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1、Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 1Key figures By 30 September 2022,cumulative green,social,sustainability,sustainability linked(SLB)and transition bonds(GSS+)captured by the Climate Bonds Initiative(Climate Bonds)had topped USD3.5tn Cumulative green bond issuance pass

2、ed the USD2tn milestone at the end of September Year-to-date Climate Bonds has recorded USD635.7bn in GSS+issuance volumes Q3 was relatively quiet with USD152.3bn added to Climate Bonds GSS+databasesNovember 2022Sustainable Debt Market Summary Q3 2022Cumulative GSS+volumesBy 30 September 2022,cumula

3、tive green,social,sustainability,sustainability-linked,and transition bonds captured by Climate Bonds had topped USD3.5tn.Cumulative green bond issuance passed the USD2tn milestone at the end of September.The GSS+market has spread across the globe and now includes debt originating from 99 sources,i.

4、e.,98 countries plus supranational.Supranational remains the largest source with 17%due to its status as the largest component of cumulative sustainability issuance,the second largest contributor to social bonds,and the fifth most prolific source of green bonds.The USA,France,and China are the count

5、ries responsible for the largest shares of the GSS+market.GSS+debt has been issued in 63 currencies,and the concentration is more acute compared to the country breakdown,with 82%of the market being EUR,USD,or CNY denominated.The prominence of the climate agenda in Europe has contributed to the EUR f

6、inancing 42%of the market,supported by EU sustainable finance regulation,including the EU Taxonomy which enables issuers to easily identify appropriate assets for inclusion in green finance instruments.Scorecard USDbnQ3 20222022 YTDCumulative since 2006USDbn%totalUSDbn%totalUSDbn%totalGreen79.452.13

7、32.552.32008.157.2Social23.115.294.214.8617.017.6Sustainability34.422.6142.122.4678.919.3SLB14.79.663.510.0192.95.5Transition0.70.53.40.412.70.4Total152.3100635.71003509.61001.02.0Cumulative GSS+debt topped USD3.5tn at the end of Q3 2022USD Trillions3.00.51.53.52.52006-201320142015201620172018201920

8、202021Q1-Q3 20220400100300200600Supranationals are the largest source of GSS+debtUSD BillionsNetherlandsGermanyCanadaChileSupranationalAustraliaUKChinaSouth KoreaOtherSweden USASpainJapanItalyFrance5000Supported by First Abu Dhabi BankSustainable Debt Market Summary Q3 2022 Climate Bonds Initiative

9、2Climate Bonds maintains three thematic databases which inform this report:1.Green Bond Database(GBDB)2.Social and Sustainability Bond Database(SSDB)3.Transition and Sustainability-Linked Bond Database(TSLBDB).To qualify for inclusion,debt instruments must have a label.Green,social,sustainability,an

10、d transition bonds must finance sustainable 80%of GSS+debt comes from four issuer typesLocal Government 6%ABS 5%Loan 2%Quarterly comparisonsGSS+volumes reached USD152.3bn in Q3 2022,a decline of 35%compared to Q2 2022,and 45%compared to Q3 2021.Geopolitical and macroeconomic factors have contributed

11、 to a drop in debt issuance across the board.However,GSS+debt constituted 5%of all debt priced in 2021,and that contribution has endured in 2022.1 100200GSS+volumes reached USD 152.3bn in Q3 2022 USD Billions300501502502019202020212022Q1Q2Q30projects,activities,or expenditures.SLBs must annunciate c

12、lear SPTs for the entity.Not all bonds qualify for inclusion and the databases are a subset of the thematic debt market.Methodology for the GBDB can be found here https:/ for the SSDB can be found here https:/ in Climate Bonds databasesFinancial Corporate 19%Government-Backed Entity 19%Development B

13、ank 17%Non-Financial Corporate 22%Sovereign 8%Financial corporate,non-financial corporate,local government entities,and development banks together account for 80%of cumulative GSS+volumes.This reflects the dominance of utilities,banks,and real estate companies in the green bond space,and supranation

14、als and development banks in the social and sustainability markets.At the end of Q3 2022,the three largest issuers of GSS+debt were the World Bank(USD165bn),the European Union(USD141bn),and Caisse dAmortissement de la Dette Sociale(CADES)(USD120bn).40 nations have priced sovereign GSS+bonds with a c

15、ombined value of USD286bn.However,sovereigns are responsible for just 8%of overall volumes,suggesting huge potential for this issuer type.42%of GSS+volume is EUR denominatedUSD 32%CNY 8%Other 7%EUR 42%SEK 2%AUD 2%JPY 2%CAD 2%KRW 1%MYR 1%GBP 2%Methodology for the TSLBDB will be published shortly.Incl

