56894
France to Launch ‘Green’ Bond
World Economy

France to Launch ‘Green’ Bond

France aims to launch its first “green” bond by the end of the month, Finance Minister Michel Sapin said, as the government seeks to make Paris a center for financing environmentally friendly projects.
As host of the 2015 Paris Agreement to combat global warming, France’s government had hoped to be the first sovereign borrower to venture into the fast-growing market for so-called “green bonds”, Reuters reported.
Although Poland beat France to the draw with a €750 million ($780 million) five-year issue last month, Sapin said the French bond would be significantly larger, and therefore much more liquid.
“With this issue, the French state aims not only to finance climate and environmental policies in an innovative way, but also to help develop this market,” Sapin told journalists.
What sets green bonds apart from more traditional issues is that their proceeds are earmarked for use in financing specific environmentally friendly projects or initiatives that mitigate the impact of climate change. The French bond will be verified by a specialized agency, and an independent committee will check that the funds are being used for environmental protection.
While green bonds have been around for a decade, sovereign borrowers had been notably absent from the market, which was traditionally dominated by international development banks.
Fear of terrorist attacks kept foreign tourists away from Paris and the Riviera last year, costing French hoteliers an estimated €650 million ($675 million) in lost revenue, the head of hotel research firm MKG told Reuters on Tuesday.
Activity picked up slightly in the last quarter as hotels, notably in Paris, slashed prices during the year-end festivities and a stronger dollar brought back US tourists.

 

Short URL : https://goo.gl/nElv2I
  1. https://goo.gl/HJ13z8
  • https://goo.gl/nI4sqN
  • https://goo.gl/gmlpA7
  • https://goo.gl/BhKIsY
  • https://goo.gl/Sa9Yay

You can also read ...

The treasury department in Washington
Foreign governments pulled back their purchases of longer-term...
Six people including two former HBOS bankers were jailed last year.
An internal Lloyds Banking Group report written by a former...
Shares of petrochemical companies in Asia slumped on Tuesday, tracking the global equity downturn overnight.
The trade dispute between the world’s two largest economies...
Brazil, India Corporate Debt at Risk of Default
A 200 basis-point increase in interest rates could spark a...
China Accuses Trump of Blackmail, Vows Strong Retaliation
China vowed to retaliate after President Donald Trump...
BoK Hints at Rate Increase
Bank of Korea Gov. Lee Ju-yeol indicated Tuesday that the bank...
London Metals Cut Losses
London metals edged higher and Shanghai contracts cut early...
Mario Draghi
Mario Draghi promised that the European Central Bank will take...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus