So-called ‘green bonds’ offer significant potential for financing capital investment in the chemical industry according to Sean Kidney, chief executive officer (CEO) of non-profit organisation the Climate Bonds Initiative.
Speaking in Milan at the fourth Italian national conference on chemistry and energy, he noted that according to the HSBC/Climate Bonds report
‘Bonds & Climate Change 2013’
, green and climate bonds are already a US$346bn sector, with issuance growing by 25% during 2012.
“The latest science shows that carbon emissions in industrialised countries will need to drop by at least 90% by 2050 in order to avoid severe climate change.” Kidney said. “The still largely petroleum-based chemical industry can play a leading role in this process.
“First, substantial progress is being made in switching to renewable biological feedstock. These are important developments in terms of a shift to a low-carbon industry.
“Secondly, the International Energy Agency (IEA) estimates that some 40% of investment in reducing greenhouse gas emissions to 2050 will be in energy efficiency. With an estimated 9% share of global energy use and large numbers of older plants, huge plant energy savings can be made with appropriate capital investment.”
The Climate Bonds Initiative, an investor-focused non-profit organisation promoting large-scale investment in the low-carbon economy, is examining the inclusion within its eligibility criteria of bonds used to finance such investments.
On-Demand Treasury Management Solutions continue to gain increased adoption in the US and EMEA regions.
The dollar failed to recover against other major currencies on Monday following Friday’s disappointing US employment data announcement. This was coupled with ... read more
India's gross domestic product (GDP) growth failed to meet expectations in Q2 as it slumped to 5.7%. However, India's IT industry is thriving. It contributes roughly 10% to the country's GDP and makes up about 25% of exports.
The world’s second-biggest economy will grow faster than previously predicted over the next four years, but the rate is unsustainable unless China addresses the problem says the International Monetary Fund.