16、usion in Climate Bonds databases informs the composition of numerous thematic indices.Only bonds that comply with the above methodologies will be added to the relevant database.Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 3Year-to-date GSS+volumesYear-to-date(YTD)volumes of GSS+d

17、ebt had reached USD635.7bn by the end of Q3.More than half of the total(52%)came from green bonds.Sustainability bonds supplied 22.4%,social 14.8%,SLBs 10%,and transition contributed the smallest share at 0.5%.GSS+SovereignsAt the end of Q3 2022,Climate Bonds had recorded GSS+bonds from 40 sovereign

18、s with combined volumes of USD286.9bn.Green is the largest component with USD230.9bn from 26 issuers,led by France which as the largest single source of sovereign GSS+debt had priced volumes of EUR49bn(USD55bn)by the end of September.In Q3,five sovereign issuers priced GSS+bonds.Singapore issued its

19、 debut green bond in early August,the first ultra-long sovereign GSS+bond,maturing in 2072.Proceeds from the SGD1.75bn(USD2.4bn)deal were earmarked for eight categories of eligible expenditures including Adaptation.Germany priced its fifth green bond at the end of August,a EUR5bn(USD4.9bn)5-year.Ita

20、ly added a second green bond a EUR6bn(USD6.1bn),2035 maturity.Mexico returned to the market twice in Q3.In early August,it priced a USD2bn deal maturing in 2033,and later that month priced a JPY75.6bn(USD540m)deal spread over five tranches with maturities between three and 20-years.Mexico priced two

21、 sustainability deals in May 2022 with combined volumes of MXN20bn(USD980m),and previously issued EUR2.2bn(USD2.64bn)of sustainability bonds in 2020 and 2021.By the end of Q3,Mexico had priced a total of USD6.3bn and was the third largest issuer of EM sovereign GSS+debt,after Chile(USD32.0bn)and Tha

22、iland(USD7.7bn).The sustainability bonds,which Mexico issues under the SDG label,finance projects covering the full range of Climate Bonds social and green UoP categories,contributing to most of the SDGs.Mexico was the third EM sovereign to price GSS+samurai bonds following Hungary and the Philippin

23、es.100122002440 countries have priced GSS+debt worth USD286bnUSD BillionsNumber of countries5061501825030GreenSLBSocialSustainabilityEMDM0040080052%of 2022 GSS+volumes were greenUSD Billions1200200600100020172018201920202021Q1-Q3 20220GreenSocialSustainabilitySLBTransitionNumber of countriesQ3 Sover

24、eign GSS+bonds Sovereign IssuersMaturity dateCurrencyAmount issued in original currencyUSD added to relevant database in Q3GREENRepublic of Italy2035EUR11.80bn6.1bnFederal Republic of Germany2027EUR8.13bn4.9bnSingapore Government2072SGD7.83bn1.8bnSUSTAINABILITYUnited Mexican States2033USD7.47bn2.2bn

25、United Mexican States2025JPY5.57bn0.2bnUnited Mexican States2027JPY5.23bn0.2bnUnited Mexican States2032JPY4.26bn0.1bnUnited Mexican States2037JPY4.17bn0.03bnUnited Mexican States2042JPY4.06bn0.02bnThailand Government Bond2037THB3.68bn0.9bnThailand also returned to the market,pricing its second susta

26、inability bond in mid-September.The UoP of the THB35bn(USD987m)2037 maturity deal will contribute to supporting post-COVID recovery measures.Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 4Q3 2022 market highlightsGreen Cumulative green bond issuance reached USD2tn in Q3 2022 issua

27、nce stood at USD332.5bn at the end of Q3.This compares to USD427.7bn at the same point in 2021,representing a year-on-year(YOY)decline of 22%.Q3 issuance reached USD79.4bn against USD147.5bn in Q3 2021,a drop of 46%Green bonds were issued in 19 currencies in Q3 2022.More than half of the volumes(53%

28、)were issued in EUR,followed by USD(20%)and CNY(14%).Germany was the largest source of green bonds(which includes the countrys fifth sovereign green bond),responsible for 18%of the total.USA and China took the next two spots,with around 11%each.Social Cumulative social bond issuance was USD617.0bn b

29、y the end of Q3 Social bond issuance YTD halved compared to last year,at USD94.1bn against USD187.9bn.Q3 issuance reached USD23.1bn against USD35.7bn in Q3 2021,a 35%decrease on the year.Social bonds hailed from 12 countries.France,the USA,and South Korea were the three largest sources with 35%,25%,

30、and 16%of the volumes respectively.Reflecting this,EUR(56%),USD(29%)and KRW(9%)contributed the largest share of the ten currencies.Sustainability Cumulative sustainability bond issuance was USD678.9bn by the end of Q3.Sustainability bonds exhibited the smallest decline(13%)among the themes YTD with

31、USD142.1bn having been priced by the end of Q3 2022 compared to USD163.9bn at the end of Q3 2021.Q3 issuance declined by 44%from USD60.1bn in 2021 to USD34.4bn in 2022.Sustainability bonds originated from 16 countries plus supranational which was the largest source of sustainability bonds in Q3 supp

32、lying 38%of the volume.The USA followed with 13%and then France,with 12%.USD was the most popular currency for sustainability bonds,taking 59%.The remaining 15 currencies were as diverse as RON,and MYR.Largest non-sovereign issuers in Q3 2022Green German development bank KfW was the largest of the n

33、on-sovereign Green Bond issuers in Q3 2022,raising a total of USD4.3bn.The majority of that came from a EUR4bn(USD4.1bn)7-year deal,and smaller amounts were issued in HUF and HKD,while a CNY bond was reopened.By the end of September,Climate Bonds had recorded 2022 green volumes of USD8.3bn from KfW,

34、making it the third largest green bond issuer of 2022 after the European Union(USD17.3bn)and the European Investment Bank(EIB)(USD9.6bn).In July 2022,US auto company General Motors(GM)priced its debut green deal of USD2.25bn split between a 2029 maturity(USD1bn)and a 2032(USD1.25bn).General Motors 2

35、022 Sustainable Finance Framework highlights Clean Transportation as the single green UoP category with investments and expenditures contributing to the design,development,or manufacture of clean transportation technology and enabling solutions.2 Climate Bonds has repeatedly noted that there is a la

36、ck of large US corporates bringing green deals to the USD market.GM is a relatable name,and a frequent visitor to the bond market with USD67bn outstanding as of October 2022.3 Large,high-profile issuers such as this contribute to green market creation by increasing the visibility of the green label

37、and offering benchmark deals to investors with dedicated mandates.1239618USD18bn of green bonds originated from Germany in Q336%of the Q3 social volumes originated in FranceSupranationals supplied 37%of the sustainability volumes in Q3USD BillionsSingaporeSupranationalGermanyNetherlandsItalyJapanOth

38、erFrance USANorwayIrelandDenmarkChina150Other 7%France 36%France 12%USA 25%USA 13%Germany 4%Belgium 3%Japan 2%Spain 2%Switzerland 1%Mexico 1%China 1%UK 1%China 4%UK 3%Netherlands 3%Thailand 3%South Korea 2%Italy 2%Austria 1%Other 3%South Korea 16%Supranational 8%Supranational 37%Mexico 8%Japan 6%Sus

39、tainable Debt Market Summary Q3 2022 Climate Bonds Initiative 5Social French state agency Caisse dAmortissement de la Dette Sociale(CADES)is the largest social bond issuer of 2022 having issued cumulative volumes of USD35.9bn in EUR,USD,and SEK,and dwarfing the second largest issuer of the year,Asia

40、n Development Bank(ADB)which had priced a total of USD4.0bn by the end of September.In Q3 alone,CADES priced two bonds,an EUR3bn(USD2.9bn)5-year,and a EUR5bn(USD4.9bn)10-year with proceeds earmarked for expenditures in healthcare,employment,and equality.The UoP are aligned with sustainable developme

41、nt goals(SDG)SDG1(End Poverty),SDG3(Good Health and Wellbeing),SDG10(Reduce Inequality within the countries),and SDG11(Sustainable Cities and Communities).SustainabilityWells Fargo priced its debut sustainability bond in mid-August.The USD2bn 4-year deal constituted over half of the Q3 USD3.9bn volu

42、mes of sustainability bonds from the 16 issuers that came from the financial corporate sector.Others included Berkshire Hills Bancorp(USD100m),Gunma Bank(JPY10bn/USD70m),and Raiffeisen Bank Romania(RON500m/USD104m).Sustainability-linked bondsAt the end of August 2022,Brazilian meat processor JBS pri

43、ced its fifth SLB worth USD968.5m.The deal was tied to a 19.1%emission reduction target in Scope 1 and 2 by 2026 from a 2019 baseline,with a 25bp step-up if this is not achieved and reported by 15 January 2027.Climate Bonds notes that this deal is callable,and the first call date is also 15 January

44、2027.This target is not benchmarked against any pathway or international targets,and only represents a 3.2%annual reduction vs.SBTis ACA guidance of 4.2%to meet a 1.5-degree pathway.4 Furthermore,JBS has disclosed that Scope 3 emissions represent 92.8%of its global GHG emissions.Most of its Scope 3

45、emissions derive Q3 non-sovereign issuers Largest green bond issuers Q3CountryUSD added to relevant database in Q3KfWGermany4.3bnEIB(European Investment Bank)Supranational4.0bnGeneral MotorsUSA2.3bnOrsted ASDenmark2.0bnAmprion GmbHGermany1.8bnLargest social bond issuers Q3Caisse dAmortissement de la

46、 Dette Sociale(CADES)France7.9bnThe Commonwealth of MassachusettsUSA2.7bnKorea Housing Finance CorpKorea1.5bnAfrican Development BankSupranational1.4bnNRW BankGermany1.0bnLargest sustainability bond issuers Q3Intl.Bank for Reconstruction&DevelopmentSupranational4.9bnEuropean Investment BankSupranati

47、onal4.4bnWells Fargo&CoUSA2.0bnIntl.Development AssociationSupranational2.0bnDevelopment Bank of Japan IncJapan1.9bnLargest SLB issuers Q3Eaton CorpUSA1.3bnEnel Finance International NVItaly1.0bnJBS USA0.9bnTELUS CorpCanada0.8bnNEC CorpJapan0.8bnfrom waste generated in operations,as well as transpor

48、t and distribution both upstream and downstream.JBS has detailed some strategies to help decarbonise its direct emissions,mainly focussing on use of renewables,biogas recovery and vehicle emission reductions.JBS has also committed to USD1bn of Capex over the next ten years to help finance this decar

49、bonisation.This in turn is governed by a committee of executives,academics,and external experts.Climate Bonds encourages JBS to continue to utilise the SLB format to demonstrate its commitment to its transition strategy and incentivise change.However,Climate Bonds also calls on JBS to increase the s

50、cope and level of its ambition,to reach its long-term 2040 net zero target:include Scope 3 targets,raise the direct emission reduction targets to be in line with a 1.5-degree pathway,and demonstrate this commitment through the SLB format rather than continued parallel vanilla issuance.Sustainable De

51、bt Market Summary Q3 2022 Climate Bonds Initiative 6IntroductionThe upcoming COP-27 will spotlight the massive investment required to tackle climate change in emerging markets(EM)including those in the Middle East and Africa(MEA).The location of host country Egypt in the Northeast corner of Africa w

52、ill bring renewed focus to the region which,having been hit particularly hard by the ramifications of COVID-19,is suffering the economic impacts of the Russian invasion of Ukraine.MEA faces a unique combination of climate issues with 12 out of the 13 Organisation of the Petroleum Exporting Countries

53、(OPEC)members based in the region.The Middle East must cut its economic dependency on fossil fuels,while access to energy in the rest of Africa must increase through the development of resilient infrastructure.The GSS+market in MEA is under development and has huge potential for growth,particularly

54、given the vast assets under management in sovereign wealth funds(SWFs)and pension funds in the region.With the correct support,the market could channel the investment necessary to address some of the most pressing challenges facing the region.This report describes the shape and size of the GSS+marke

55、t in MEA as of 30 September 2022.Market Analysis Issuance gained momentum from 2019MEAs thematic debt market was anointed in 2012 when South African development institution Industrial Development Corporation priced a ZAR5.2bn(USD640m)green bond.The market remained relatively quiet until 2019,when US

56、D7.1bn in mainly green bonds were priced.Since then,issuance Middle East and Africa sustainable debt scorecard as of 30 September 2022GSS+totalGreenSocial SustainabilitySLB TransitionCumulative volumes USD33.2bnUSD18.4bnUSD734mUSD5.7bnUSD7.6bnUSD622mNumber of instruments9760814132Average instrument

57、sizeUSD349mUSD318mUSD91mUSD410mUSD587mUSD311mNumber of currencies14113442Number of country sources17154542Number of sovereign issuers430100has remained buoyant,and by the end of Q3 2022,Climate Bonds had recorded USD33.2bn of thematic debt originating from the region.While growth over the last four

58、years has been steady,cumulative volumes are less than 1%of the global GSS+market.Green is the dominant theme taking 56%of the cumulative volumes.SLBs are responsible for the second largest share at 23%.This is different from the global GSS+market,where SLBs constitute just 5.5%of overall volumes,an

