The World's First Green Bond

Climate change poses the greatest threat to humanity.
氣候變遷對於人性造成巨大的威脅

The effects of climate change can set back decades of progress in the developing world.
氣候變化的影響會阻礙開發中國家好幾十年來的成長

Just the scale of the issues unsettling.
問題的嚴重程度讓人不安

Environmental shocks will become more extreme and more and more frequent.
環境衝擊會越來越極端 越來越頻繁

No single government or institution can solve this problem alone.
沒有單一政府或是機構能夠獨自解決這個問題

We are the last generation that can out of the course of climate change and we require investment on a scale we have never seen before.
我們是可以與氣候變遷抗衡的最後一個世代，但我們需要有史以來最龐大的投資。

In 2006, a group of Swedish investors were looking to incorporate environmental projects into their portfolios
2006年，一群瑞典投資人希望將環境企劃納入其投資組合

At that time to make a sustainable portfolio was to exclude companies not to invest in green projects and that strategy.
當時穩定的證券投資組合是讓公司排除，去投資綠化計畫的策略

We didn't believe in that strategy. 
但我們並不相信那個策略

We wanted to have inclusion of good companies and also investment in green projects
我們想要擁有好公司，以及對於綠化計畫的投資

There were growing discussion about climate change and global warming and things like that.
當時關於氣候變化、全球暖化等的討論逐漸地增加

But it was very difficult for us really to find something to invest in that had to do with that 
但對於我們來說要投資相關的議題 是非常困難的

At that time we had mostly Swedish government bonds and mortgage bonds. 
那個時候我們主要擁有瑞典的政府債劵 以及抵押債劵

And we were looking for other alternatives for the supply of interesting investment opportunities in the sustainable area was very limited.
而且我們在尋找替代方案 有趣的投機機會方案 由於持久性範圍非常有限

So we were looking for something more liquid something easy to understand something credible.
所以我們當時在尋找較為流動的方式 比較好理解 且具有可信度的

Coming into 2006 2007 we had a situation where one a lot of people were talking about global warming
在2006、2007年的時候遇到了狀況 當時許多人都在討論全球暖化

We also had a situation where governments didn't need to borrow money
以及另外一個情況 當時的政府並不需要借錢

So the combination of investors being willing to contribute to a better society together with the lack of government supply.

因此許多投資者 都願意為了更好的社會進而貢獻、共同努力儘管缺少政府的補助

Base the made me sit down and draft an idea about what could be done to engage institutional investors.
讓我坐下深思 而且開始構想點子 該做些什麼來吸引機構的投資方

In at that time global warming, I went out to a number of investors first and those investors thought it was a great idea and with certainty that I had their support .
在經歷全球暖化的時候 我先去尋找了幾位投資者 他們也認為是個好點子 確信我有他們的支持

I then went to the World Bank and said this is something we have checked with clients, they’re interested.
我去了世界銀行 並說 我們已經確認客戶是有興趣的

At the World Bank, connecting capital markets to development projects is a strategic priority.
對於世界銀行，連結資本市場和發展項目是一項戰略要點

What happened was a combination of us coming up with our environmental strategy.
當時發生的情況是我們聯手 想出自己的環境策略

The Intergovernmental Panel on Climate Change with very strong warning that we have to change the way we live
聯合國氣候變遷政府間專家委員會 表示強烈的警告 就是我們必須改變目前的生活方式

And Mother Nature through catastrophic disasters telling us it is time to act.
以及大自然所經歷過的悲慘災難 訴說著是時候改變了

That mobilize the bank to provide to the investor community a product they can use to vote green.
銀行的流動 以提供給投資方們 一個讓他們能支持綠色政治的產品

So we were approached by Scandinavian investors who came to us through their bank, SEB.
斯堪的納維亞的投資方與我們接洽 以瑞典北歐斯安銀行與我們聯繫

They were looking for products in all asset classes but somehow addressed the challenges of climate change.
他們在尋找所有資產類別的商品 同時也處理了氣候變遷的挑戰

And they had products and many of the other asset classes but not for fixed income.
他們有許多不同資產類別的商品 但不是固定收益

SEB knew that the World Bank finances climate change mitigation and climate change adaptation projects.
瑞典北歐斯安銀行知道世界銀行 資助於減緩氣候變化 以及適應氣候變化的各種方案

But we financed that through fixed income products. 
但我們以固定收益證劵提供資金

So for the Scandinavian investors, it was it was perfect.
所以對於斯堪的納維亞的投資者們 是完美的

Because they were looking for a product that supported these types of projects.
因為他們正在找尋一個 可以支持這類型商品的產品

But that I didn't have a project risk or specific country risk and that had the same financial characteristics as other products they were familiar with.
但我並沒有一個項目風險 或是特定的國家風險 與他們所熟悉的產品 擁有類似的金融特性

