scholarly journals Spread Analysis of the Sustainability-Linked Bonds Tied to an Issuer’s Greenhouse Gases Emissions Reduction Target

Energies ◽  
2021 ◽  
Vol 14 (23) ◽  
pp. 7918
Author(s):  
Marcin Liberadzki ◽  
Piotr Jaworski ◽  
Kamil Liberadzki
Keyword(s):  
Greenhouse Gases ◽  
Carbon Emissions ◽  
Performance Indicators ◽  
Emissions Reduction ◽  
Greenhouse Gases Emissions ◽  
Yield Difference ◽  
New Type ◽  
The Uk ◽  
Spread Analysis ◽  
Global Carbon

Sustainability-Linked Bonds (SLBs) are a new type of general corporate purpose bond in which payments are tied to an issuer’s sustainability key performance indicators (KPIs) with respect to the environmental, social, and governance (ESG) criteria. The structure is complementary to green bonds. The Tesco SLBs are linked to the firm’s ability to cut its greenhouse gas emissions by 60%. The priority is to reduce its reliance on nonrenewable grid electricity, which contributed 65% of Tesco’s global carbon emissions footprint. Tesco accounts for 1% of electricity demand in the UK. Failure to meet the goals will result in a coupon step-up by 25 basis points on the last three coupons. The aim of our study is to investigate the presence of, how we call it ‘ESG spread’, marked by negative yield difference between SLB and regular bonds. It is something similar to ‘greenium’, that is, a premium paid by bondholders for green bonds when compared to nongreen bonds. We compare the bid and ask yields of SLBs with the interpolated yields, calculated for the yields of Tesco and Carrefour notes. Then, we look into the SLB yields in coupon step-up scenario to answer the question if the issuer’s failure to keep up with KPIs results in changing of ESG spread from negative to positive.

Scenario analysis on the global carbon emissions reduction goal proposed in the declaration of the 2009 G8 Summit

2009 ◽  
Vol 52 (11) ◽  
pp. 1694-1702 ◽  
Author(s):  
JingYun Fang ◽  
ShaoPeng Wang ◽  
Chao Yue ◽  
JiangLing Zhu ◽  
ZhaoDi Guo ◽  
...  
Keyword(s):  
Scenario Analysis ◽  
Carbon Emissions ◽  
Emissions Reduction ◽  
Carbon Emissions Reduction ◽  
Global Carbon

scholarly journals Interregional Transfer of Carbon Emissions and Shared Responsibility: A Review of Theory and Evidence

2018 ◽  
Vol 13 (8) ◽  
pp. 236
Author(s):  
Yabei Hu ◽  
Yang Tao
Keyword(s):  
Carbon Emissions ◽  
Global Climate ◽  
Shared Responsibility ◽  
Future Research ◽  
Emissions Reduction ◽  
New Directions ◽  
Specific Emissions ◽  
Global Carbon ◽  
Practical Implications ◽  
Emission Transfers

Addressing global climate change through obligation assignment of region-specific emissions reduction needs to measure not only direct carbon emissions of a particular region but also indirect carbon emissions, which are increasingly raised by interregional transfer of carbon emissions. With the literature on carbon emissions expanding substantially, emission transfers at both international and national levels have attracted a growing attention in the past years. This study provides an overview of the theoretical basis for, and empirical evidence on interregional emission transfers from three perspectives: transfer levels, transfer drivers and shared responsibility. We emphasize the contribution of such research to our understanding of global carbon emissions and regional responsibilities of emissions reduction. The discrepancies with previous studies are discussed in relation to the various theoretical arguments and empirical methods. Finally, based on the literature review, the study discusses theoretical and practical implications for scholars and practitioners, and highlights possible new directions for future research. 

scholarly journals ANALYSIS OF POTENTIAL OF GREENHOUSE GASES EMISSIONS REDUCTION IN UKRAINE

2010 ◽  
Vol 44 (3) ◽  
Author(s):  
Oleksandr I. Zaporozhets ◽  
Yaroslav I. Movchan ◽  
Liubov Р. Galperina ◽  
Natalia V. Stranadko ◽  
Iryna V. Loyik
Keyword(s):  
Greenhouse Gases ◽  
Emissions Reduction ◽  
Greenhouse Gases Emissions

scholarly journals Energy and resources cooperation for greenhouse gases emissions reduction of industrial sector

2020 ◽  
pp. 0958305X2094995
Author(s):  
Parakram Pyakurel ◽  
Laurie Wright
Keyword(s):  
Greenhouse Gases ◽  
Industrial Ecology ◽  
Ghg Emissions ◽  
Industrial Sector ◽  
Sharing Economy ◽  
Emissions Reduction ◽  
Waste Generation ◽  
Business Studies ◽  
Greenhouse Gases Emissions ◽  
Development And Management

Energy and resources cooperation has a great potential of reducing greenhouse gases (GHG) emissions of companies, especially in industrial and business parks where facilities are located in geographical proximity. Such cooperation could cut emissions without significant impact on profit, and in some cases, may even reduce costs by decreasing waste generation and improving energy efficiency. This paper combines similar themes of industrial symbiosis, sharing economy and circular economy to formulate a single robust concept of energy and resources cooperation. A framework and methodology for mass implementation of energy and resources cooperation is proposed by integrating disparate fields of industrial ecology, business studies and industrial investments. Furthermore, an approach of enhancing such cooperation is proposed which involves an establishment of a specialized Cooperation Development and Management Company. Finally, research agenda is set out to capitalise the developments of industry 4.0 and peer to peer sharing for energy and resources cooperation.

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