59、d is the fourth largest theme following social and sustainability.However,given the natural resources of the region,it is perhaps unsurprising that there is an abundance of entities operating in hard-to-abate sectors,for whom SLBs offer the only conduit through which to access the sustainable debt m

60、arket.As definitions for hard-to-abate sectors are developed,Climate Bonds expects the MEA SLB market to grow rapidly.4108122030Cumulative MEA volumes were USD33.2bn at the end of Q3 2022 56%of MEAs thematic debt volumes are greenUSD BillionsNumber of deals2561510142535201220142016201720182019202020

61、212022GreenSocialTransitionSustainability-linkedSustainabilityNumber of deals00Sustainability 17%Green 56%Social 2%Transition 2%Sustainability-linked 23%SPOTLIGHT The Middle East and Africa Sustainable Debt Market Snapshot Q3 2022Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 7Angl

62、o American Towards the end of September 2022,Anglo American issued a EUR745m(USD741.6m)SLB tied to targets in GHG emissions,freshwater abstraction,and job creation,with a 40bp step-up applied to the final two coupon payments for each of the targets that are not met.Anglo American has a detailed deca

63、rbonisation strategy and absolute emission targets for its direct emissions(Scope 1&2),which are in line with TPIs 1.5 Degree pathway for the Diversified Mining sector.5While Anglo American has not set a Scope 3 target nor included it in this SLB,it has stated its ambition to reduce its Scope 3 emis

64、sions 50%by 2050.Climate Bonds understands that Scope 3 emissions represent 88.2%of the entitys total emissions;and Anglo American itself recognises that its ability to reduce Scope 3 emissions is reliant on the steelmakers who purchase its iron ore and coal(processing and use of sold products are 4

65、4.6%and 21.6%of total emissions respectively).Climate Bonds lauds Anglo Americans initial SLB deal,which targets substantial and ambitious Scope 1&2 GHG reductions,a significant reduction in water extraction in scarce areas,and commitments to increase off-site employment in line with onsite jobs.Cli

66、mate Bonds also celebrates the material financial incentive committed to.Climate Bonds however encourages Anglo American to continue collaborating with its downstream stakeholders,in particular steelmakers,to contribute meaningful Scope 3 reductions.CountriesGSS+debt originates from 17 countries acr

67、oss the region,six of which have each generated cumulative volumes of at least USD1bn.The UAE makes the largest country contribution with USD7.9bn and 26%of total volumes.All the GSS+debt originating from the UAE is under the green Middle East and Africa regional issuanceTop 10 issuersIssuer NameCou

68、ntryThemeTotal GSS+issued USDbnNumber of instru-mentsTeva Pharmaceutical IsraelSLB5.04Noor Energy 1(ACWA Power,Silk Road Fund)UAEGreen2.71First Abu Dhabi Bank(National Bank of Abu Dhabi)UAEGreen2.113Turkiye Vakiflar Bankasi TAOTurkeySustainability1.83Saudi ElectricitySaudi ArabiaGreen1.32Majiid Al F

69、uttaim Properties LLCUAEGreen1.22IDB Trust Services(Islamic Development Bank)Saudi ArabiaGreen1.11Bank HapoalimIsraelGreen1.01Riyad Bank SJSCSaudi ArabiaSLB0.81Taweelah IWP UAEGreen0.81Sovereign green bond/loanUAE USD8.5bn Qatar USD1.2bn Lebanon USD60m Egypt USD750m Benin USD693m Turkey USD6.4bn Sau

70、di Arabia USD3.9bn South Africa USD3.9bn Mauritius USD974m Morocco USD356m Nigeria USD136m Israel USD6bn Ghana USD42m Kenya USD41m Namibia USD21m Tanzania USD11m Seychelles USD15m Noor Energy 1In 2019,Noor Energy 1 priced a USD2.7bn loan which was certified under the Climate Bonds Standard against t

71、he Solar criteria.Proceeds from the deal were earmarked for the Noor Energy 1 Solar Project,a 950mw hybrid concentrated solar power(CSP)and photovoltaic(PV)solar power station developed and managed by Dubai Electricity and Water Authority(DEWA).The project was part of the fourth phase of the Mohamme

72、d Bin Rashid Al Maktoum Solar Park,one of Dubais key initiatives to achieve the goals set in the Dubai Clean Energy Strategy(DCES)2050,i.e.,to produce 75%of the citys energy requirements from clean sources by 2050.6,7 When completed,the Mohammed Bin Rashid Al Maktoum Solar Park will prevent over 6.5

73、 million tons of carbon emissions annually.8theme,among which the largest single deal was a USD2.7bn green loan from Noor Energy and First Abu Dhabi Bank was the most frequent issuer with 13 deals.South Africa was the source of 24 deals,the largest number of any country.The cumulative volume was USD

