Africa Moves To Green Bonds To Reverse Effects Of Climate Change

Green bonds are the new thing to happen to world economy as the world is consistently and carefully moving towards sustainable climate solutions. They are the new debt instrument to obtain financing for projects related to the climate or environment.

Egypt has become the first country in the MENA region to go ahead with offering first-ever green sovereign bonds. This is its contribution towards successful implementation of renewable energy projects to combat pollution.

Through Green bonds, companies will be able to use them as debt instruments to obtain financing for projects related to the climate or environment. This has been confirmed by Egypt’s Finance Ministry.

Currently, the state used Credit Agricole, CIB and HSBC Holding banks are being roped in as structural advisors. Citigroup, Credit Agricole, Deutsche and HSBC banks have been hired as joint managers for the offering. According to Finance Minister Mohamed Maait, these green bonds are expected to increase foreign investors’ confidence in Egypt.

Egypt has a very attractive green project portfolio to boast about. They are overall worth $1.9 billion. Of these, almost 16 percent are in renewable energy, 19 percent for clean transportation, 26 percent for sustainable water and wastewater management, and 39 percent for pollution reduction and control.

Another bank that is betting on green bonds is the Swedish bank SEB AB. It is going to become the first to arrange a sustainability-linked bond in the Nordic region as shared by Mats Olausson, a senior adviser for climate and sustainable finance.

With the Covid-19 pushing economies back a couple of years, the Paris Agreement standards might have sidelined. However, the World Bank report in July had proven that the way to reduce the carbon emissions bring down general rising temperatures of the atmosphere is to also look at opting for ‘greener’ building choices.

According to the report’s findings, urbanization in emerging markets will take a lion share for the green buildings. As much as $16 trillion will go into green smart buildings investment in developing countries. Therefore, it only makes sense to start looking at investment and funding for such projects.

Lion share of future climate related investments will be seen more in emerging markets and low income countries will have their share. It is therefore no surprise that more and more hedge funds and banks would want to invest in such projects.

Kenya, Nigeria and parts of South Africa are already investing into green bonds.

Kenya’s green bonds program that started in January 2020, has been backed by FSD Africa, Dutch development bank FMO, the Kenya Bankers Association, the Nairobi Securities Exchange and the Climate Bonds Initiative.

It’s a big move for Africa, a country which is trying to assert its sovereignty in many constructive ways. It wants to be taken seriously and is not looking at fossil fuel investments. It has become evident that global institutional investors are gradually but surely switching decisively away from oil and gas and are seeking green investments. Indeed, the green bonds revolution is sweeping across African stock exchanges and creating new opportunities for investment banks and project developers.

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