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The EBRD is the first Multilateral Development Bank which has an explicit requirement in its mandate to ensure environmentally sound and sustainable development in the full range of our investment activities.
We seek to ensure that the projects we finance:
In 2010 the EBRD responded to needs of growing number of investors who wish to support environmentally sustainable projects, by developing green bonds. The bonds benefit from the same credit quality as all EBRD bonds and provide an opportunity to invest in environmental solutions in public and private sector businesses in the EBRD's countries of operations. The proceeds of the bonds are directed towards Green Project Portfolio through legal definitions contained in the bond documentation.
Green Project Portfolio
The Green Project Portfolio comprises investments in the following areas: energy efficiency, clean energy, water management, waste management, sustainable living, environmental services and sustainable public transport. As part of this green project portfolio, the environmental sustainability bonds fund the rehabilitation of municipal water infrastructure to reduce water consumption and waste water discharges. Funding also goes towards upgrading power and heating plants and transmission and distribution facilities, thereby reducing total greenhouse gas (GHG) emissions.
At the end of June 2013, our Green Project Portfolio comprised 261 loans across 28 countries, totaling €4.7 billion of which €2.7 billion was drawn down, with the average tenor of 12 years and the average life remaining of 9.9 years.
Environmental Sustainability Bond issuance
In December 2010, we issued our first environmental sustainability bond, arranged by Deutsche Bank AG and distributed by SMBC Friend Securities Co., Ltd, Japan to Japanese retail and institutional investors.
The bond is denominated in Australian dollars and pays monthly at a fixed rate coupon of 4.80 per cent. The AU$ 25 million (€18.1 million) issue, maturing in 2014, was targeted at Japanese investors, although European and US investors have also expressed interest.
In March, May, June and July 2011, EBRD issued “Environmental Sustainability Bonds”, arranged by JPMorgan Securities and distributed by Chugin Securities, Japan to Japanese retail investors. The bonds are denominated in Brazilian Real (BRL 25 million, BRL 13 million, BRL 16 million and BRL 8 million), pay annual coupon of 0.5 percent and mature in 2017 or 2016. In 2012 EBRD followed with 2 new "Environmental Sustainability Bonds" also targeted to Japanese retail investors. The bonds are denominated in Indonesian Rupiah (IDR 61 billion each), pay fixed rate of interest monthly and mature in 2016. In July 2013, the bank issued BRL 155 million transaction paying 8.01% and maturing on 26 May 2017, placed with Japanese retail investors.
On 13 September 2013 the Bank issued USD 250 million 1.625% public listed bond due 10 April 2018, aimed specifically at institutional investors seeking to support environmentally sustainable projects, bringing the total number of green bonds to 10 for an equivalent of EUR 370 million. In total 14 investors participated in the bond, including TIAA-CREF, AP2, AP3, State Street Global Advisors, Omega Global Investors and Everence: 51% was placed with US accounts, 31% with European accounts and 18% with Asian accounts. The sector allocation was as follows: 64% to pension funds, 18% to central banks, 12% to asset managers, 5% to state related investors and 1% to Bank treasuries and foundations. Morgan Stanley and SEB were joint-lead managers in this transaction.
Our Microfinance Portfolio consists of micro and small enterprise programmes established through financial intermediaries. These programmes enable small businesses to access formal finance supporting economic development as well as social stability.
At the end of June 2013, the EBRD’s Microfinance Portfolio comprised 168 loans across 20 countries of operations, totaling €698 million of which €686 million was drawn down, with the average life remaining of 2.7 years.
Microfinance Bond issuance
In May 2010, the EBRD and Daiwa Securities Group launched 3-year Microfinance bonds, denominated in South African Rand, that support the development of micro and small enterprises in the EBRD’s countries of operations.
A vibrant MSE sector is important for job creation, private sector growth and economic recovery as well as being a key component of a sustainable financial sector. The proceeds from the issuance of Microfinance bonds support these activities, helping smaller businesses grow into major enterprises with positive implications for jobs, poverty alleviation and economic growth. Investors thereby contribute to reducing poverty through investments linked to our Microfinance Portfolio.
Focus on the Environment factsheet 2013 update
Focus on the Environment factsheet 2012 update
Focus on the Environment factsheet 2011 update
Focus on the Environment factsheet 2010 update
To find out more about the our impact on the people and environment in our countries of operations please read our annual Sustainability report.
Last updated 15 February 2011
Green Projects Portfolio