We had a very constructive dialogue and I think within a month the World Bank came back and said

我們當時有一次非常具有建設性的對話 然後大概在一個月內 世界銀行回覆並說

I think especially because investors had agreed to that this was a great idea which enabled investors not only to invest but to invest inside their traditional normal mainstream benchmarked portfolios which was as I see it the big change to everything that came before.
我想尤其因為投資方們 都認同這是個非常好的點子 同意持續發展出一個產品 
使他們不只能夠投資 而且是投資於他們傳統正常 主流基準的投資組合 
在我看來是一個很大的改變 相對於在投資前的情況

That they didn't have to have a special view with this kind of investment.
他們對於這種投資 並沒有任何特別的看法

Ideas can change the world but how you transform an idea into reality is a matter of process.
理想可以改變這個世界，但如何轉化理想至現實生活則是一個過程

The labeling and the process around this and the interaction with investors and the design which was very very simple enabled and allowed institutional investors to engage in a way they're not engaged before.
公司標誌以及過程，還有與投資方的互動和一個非常非常簡單的設計，允許機構方的投資者們
以他們從未嘗試過的方式去參與。

We had never launched a product with dedicated funding so this was new for finance and at the same time.
我們從未使用專門的資金來推出一個計畫，是個新的金融嘗試。

We had this climate strategy so it was it was like perfect timing.
同時我們也有氣候策略，所以時間點上是剛剛好的。

Environmental Scientists from CICERO were asked to provide an independent second opinion on the first Green Bond.
CICERO的環境科學家被要求提出關於史上首次綠色債劵的獨立第二意見。

The financial community and the scientific community tend to operate in two different spheres.
金融界以及科學界 試圖以兩種不同的領域去執行。

And this was from my understanding, the first connection between these two worlds.
這是據我所知以來，這兩個領域第一次的連結。

And so we had to learn how to communicate with each other using two different languages; in financial vocabulary and research oriented vocabulary; and try to understand what the other party needed 
所以我們必須學會如何互相溝通，使用兩種完全不同的語言；金融詞彙以及研究型詞彙；並且試圖了解另外一方的需求。

And my colleague, Knut Alfsen took the took the chance to write that first second opinion, and it was the first time that we at Cicero had ever done anything like that.
我的同事Knut Alfsen把握機會提出了第二意見，那也是頭一次Cicero公司執行此舉。

I think at that point we had no idea where it was going, so to be involved in the first green bond was a bit of a surprise of course, and we thought well maybe this is a one-off activity 
我想當時沒有人知道會發生什麼事情，所以能參與到第一次綠色債劵，是個很大的驚喜，然後我們也覺得或許這是一次性的活動。

So that it's an interesting project.
所以是個非常有趣的計畫。

We're connecting with investors for the first time.
我們第一次與投資者們連接上。

And with banks and we're learning what they are interested in and we're learning what we can communicate to them
我們也在學習銀行所感興趣的、在學習如何與他們溝通。

But I think what we didn't know is how many times we would replicate this and grow and evolve our methodology as the market evolved.
但我們不知道的是，我們成長前會先重複幾次過程，並隨著市場的演變來發展我們的方式。

When the World Bank issued the first green bond, they set up a model for how green bonds should be done in terms of best practice
當世界銀行第一次發行綠色債劵，他們設立了綠色債劵該如何去完成的模範，在實踐這方面來說。

And that was a foundation for establishing the green bond principles.
而那也是建立了綠色債劵準則的基礎

And several banks were involved in establishing these voluntary guidelines for the market, that later came to recommend independent reviews as well as set up some guidance on transparency.
許多家銀行都有參與，為市場設立權屬治理，後來開始建議獨立審查，同時建立透明化的引導。

Climate risk is now a financial risk.
氣候風險現在等同於金融風險。

Transparency is important for investors, in order for them to better understand the climate risk exposure to their investments.
透明化對於投資者們很重要，為了能讓他們更清楚瞭解到，他們的投資所面臨到的氣候風險。

And that was the second opinion gives them: more transparency on these risks.
第二個被給予的意見：更透明化這些風險。

Thanks to data, for the first time, bond investors could see the social impact of their investments.
多虧於數據，債劵投資者首次見識到他們的投資案所引起的社會衝擊。

Impact reporting has been very very important since the very beginning of the green bonds, but it's been an iterative process.
影響指標在綠色債劵初期時，就是非常非常重要的，但也是個反覆的過程。

The World Bank is very fortunate because they already collected and still collect a tremendous amount of data on all of their projects.
世界銀行非常地幸運，因為它們已經蒐集了，並持續蒐集著關於他們計畫的龐大資料。

