Investment in up to 5 per cent of the net asset value (capped at USD 100 million) of "Amundi Planet -Emerging Green One", a fixed income sub-fund, designed to become the world's largest green bond fund and the first exclusively dedicated to emerging markets. The fund was set up by Amundi, the leading European asset manager, in partnership with the International Finance Corporation (IFC), a member of the World Bank Group. It is the first fund focusing on investing in green bonds issued by private sector financial institutions.
In connection with the EBRD's participation, the fund will work to allocate a multiple of at least three times the Bank's investment to the EBRD's countries of operations as part of the fund's regional diversification policy. The targets for the greening of the overall portfolio will also apply at the same rate to the amount allocated to the EBRD regions. The EBRD's investment is subject to agreement of final terms and investment documentation.
Through investing in green bonds the Fund will facilitate capital-raising and investment in projects with environmental benefits and use capital market mechanisms in order to help channel capital flows to green projects that advance transition towards a low-carbon economy.
Through its participation in the fund, the EBRD will work to establish harmonised best practices for emerging market green bond issuances in line with the Green Bond Principles, the market reference developed by a broad forum of market participants, including the EBRD, and intermediated by the International Capital Market Association.
By contributing to the development of environmentally sustainable economies in EBRD's COOs by facilitating investment into climate change mitigation, adaptation and other environmental projects, the Project will support the Green transition quality. The Project will also contribute to the Resilient quality by introducing a new capital markets instrument for most financial institutions in EBRD's COOs, diversifying their funding base and enabling financing of green projects while at the same time increasing Green Bond supply.
EMERGING GREEN ONE
Amundi (rated A+/Stable by Fitch), Europe's largest asset manager with EUR 1.4 trillion assets under management ranking top 10 globally, is publicly traded on the Paris Stock exchange and 70% owned by Credit Agricole. Amundi has a strong track record in emerging market debt management and was the first asset manager to launch an actively managed green bond fund, developing a robust methodology for green bond investments.
EBRD Finance Summary
USD 68.5 million.
Total Project Cost
USD 1.4 billion
Environmental and Social Summary
Categorised FI (2014 ESP). The Fund will be required to comply with the EBRD's Performance Requirements 2, 4 and 9, and Environmental and Social Exclusion list, as applicable to investments in listed securities, as well as to implement an Environmental, Social and Governance (ESG) Charter that establish high level of integrity and discipline of the Fund's green investment standards to all its investments. The Fund's investments can only to be made in green bonds that are aligned and consistent with the Green Bond Principles. The ESG Charter for the Fund has been designed to ensure that none of the Fund's investments directly or indirectly expose the Fund to environmentally high-risk and carbon intensive sectors, nor to projects associated with potentially significant environmental and social risks. The Fund's green bond selection process will focus on green bonds supporting projects with high net environmental and social benefits. It is envisaged that the Fund's GHG mitigation impact in EBRD COOs will be up to 590,000 tonnes of CO2 per annum once the fund is fully invested into green bonds in EBRD COOs. The Bank will monitor the Fund's environmental and social performance and the implementation of the ESG Charter on the basis of the Fund's reporting to EBRD and other investors.
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