative sustainability-themed
capital market products such as Green Bonds or Social Impact
Bonds, India is moving in the direction of creating a Social
Stock Exchange (SSE), which will fall under the regulatory
ambit of SEBI and will be used for the raising of capital by
Social Enterprises working toward the realisation of a social
welfare objective.
The Securities and Exchange Board of India (SEBI) established
a Working Group (WG) on Social Stock Exchanges in
September 2019.
On the first of June in 2020, the Working Group handed the
Report, provided an overview of its vision and made a number
of recommendations.
One of these recommendations calls for the participation of
non-profit organisations (NPOs) and for-profit enterprises
(FPEs) on SSE, with both types of organisations agreeing to
abide by a set of minimum reporting requirements.
Green bonds are a type of financial instrument that are issued
by a company in order to raise money from investors.
The funds that are raised via the sale of green bonds are then
utilised for the purpose of financing 'green' projects.
Green bonds are an efficient means of raising financing for
renewable energy projects while simultaneously achieving the
environmental goals of investors and the climate goals of the
Government of India.
Green bonds are a global phenomenon that was first
introduced in the United States.
In 2017, the Securities and Exchange Board of India (SEBI)
issued guidelines on green bonds.
These guidelines included the requirement that green bonds
be listed on Indian stock exchanges.
This was done to encourage the issuing of green bonds in
India.
Passive and retail investors are now able to invest in "green"
companies thanks to the creation of green indexes such as
S&P BSE CARBONEX (2012), MSCI ESG India (2013), and S&P
BSE 100 ESG Index (2017).
All of these indices were introduced in their respective years.
In India, as of the 24th of December in the year 2020, eight
ESG mutual funds have been established.
In the year 2020, the total amount of green bonds that have
ever been issued worldwide surpassed the one trillion dollar
mark.
Following China in terms of size, the green bond market in
India is the second largest among emerging markets.
ABFM MODULE - D
Chapter 24: GREEN AND SUSTAINABLE FINANCING (PART-III)
What we will study?

