En ny ramme for grønne statsobligationer har til hensigt at løse det potentielle likviditetsspørgsmål på det danske marked og bane vejen for grønne statsobligationer, ifølge Scope Ratings.
For nuværende arbejder landets finansministerium og centralbank på en model, der skal lade små suveræne udstedere, som Danmark, presse det grønne obligationsmarked uden at skade likviditeten.
Hensigten er at tilføje et grønt certifikat til et segment af konventionel obligationsudstedelse, således at investorer får muligheden for at fokusere på ESG og også kan hjælpe med at opretholde likviditetsniveauer, hvortil de indsamlede midler skal gå til bæredygtige projekter, herunder solpaneler og vindmølleparker.
Disse obligationer har været længe undervejs, og Nordea har for nyligt kigget ind i sagen og undersøgt, hvad der ligger til grund for dette. I en ny artikel beskriver de processen, og skriver de følgende:
“In our view, the reason why it is taking so long to launch Danish sovereign green bonds is probably twofold:
1) The central bank’s work on the unique model for sovereign green bonds has no doubt required a lot of preparation as potential investors have had to be involved in the process. And as this is an entirely new product, the bank has only to a limited extent been able to draw on experience gained by other countries that have already launched sovereign green bonds.
2) Another challenge of issuing green bonds is that the government must be able to identify and document that its green expenditures at least match the proceeds from the green issuances. So far, the central bank has only outlined the overall principles for earmarking green expenditures – we expect that the Ministry of Finance will put together a pool of green expenditures to be financed via the green bond issues. Subsequently, a solid buffer will be deducted from this pool to prevent too many earmarked bonds relative to the actual green expenditures from being sold in a given fiscal year.”
Læs mere om Danish sovereign green bonds, og implementeringsprocessen her:
