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European Sovereign Green Bonds Gain Despite (Or Maybe Because Of ) COVID-19

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The EU itself plans to sell €225 billion in green bonds over the next four years. The British chancellor of the exchequer, Rishi Sunak, last week announced plans for the first green gilts next year as he seeks to maintain London’s status as a leading financial center.

The UK will host the COP26 climate change conference next year in Glasgow, and making the City a hub for green finance is part of the chancellor’s plan.

France, Germany, Netherlands, Hungary, Poland, and Sweden are among the 16 countries that have already issued bonds dedicated to low-carbon infrastructure projects or other environmental, social and governance (ESG) goals. Italy says it will issue its first green bond later this year or early in the new year.

European sovereign green bond issues totaled the equivalent of $10.3 billion in the first nine months of the year, according to the Climate Bonds Initiative.

The resurgence of COVID-19 in Europe may be helping the green bond market, as it is a sobering reminder that countries need to invest in sustainability.

The EU is taking the “green” in green investments very seriously and has even drawn up a taxonomy of what makes an investment green in order to avoid the dreaded greenwashing

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