ICMA Workshop: Introduction to Green Bonds

 
Date and Venue

Date: 25-26 February 2020 
Time Day 1: 
08.30 - 16.45 - Followed by networking drinks
Time Day 2: 08.30 - 13.30 - Followed by networking lunch
Location: City of London


Overview

Green, Social and Sustainability bonds are a means of raising finance for projects with environmental / social benefits. Over $275bn of green, social and sustainability bonds were issued across the three formats in 2019 representing a year-over-year increase of around 33%. Green bonds alone totalled nearly $230bn in issuance and at least 61 market entrants from 21 countries contributed this number while bringing the total number of green bond issuers to over 800 (Source: CBI). 
The Green Bond Principles (GBP), Social Bond Principles and Sustainability Bond Guidelines are the voluntary guidelines which make recommendations for transparency and disclosure to issuers, helping investors to make informed decisions about the bonds' environmental features. They are supported by  a global community of more than 300 institutions and have become the internationally accepted framework for issuing in this market.
Green, Social and Sustainability bonds are a means of raising finance for projects with environmental / social benefits. Over $275bn of green, social and sustainability bonds were issued across the three formats in 2019 representing a year-over-year increase of around 33%. Green bonds alone totalled nearly $230bn in issuance and at least 61 market entrants from 21 countries contributed this number while bringing the total number of green bond issuers to over 800 (Source: CBI).
The Green Bond Principles (GBP), Social Bond Principles and Sustainability Bond Guidelines are the voluntary guidelines which make recommendations for transparency and disclosure to issuers, helping investors to make informed decisions about the bonds' environmental features. They are supported by  a global community of more than 300 institutions and have become the internationally accepted framework for issuing in this market.

Green bond learning for practitioners

Developed and delivered by a combination of leading market practitioners and ICMA’s green bond experts, the workshop provides a thorough and practical introduction to the essentials of green bonds, featuring case studies which illustrate the steps required for making a green bond  issue.

It introduces the underlying market drivers, evolving regulatory framework and the main features of the green bond product and market based on the GBP,  including essential definitions of what constitutes a green bond issue and a detailed review of how the Green Bond Principles work.

While focusing on green bonds the course also looks at developments in the social and sustainable bond markets, which have started to flourish, following the introduction of the Social Bond Principles and the Sustainability Bond Guidance in 2017.
 
Green, Social and Sustainability bonds are a means of raising finance for projects with environmental / social benefits. Over $275bn of green, social and sustainability bonds were issued across the three formats in 2019 representing a year-over-year increase of around 33%. Green bonds alone totalled nearly $230bn in issuance and at least 61 market entrants from 21 countries contributed this number while bringing the total number of green bond issuers to over 800 (Source: CBI). 
The Green Bond Principles (GBP), Social Bond Principles and Sustainability Bond Guidelines are the voluntary guidelines which make recommendations for transparency and disclosure to issuers, helping investors to make informed decisions about the bonds' environmental features. They are supported by  a global community of more than 300 institutions and have become the internationally accepted framework for issuing in this market
After completing the programme, you should understand:

  • Recent trends and potential future developments and opportunities for green bonds 
  • Why the market matters and how it works
  • Foundation skills for taking part in the green bond market - how and why to align with and apply the GBP, including:
    • Benefits of green bonds and developing the positioning in your organisation
    • Decision-makers: Identifying who is relevant
    • Strategy: Alignment with overall corporate / environmental strategy
    • Regulation: The GBP’s importance in regulatory trends 
    • Players: Mapping leading market players 
  • GBP-aligned issuance framework: 4 pillars of green bonds aligned with the GBP 
  • Defining green: Types of environmental project eligible for green bonds
  • Reporting: Recommendations and practice in reporting, including use of proceeds and impact reports, and templates offered by the GBP
  • External reviews and other services: The role and value-added of service providers, notably external reviews foreseen by the GBP and increasingly by regulators.
  • Buy-side considerations: Integrating green bonds in investment strategy and practice 
  • ICMA-GBP Membership & Services: Advantages of joining the GBP community - support and promote your future green bond activities
  • The perspectives and roles of the key players in the Green Bond market including –regulators, investors, underwriters, issuers, external reviewers including rating agencies, stock exchanges, data and index providers 

Who should attend?

The programme is intended for:

  • Firms who are looking to issue or invest in bonds linked to environmentally beneficial projects  
  • Market professionals involved in underwriting, research or professional services for green bonds; this includes capital markets lawyers, external reviewers including rating agencies, stock exchanges, data and index providers official sector representatives promoting, supervising or developing policies on sustainable finance
  • Press, academics and other professionals with an interest in sustainable finance and the merits of green bond markets
    Green, Social and Sustainability bonds are a means of raising finance for projects with environmental / social benefits. Over $275bn of green, social and sustainability bonds were issued across the three formats in 2019
Day 1

08.30 Registration
09.00 - 09.15 Course Agenda and Discussion of Participants’ Priorities for the Day
Stephanie Sfakianos, trainer
Simone Utermack, ICMA
09.15 - 09.45
Sustainable Finance and Green Bond Market Context
Mainstreaming of Sustainable Finance
Trends in the Green Bond Market
09.45 - 09.55
Green Bond Product Snapshot
09.55 - 10.55 Analysis of GBP's Core Pillars
Pillar 1: UoPs
Pillar 2: Process for Project Evaluation and Selection
Pillar 3: Management of Proceeds
Pillar 4: Reporting
10.55 - 11.10 Coffee Break
11.10 - 11.35 Introducing External Reviews
11.35 - 12.45 Case Study 1 - Evaluating a Green Bond Framework - External Reviewer perspective
Federico Pezzolato, ISS Corporate Solutions
12.45 - 13.45 Lunch
13.45 - 14.30 Special Session on Reporting, GBP's 4th Pillar
14.30 - 15.00 Market Participants, Service Providers & Data / Resources - overview
Investors
Underwriters
Index Providers
Data Providers
Exchanges

15.00 - 15.15 Coffee Break
15.15 - 15.55 Preparing for market
15.55 - 16.25 Market Governance & Regulation
16.25 - 16.40 Q&A
16.40 Close and networking drinks



Day 2

08.30 Registration
09.00 - 09.50
Case Study 2 - Investor Perspective
Case Study 2 - Investor Perspective
Christopher J Wigley, Formerly of Mirova
09.50 - 11.00
Case Study 3 - The Issuer Experience
Isabelle Laurent, Deputy Treasurer & head of Funding, EBRD
11.00 - 11.15 Coffee break
11.15 - 11.40
Other Instruments in Sustainable Bond Markets
Social and Sustainability bonds
Emerging products
11.40 - 12.25 Opportunities & Challenges
Jonathan Gardiner, Sustainable Finance, Bloomberg
12.25 - 12.40 ICMA / GBP Resources & Community benefits
12.40 - 13.00 Closing Q&A
13.00 Lunch