*All about Green Bond?
*Types of Green Bond?
*All about Green Masala Bond?
About Green Bonds:
Green bonds are a type of unsecured debt instrument that is
used to finance green projects that provide benefits to the
environment.
The commitment of an issuer of a green bond to use the
proceeds from the sale of the bond to finance or re-finance
"green" projects, assets, or business activities distinguishes a
bond from a standard bond.
Green bonds can be issued up front by either public or private
actors in order to raise capital for projects or for the purposes
of re-financing.
This results in increased lending and frees up capital for other
uses.
In the same manner as traditional bonds, green bonds involve
the issuing entity providing a guarantee that the amount
borrowed will be repaid over a predetermined amount of
time and compensating the creditors through the issuance of
a coupon that bears either a fixed or variable interest rate.
It is possible to structure them as asset-backed securities that
are linked to particular green infrastructure projects.
However, to this day, they have been issued most commonly
in the form of "use-of-proceeds" bonds, which are designed to
raise capital that will be distributed across a portfolio of green
projects.
The momentum of continued issuance and market demand
has led to a growing consensus on what constitutes a green
bond, and progress has been made on standards and criteria
for what constitutes a green project or activity. Both of these
factors have contributed to the growth of the green bond
market.
In order to develop a credible green bond market and prevent
"green washing" , green bond project definitions and
requirements for disclosure of the use of proceeds are the
foundational elements.
The various types of bonds are explained below:
a) Organization-guaranteed Bonds:
Not only the financed asset, in this case the solar farm, but
also the issuing organisation itself is taken into consideration
when determining the credit-worthiness of an organization-
guaranteed bond, which is also referred to as a general
obligation bond.
The farm is recorded as an asset on the issuer's books, and
repayment to the lenders is made from all of the issuer's
sources of cash flow, not only those that are directly
attributable to the farm.
Bonds like these could be issued by the government, public
institutions, or even private corporations.
One or more of these bonds may also be convertible, which
means that the lenders may, at a later time, exercise their
option to transform the bond into stock.
b) Asset-Backed Bonds:
When it comes to asset-backed bonds, the issuer's
creditworthiness is not dependent on any of the issuer's other
cash flows; rather, it is only related to the predicted revenue
from the solar farm.
The asset of the solar farm is moved into a distinct entity,
which is subsequently referred to as a special purpose entity
(SPE) or a special purpose vehicle (SPV).
Only this asset is held by this particular entity.
Only the revenue that is made from this farm will be used to
make the payments that are owed to the lenders.
c) Hybrid Bonds:
There are two different ways that a hybrid bond, which is a
dual-recourse bond and is also known as a covered bond,
might be formed.
In the first approach, the farm is listed as an asset owned by
the issuer; however, in the event of a payment default, the
lender will take ownership of the farm.
furthermore, if the value of the farm is insufficient to cover
the default, the lender will also have a claim on the issuer's
other assets.
In the second approach, the farm is held by a special purpose
entity (SPE), and in the event of a default, the lender receives
ownership of the SPE's assets.
In a manner analogous to the first approach, the lender has
the option of staking a claim on the issuer's additional assets
in the event that the value of the assets is insufficient.
Framework for Green Bond Issuance:
The Green Bond Principles (GBP) are a collection of optional
process principles that were established by the International
Capital Market Association.
Their purpose is to increase the transparency and integrity of
the green bond market around the world.
They advise the issuers to construct a framework for the
process of issuing green bonds, which should include four
essential components.
The first of these is the usage of profits in situations when the
GBP has established criteria for determining which types of
initiatives are qualified to be labelled as "green."
The second approach is a technique of evaluating and
selecting projects, in which the issuers are required to
describe the environmental objectives of the project as well as
the risks that are expected to be incurred and the strategies
that will be used to mitigate those risks.
The third component is the management of the proceeds,
which requires the issuers to store the money in a sub-
account or a separately managed account and to keep the
lenders updated on the movement of the money.
Last but not least, the GBP discusses different techniques for
providing transparent reports to the lenders, including the
impact that the project will have.
The Climate Bonds Initiative has released a set of voluntary
guidelines and a certification scheme in order to promote
investments that are truly linked with the goal of tackling
climate change.
The goals of these initiatives are to increase investor
confidence and scale the green bonds market.
At the moment, certificates can be obtained for bonds in the
building, energy, and transport and water utility sectors.
Beginning in 2015 with Yes Bank, a number of public
institutions, banks, and private firms in India have issued
green bonds.
The vast majority of the bonds have some sort of connection
to the energy industry.
Bonds that are issued outside of India but are denominated in
Indian Rupees rather than the local currency have been issued
by Indian corporations.
These bonds are known as Green Masala Bonds.
In this scenario, the investors are the ones who are
responsible for bearing the risk of the fluctuating currency
exchange rate.
The pandemic in 2020 had a negative effect on the issuance of
green bonds, which are fixed-income financial instruments
used to finance projects that have positive environmental and
or climate benefits.
Green bonds are used to finance projects that have positive
environmental and or climate benefits.
However, it was able to recover in 2021, reaching levels higher
than those recorded prior to the pandemic and recording an
increase of 116.9% from the $3.1 billion that was raised in
2019.
India is now the sixth largest country in the Asia-Pacific region
in terms of the total amount of green bonds issued in 2021.
According to statistics provided by the Climate Bonds
Initiative (CBI), the Asia-Pacific region issued a total of $126
billion worth of green bonds in 2021.
The largest amount was issued by China, which was $68 billion,
greater than the total value issued by the other APAC nations
combined.
ABFM MODULE - D
Chapter 24: GREEN AND SUSTAINABLE FINANCING (PART-IV)
What we will study?

*What are the benefits of Green Investment or Green Bonds?
*What are the advantages and disadvantages of Green
Investments or Green Bonds?
Benefits of Green Investment or Green Bonds:
The green bond market may provide a number of significant
advantages for environmentally responsible investment,
including the following:
a) Providing an additional source of financing for
environmentally friendly projects:
Given the massive amount of money that needs to be
invested in environmentally friendly projects, bonds are one
form of financing that is suitable for doing so.
In light of the immense green investment needs, traditional
sources of debt financing will not be sufficient.
As a result, there is a need to introduce new means of
financing that can leverage a wider investor base, including
institutional investors (such as pension funds, insurance
companies, and sovereign wealth funds) that manage more
than USD 100 trillion in assets worldwide.
In addition to green lending done by banks and green equity
financing done by investors, the growth of the green bond
market may be able to provide an additional source of funding
in the future.
b) Making it possible to finance more environmentally friendly
projects over the long term by reducing the maturity
mismatch:
Due to the short maturity of their liabilities and the absence
of instruments for hedging duration risks, banks in many
countries are unable to provide long-term green loans to
customers.
This poses a problem for the financial sector as a whole.
Businesses that can only get access to short-term bank credit
face additional risks when it comes to refinancing long-term
environmentally friendly projects.
These limitations on long-term green financing may be
alleviated if banks and corporations were allowed to issue
green bonds with medium- and long-term maturities
specifically for environmental projects.
c) Improving the issuers' reputations and providing more