74、3.9bn,with an average deal size of USD163m.Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 8First Abu Dhabi BankThe First Abu Dhabi Bank(FAB Bank)is the largest bank in the UAE,and by the end of Q3 2022,Climate Bonds had recorded green bonds and loans of USD2.1bn spread over 13 deal

75、s,the largest number from a single issuer in the region.The instruments range from USD20m to USD587m across CHF,CNY,EUR,HKD,and USD with proceeds earmarked to finance eligible projects,or corporate loans to pure players.UoP have been mobilised to support Energy Efficiency,Renewable Energy,and Sustai

76、nable Water Management.In 2022 FAB Bank published an updated Sustainable Finance Framework which specified ten eligible project categories for green UoP,and six for social.9CurrenciesGSS+deals from MEA have been priced in 14 currencies with the top three together taking 92%of the volumes.USD is the

77、most popular currency by a wide margin,with 45 deals and 63%of the amount issued.EUR takes the second largest share,but with a much smaller 20%of the volume spread over nine deals.The 24 deals priced in ZAR amount to just over 8%of the total.The remaining 8%of the MEA volumes is spread among 11 curr

78、encies including the NAD(Namibian Dollar),and TZS(Tanzanian Shilling).Foreign investors are often unable to combine emerging market(EM)risk with currency risk.However,many local investors are locked out of hard currency assets because they cannot afford to take foreign exchange risk.The MEA region i

79、s home to numerous large investors,including SWFs and pension funds with the latter a major source of private capital across the continent.According to FSD Africa,while 20-30%of African pension fund money can be invested in private capital,only 1%is.Most of the local currency investment is in govern

80、ment bonds,and non-sovereign sustainable debt in local currencies could contribute to diversification opportunities.In countries where the local markets are too shallow to support borrowing in domestic currencies,DFIs can boost opportunities by lending in local currencies.Since 2000,local currency p

81、ension funds in Sub-Saharan Africa have grown including those of Nigeria,Botswana,Kenya,Namibia,and Mauritius with total assets in the region estimated at around USD350bn.10 This alone is more than ten times the size of the cumulative sustainable debt volumes originating from MEA.USD dominates with

82、62%of the volumesUSD 62%ZAR 8%EUR 20%MAD 1%NGN 1%HKD 1%Other 1%GBP 2%CHF 2%SAR 2%Sovereign GSS+deals originating from Middle East and AfricaSovereignUSDNumber of dealsOriginal currencyThemeYear of first GSS+bondFederal Government of Nigeria0.07bn2NGN25.69bnGreen2017The Republic of Seychelles0.02bn1U

83、SD15mGreen2018Arab Republic of Egypt0.75bn1USD0.75bnGreen2020Benin Government International Bond0.59bn1EUR500mSustainability2021Issuer TypesAll issuer types are represented in the MEA GSS+space.The private sector is responsible for the largest share of GSS+volumes with financial corporate and non-fi

84、nancial corporate issuers together taking 60%of the cumulative amount.MEA issuers from all seven categories have brought green deals.Sovereign GSS+bonds can spur market development in multiple ways.The high-profile activity of issuing a sovereign GSS+deal sends a signal of commitment to the market h

85、elping to attract private sector investment.It can also increase the infrastructure required to get the market going such as local expertise in project selection,dedicated segments on local stock exchanges,and a community of local verifiers.A large,liquid,sovereign deal may also help to establish mo

86、re dedicated investment mandates.Four countries in the region have priced sovereign GSS+bonds cumulatively raising USD1.49bn.Nigeria was the first country in the region to issue a sovereign green bond in 2017,with a 5-year NGN10.7bn(USD27.9m)deal,followed by a 6-year tenor in 2019(NGN15bn/USD41.6m).

87、Climate Bonds Sovereign Green,Social,and Sustainability Bond Survey described the challenges and rewards experienced by 23 issuers of sovereign GSS debt from a broad range of both developed and emerging markets.11 The report summarises five steps to issuing a sovereign GSS+bond:1.Get government appr

88、oval the mandate must be supported from the top!2.Establish a GSS+bond working group assign tasks to members which should include relevant ministries and can extend to industry experts 3.Select the eligible expenditures align categories with national priorities4.Identify suitable projects a green ta

89、gging exercise will audit available projects,which must have measurable impacts5.Anticipate reporting nature,frequency,and responsibility for post issuance reporting should be established up front.Sovereign Wealth FundsThe three largest SWFs in the Middle East are the Abu Dhabi Investment Authority,

