In 2007, the first issuance – by the European Investment Bank – of a bond explicitly contributing to the climate agenda (known as “Climate Awareness Bond”) marked a significant milestone for the bond market. Since then, bonds which further sustainability goals (like “green”, “sustainability-linked”, “social”, and “transition” bonds) have witnessed a considerable surge in popularity, fundamentally reshaping the current dynamics of the bond market. Issuers of these instruments have included private and public actors, like financial institutions, and companies, but also governments and multilateral development banks. Fuelled by issuance successes, companies and financial institutions have increasingly designed other types of financial products and techniques, like loans and securitisations, with the goal of advancing environmental, social and governance (ESG) objectives.
Multiple and concurrent trends have affected the development of the market for “sustainable” financial instruments. First, service providers have designed divergent methodologies to assess and certify the ‘sustainable’ component. Second, the use of digital technologies, like blockchain and AI, has facilitated the structuring and issuance of these instruments. Third, policy-makers actively engaged in establishing new standards and rules to standardise such instruments, as demonstrated by the EU through the proposed Green Bond Standard. Yet, these divergencies and parallel trends have introduced complexity and risks, including the risk of “greenwashing” and “social” washing, which risk undermining the net positive impact of these instruments.
In light of these interconnected developments, gaining a comprehensive understanding of the role of green and other “sustainable” financial instruments has become critical for financial institutions, regulatory bodies, supervisors and all market participants.
This course offers an invaluable opportunity to gain knowledge and insights to navigate this evolving landscape.
Offer an overview of the structure, key steps and standards for the issuance of green bonds
Compare the role of the various actors involved in the issuance of green and sustainable bonds, including companies, financial institutions and governments.
Offer an overview of other sustainable finance products, like green and sustainability-linked loans, and securitisations.
Familiarize participants with market practices surrounding the issuance of green bonds, like credit ratings, evaluations as well as measurement of ESG factors.
Discuss the potential of EU legislation, like the EU Green Bond Standard, to shape market practices.
Critically reflect the greenwashing risks which could stem from the issuance of sustainable finance products.
Discuss some of the most recent trends in the green and sustainable bonds market.
The course takes 10 hours to complete.
You will engage with the content through self-paced content, including video lectures, quizzes and forum assignments, and in real-time online live classes. In total, self-paced materials will account for one-third of the total content, while live classes will account for the remaining two-thirds.
Live classes will be arranged once every course week (around mid-day on Thursdays or Fridays) and will feature instructor-led sessions (lectures and discussions) alongside interactive moments for course participants (group activities and exercises).
Module 0 (optional): Essentials of bonds
Module 1: Sustainable finance and the green bond market
Module 2: An overview of current market practices
Module 3: Other sustainable finance products
Module 4: Green bonds: key legal questions and considerations
Module 5: Green Bonds: looking back and looking beyond
€ 1050 – Public Authorities (e.g. National Competent Authorities, Central Banks) and European Institutions
€ 850 – Full-Time Professors, PhD Students, Research Associates
Please submit a certificate attesting your status of Professor, PhD Student or Research Associate to email@example.com before registering. FBF secretariat will provide you with a code to register. Seats for academics are limited.
Please note that the payment must be settled one week before the start of the course.
A certificate of attendance will be provided to all participants after the course.
In case you can no longer attend the course, you are required to inform the organisers by sending an email to firstname.lastname@example.org in order to free a seat for participants in the waiting list.
In case of frequent cancellations, FBF reserves the right not to accept further registrations from the same person.