And as projects are measured through their implementation,the performance against those performance indicators is updated.
當這些計畫是以完成度來衡量表現，對比於績效指標則會被更新。

Now, through that learning process, I believe that the World Bank has definitely shaped throughout the financial community impact reporting.
現在透過學習過程，我相信世界銀行絕對在金融界朔造了影響指標。

And that impact reporting is a real value added, a form of accountability that issuers give to their investors,  and that investors can then give to their clients, to show that this is where your money has gone ’’this is what it's doing, this is the progress we're making.’’
然後影響指標也增加了真正的價值，一種負有責任的形式，發行者給予他們的投資者，然後投資者進而轉告他們的客戶們，顯示你的錢是去了哪裡、在幹嘛，這是我們現況的進度。

You had this positive investment in projects that really did something meaningful against climate change, and you had an independent second opinion on the climate criteria also, an impact reporting afterwards.
你有正面投資的計畫，著實影響著氣候變遷。然後關於氣候標準，你有獨立的第二意見，另外還有影響指標。

So really couldn't be quite safe that was our money that we invested in these bonds would do something meaningful in the battle against climate change.
所以無法確實地保證，投資於這些債劵的資金在氣候變遷的戰爭裡，真的會具有影響力。

Our generation may not be able to solve all the problems related to climate change, but we can leave the planet better than we found it for our children.
我們世代可能沒辦法解決所有關於氣候變遷的問題，但我們可以給予後代一個更美好的地球。

Before that we all worked in silos.
在這之前我們都是獨立作業

And the environmental officers knew everything about the environment, the financial officers knew everything about finance.
環境幹事知道關於環境的所有一切，財務主管知道關於金融的一切。

But the interaction, which allowed the financial officers to give the input to how our environments should be done.
但之間的互動，使財務主管對於環境該如何去完成能給予意見。

And the the environmental officers they understood the financial crisis probably is the big achievement of this interaction with with this with this product.
而環境幹事他們則能理解金融危機，這或許是這個產品所引起的互動最大的成就。

What we see has happened in the market is that green bonds have catalyzed a change in investor behaviors

在市場裡我們可以看到綠色債劵催化並改變了投資者的行為。

They want to know where their money's going but not only for labelled bonds that they're buying.
他們想知道資金的動向，不只是他們所買的已標記債劵。

So not only from green bonds or for social bonds or sustainable bonds.
不僅僅是綠色債劵、社會債劵或是永續債劵。

But they're asking questions about everything they investing.
而是對於所有的投資抱有疑問。

And I think that's going to be the capital markets of the future.
而我想這就是未來資本市場的樣貌。

I believe that the types of lessons that have been learned from the green bonds in terms of transparency and accountability, knowing where your money is going, are lessons that are now being transferred to social bonds, and now being transferred to wider thematic bonds.
我相信從綠色債劵所學到的各種經驗，就透明化及責任度方面知道金錢流動的經驗。現在逐漸
被轉移到社會債劵、到現金轉移到廣泛主題的債劵上。

I truly hope that this expands, but I hope that in the world economy in fact grows beyond the question of thematic bonds and that fact all fixed income investments are measured in these ways.

我真心希望這個經驗擴大於世界經濟裡，事實上希望能超越主題債劵的問題，還有固定收益的投資，都是以這樣方式去衡量的事實。

My utopian future, from a climate change research perspective, is that all financial decisions are taking into account climate risk.
以氣候變遷的研究角度上，我心中烏托邦似的未來，是所有財務決策都能考量到氣候風險。

Right now green bonds are less than 1% of the total bond transactions, and we can see a lot of growth there in terms of different types of sectors different issuer types and different regions.
現在綠色債劵在所有債劵交易中，只佔有不到百分之一的比例在不同領域層面上。我們可以看到成長，不同的爭論問題以及不同區域。

So I hope in the next few years that the bond market continues to scale up, and that we can continue to provide increased transparency and a connection between the climate science and financial decisions.
所以未來的幾年我希望債劵市場可以持續地成長，而且我們能持續地提升透明化程度共享氣候科學與財務決策的連結。

Since the launch of the first Green Bond in 2008, the World Bank has raised more than$13 billion in 20 currencies to fund climate change projects around the globe
自2008年首度推出綠色債劵，世界銀行在全球以20種貨幣籌集超過1千300億來資助氣候變遷的計畫專案

There is still a lot of work to be done
還有許多工作等著我們來完成
 

Copyright Announcement: The above videos are  from the official Youtube channel of the organization. The World's First Green Bond  https://www.youtube.com/user/WorldBankTreasury . The videos we selected are all publicly available on the official channel, and we do not own the copyright of these videos. Our work on Chinese translation for this film is free for the 1.2 billion audiences in Mandarin Chinese around the world to watch and learn SDGs and SROI advertising campaigns.