90、the Kuwait Investment Authority,and SAMA Foreign Holdings(Saudi Arabia),with combined AUM of close to USD2.0tn.The biggest African SWF is the Libyan Investment Authority(LIA)with assets of around USD70bn,while Botswanas Pula Fund(USD4.1bn)established in 1994 with income from diamond exports,is the c

91、ontinents oldest SWF.Altogether,Africa has 30 SWFs or sub-funds,most of which are relatively small with combined wealth of around USD100 billion.17 Sustainable Debt Market Summary Q3 2022 Climate Bonds Initiative 9Benin achieves greenium with MEAs first sovereign sustainability bondIn July 2021,the

92、Republic of Benin issued a 2035 maturity EUR500m Sustainably Development Goals(SDG)bond which Climate Bonds classifies as a sustainability bond.The bond was the first sovereign sustainability bond from MEA,and priced well inside its own yield curve,recording a greenium.Almost all(91%)of the deal was

93、 placed with investors describing themselves as having a sustainable investment focus.The eligible expenditures were classified according to the four pillars of Benins national development plans:Population or Social(includes developing agriculture,access to drinking water,housing for the poor).Prosp

94、erity or Economy(includes access to low-carbon,reliable and affordable energy).Planet or Environment(sustainable infrastructure,conservation of biodiversity,restoration of forest).Market integrity84%of the MEA green deals by volume obtained an independent review which is just 2%lower than the global

95、 market(86%).12 Half of the deals by volume received an SPO(Second Party Opinion)and 30%had been Climate Bonds Certified.More transparency around use and management of proceeds through standardised documentation,second party opinions,and certification can increase investor confidence,particularly wh

96、en buying bonds from EM.The Climate Bonds Certification Scheme is the first and only international science based Certified labelling scheme for green bonds and loans.It sets market best practice in terms of ambitious climate action,reporting and disclosure.Developed together with stakeholders across

97、 the market,it incorporates independent verification and assurance against an open standard,and evidence-based eligibility criteria which screens for the types of infrastructure investments aligned with the Paris Agreement.The Scheme has provided Certification to hundreds of debt instruments,which a

98、mount to over USD250bn as of September 2022.86%of green bonds from MEA obtained an independent reviewSPO 50%None 14%Certification 28%Assurance 1%Green Rating 7%246810345678Benin 2035 Sustainability bond-greeniumYield as of 15/07/202128DurationSource:Bloomberg4106537648Vanilla bondsSustainability bon

99、d Peace/Partnership or Governance(promoting heritage sites,educational sites).Benins SDG Bond Framework 2030 Agenda includes a comprehensive list of theme-based and sectoral exclusions with a particular focus on conservation of biodiversity.Certified Climate Bonds from Middle East and AfricaCountryI

100、ssuer name(issue year)CriteriaKenyaAcorn Holding(2019)Low carbon buildings(residential)MauritiusACME Solar Holdings(2021)SolarMoroccoMASEN(2016)SolarNigeriaGovernment of Nigeria(2017)Water InfrastructureAccess Bank(2019)Solar,ForestrySouth AfricaNedbank(2019 x 2)Solar,WindRedstone Solar Plant(2019)S

101、olarCity of Cape Town(2017)Solar,WindUAEAbu Dhabi National Energy Company(2022)SolarShuaa Energy 3(2020)SolarNoor Energy 1(2019)SolarA proposal to extend the Climate Bonds Standard and Certification Scheme to certify whole non-financial corporate entities is open for feedback.13 Corporates that are

102、aligned with 1.5-degree pathways or will be by 2030 will be eligible for certification and this will in turn extend to SLBs and short-term debt originating from those corporates.This will encourage a more inclusive market,which will help to attract more dedicated investment.Sustainable Debt Market S

103、ummary Q3 2022 Climate Bonds Initiative 10Disclaimer:The information contained in this communication does not constitute investment advice in any form and the Climate Bonds Initiative is not an investment adviser.Any reference to a financial organisation or debt instrument or investment product is f

104、or information purposes only.Links to external websites are for information purposes only.The Climate Bonds Initiative accepts no responsibility for content on external websites.The Climate Bonds Initiative is not endorsing,recommending or advising on the financial merits or otherwise of any debt in

105、strument or investment product and no information within this document should be taken as such,nor should any information in this communication be relied upon in making any investment decision.Certification under the Climate Bond Standard only reflects the climate attributes of the use of proceeds o