transparency regarding environmental strategy:
The issuance of a green bond is an efficient method for
developing and putting into action a credible sustainability
strategy to present to investors and the general public.
This is accomplished by elaborating on the manner in which
the proceeds raised will contribute to a pipeline of concrete
environmental projects.
Because green bonds are an efficient way for an issuer to
demonstrate its dedication to enhancing environmental
sustainability, they have the potential to assist in the
enhancement of an issuer's reputation in conjunction with
internal policies for the promotion of sustainable
development.
d) Offering potential cost advantages:
It is possible that, once the market attracts a wider investor
base both domestically and internationally, a better pricing
structure for green bonds as compared to regular bonds may
emerge provided that demand is sustained.
However, the cost advantage is not yet evident in the current
nascent green bond market because the market has not yet
had enough time to develop.
According to the Climate Bonds Initiative (CBI), a number of
issuers report an additional benefit in the increased speed of
"book building," which refers to the process of generating,
capturing, and recording investor demand for a bond issue.
This, in turn, translates into reduced costs for marketing and
road shows.
In some countries the reduction of tax rates, interest rate
subsidies, and credit guarantee programmes are being
discussed as potential options for further lowering the funding
costs for green bonds.
The United States has already conducted experiments in this
field with green property bonds and municipal bonds.
e) Facilitating the "greening" of traditionally "brown" sectors:

The benefits of the green bond market can function as a
transition mechanism that encourages issuers in less
environmentally-friendly sectors to take part in the green
bond market (provided that they ring-fence proceeds for
green projects) and also to reduce their environmental
footprint by engaging in green investment activities that can
be funded via a green bond.
This can be accomplished through the benefits of the green
bond market that were discussed above.
This is in addition to mandatory policies pertaining to the
"real economy," which lead to changes in business models
(such as carbon pricing, waste reduction and recycling targets,
policies to promote the circular economy, etc.)
f) Making newly developed environmentally friendly financial
products accessible to investors who are committed to the
long term:
Institutional investors such as pension funds, insurance
companies, sovereign wealth funds, and other institutional
investors with a special preference for sustainable
(responsible) investment and long-term investment are
looking for new financial instruments to help them achieve
their investment goals.
These investors are looking to invest responsibly and for the
long term.
Green bonds give these investors access to such products and
offer many other investors a way to diversify the holdings in
their portfolios.
Green bonds also help the environment.
Investors who are looking for green opportunities in a vast
ocean of bonds can cut down on their "search costs" with the
help of the green label, which is a discovery mechanism.
Advantages and Disadvantages of investing and issuing Green
Bonds:
The advantages of investing in green bonds are as under:
a) Investors can balance financial and environmental returns.
b) Meets Environmental, social, and corporate governance
(ESG) /green investing requirements.
c) Improved risk assessment in an opaque fixed income
market through proceeds reporting.
d) Recognized by UNFCCC as non-state actor "climate action".
e) Private interaction with issuers on ESG topics relevant to
green bond issuance results in more thorough credit profiles
of borrowers.
f) Added openness of proceeds use and reporting
requirements gives green bond investors an informational
edge (on spending efficiency, project specifics and updates,
impact performance).
g) Tracking and reporting proceeds utilisation improves
internal governance and the issuer's credit quality.
The disadvantages of investments in green bonds are:
a) A market that is still in its infancy and is quite small, with
bond amounts that are relatively low.
b) The absence of universal criteria can increase the potential
for confusion, as well as the damage to one's reputation if the
green integrity of a bond is called into question.
c) There is a restricted amount of room for the legal
enforcement of green integrity.
d) A lack of uniformity can result in research that is more
difficult to understand and a requirement for further due
diligence that is not always met.
The advantages of issuing green bonds are as under:

a) Presenting and carrying out the issuer's approach to
environmental, social, and governance concerns.
b) Strong demand from investors might result in
oversubscription, which opens up the possibility of increasing
the amount issued.
c) There is evidence of an increase in investors who "buy and
hold" green bonds, which may result in decreased bond
volatility on the secondary market.
d) Advantages to one's reputation (for example, marketing
can promote the issuer's support for green investment and
the issuer's green credentials).
e) Clarification of the sustainability plan and increased
confidence in its validity.
g) The ability to take advantage of "economies of scale," given
that the majority of issuance expenses are associated with the
process of setting up the system.
The disadvantages of issuing green bonds are:
a) The one-time and continuing transaction costs associated
with labelling and the accompanying administrative,
certification, reporting, verification, and monitoring
requirements.
b) The risk to a bond's reputation if its "green credentials" are
called into question.
c) Investors have the right to claim for damages in the event
of a "green default," which occurs when an issuer violates the
terms of an agreement even though the bond was paid in full.

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What we will study?

ISO STANDARDS FOR GREEN FINANCE:

ISO 32210 "Sustainable finance":

What we will study?

What we will study?

What we will study?

c) Improving the issuers' reputations and providing more

e) Facilitating the "greening" of traditionally "brown" sectors:

The advantages of issuing green bonds are as under:

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