106、f a designated debt instrument.It does not reflect the credit worthiness of the designated debt instrument,nor its compliance with national or international laws.A decision to invest in anything is solely yours.The Climate Bonds Initiative accepts no liability of any kind,for any investment an indiv

107、idual or organisation makes,nor for any investment made by third parties on behalf of an individual or organisation,based in whole or in part on any information contained within this,or any other Climate Bonds Initiative public communicationClimate Bonds Initiative November 2022Lead author:Caroline

108、Harrison Contributing author:Matthew MacGeochDesign:Godfrey Design Supported by First Abu Dhabi Bank1.Based on Bloomberg data.Bonds priced between 01/01/2021 and 12/31/2021,and 01/01/2022 and 09/30/2022 with a minimum tenor of 1 year at issuance.2.GM 2022 Sustainable Finance Framework,https:/ on Blo

109、omberg ticker=GM4.The Science Based Targets Initiative,https:/sciencebasedtargets.org/companies-taking-action5.Carbon Performance Assessment in the Diversified Mining Sector:Discussion paper,May 2020,https:/www.transitionpathwayinitiative.org/publications/57.pdf?type=Publication6.https:/www.c40.org/

110、case-studies/dubai-s-mohammed-bin-rashid-al-maktoum-5-000mw-solar-park-aims-to-save-6-5-million-tco2e-annually/7.Dubai Clean Energy Strategy-The Official Portal of the UAE GovernmentAfrica Development BankIn addition to the debt outlined in this spotlight,the GSS+debt of supranational issuers active

111、 in MEA is recorded in the Climate Bond Databases.This includes USD10.2bn of cumulative issuance in 12 currencies,from the Africa Development Bank(AfDB).14 The AfDBs mission is to help reduce poverty,improve living conditions for Africans,and mobilise resources for the continents economic and social

112、 development.The Bank is responding to the challenge of supporting inclusive growth and the transition to green growth by scaling up investment to support the implementation of its ten-year strategy referred to as the High 5s:1.Light up and power Africa,2.Feed Africa,3.Industrialise Africa,4.Integra

113、te Africa,and 5.Improve the quality of life for the people of Africa.Climate Bonds record 24 AfDB deals with UoP earmarked for social projects,and 21 with green UoP.The social bonds had a cumulative volume of USD7.3bn,with a broad range of eligible project categories including affordable basic infra

114、structure(e.g.,clean drinking water,sanitation,transportation);access to essential services(e.g.education,health and healthcare);access to financing and financial services,affordable housing;employment generation;food security(agriculture value chain,employment in agri-business);and socio-economic a

115、dvancement and empowerment.15The 21 green bonds amount to USD2.9bn,and eligible UoP categories include Energy,Buildings,Transport,Water,and Land Use.OutlookThe GSS+market is developing in the MEA lead by a diverse set of issuers from across the region and includes debt from all the themes.Rapid grow

116、th is required to urgently address the ramifications of climate change and accelerate the regions development through the addition of resilient infrastructure.Climate Bonds is pushing for at least USD5tn in green bonds alone to be issued annually from 2025 onwards.Its recently published 5 steps to 5

117、 trillion suggests five actions that we must take collectively to achieve this ambitious target.The fifth action is to boost EM highlighting the need to channel available capital to the right places to address climate change.Mechanisms to get capital flowing from richer to poorer such as blended fin

118、ance to absorb junior capital tranches,de-risking guarantees,and larger sized deals,must all be multiplied.Economic development must build in mitigation from the start,and large projects should be financed through the capital markets to encourage dedicated investment.16 8.Mohammad Bin Rashid Al Makt

119、oum Solar Park https:/www.mbrsic.ae/en/about/mohammed-bin-rashid-al-maktoum-solar-park/9.FAB Sustainable Finance Framework 2022,https:/ Pension Funds Matter in Africa,Padili Mikomangwa,November 2021.https:/theexchange.africa/premium/pension-funds-in-africa11.Harrison,C.,and Muething,L.,Sovereign Gre

120、en,Social,and Sustainability Bond Survey,Climate Bonds Initiative,January 2021 https:/ C.,MacGeoch M.,Michetti C.,Sustainable Debt Global State of the Market 2021,Climate Bonds Initiative 2022 https:/ of the Climate Bonds Standard Scheme to corporate SLBs and their entities https:/ September 2022 15.African Development Bank,Social Bond Framework,September 2017 https:/www.afdb.org/fileadmin/uploads/afdb/Documents/Generic-Documents/AfDB_Social_Bond_Framework.pdf16.Five Steps to Five Trillion,Climate Bonds Initiavitve,October 2022 https:/ SWFs:The Art of Patience,August 2022,https:/