What is a Green Bond?

Hello and welcome to the Morningstar video, ‘’why should I invest with you’’.
您好，歡迎來到 Morningstar video, ‘’why should I invest with you’’。

I'm Emma wall I'm joined today by Bertrand Gacon, head of impact for Lombard Odier.
我是Emma wall，今天的來賓是Bertrand Gacon，Lombard Odier的影響負責人。

Hello Bertrand, good morning, so, we're here today to talk about green investing, climate investing.
您好 Bertrand，早安，所以我們今天要談論綠色投資，氣候投資。

What is, first question.A green bond.
第一個問題，什麼是綠色債券?

Right.
好的。

A green bond is a very conventional instrument that all investors can use very easily in their
portfolio.
綠色債券是利用一種非常傳統的投資方式，讓所有投資者都可以在其投資組合中輕鬆使用。

The only difference with a normal bond they are issued by the same issuers, they have the same rating, they have the same risk and return profile.
跟一般債券的的不同點在於，綠色債券都是由同一個發行者發行，有著相同的評級，和相同的風險和回報率。

There are two major differences with a...... differences with a a conventional bond.
還有另外兩點跟傳統債券最不同......最不同的點在。

The first one is transparency, they provide you with with a very detailed documentation about the use of proceeds.
第一個是透明度，它們為您提供非常詳細的文件檔關於收益使用。

And the second one is a ring-fencing mechanism that allows you as an investor to have confidence. On the fact that the money would only be used to finance some green infrastructure
第二個是圍欄機制，讓投資的投資者有信心的了解到，這些資金只會用於贊助一些綠色的設施。

 And with those two features, it's possible for investors to use those instrument and to put their capital at work for a the environmental sensation. 
這兩項不同點，可以讓投資者使用這些方式並將其資金用於環保工作。

While still benefiting from the sell the same financial features as the one you have in conventional bond investments. 
同時可以和傳統債券投資相同的從投資的經濟項目中獲益。

And within that sector, there's a type of own called a climate bond which you're finding particularly interesting the minute, aren't you?
而在這個領域裡，有一種類型叫做氣候債券，您曾經說過它是很有趣的，是嗎?

Yes, the climate bond is the broader universe the green bond is a labeled market, a self labeled market that provides investors with additional warranties about those features I've just mentioned.
是的，氣候債券是更廣闊的領域，綠色債券是一個貼上標籤的市場，一個自我標記的市場，為投資者提供關於我剛剛提到的那些特徵的額外保證。

But there's a broader universe called climate bonds, which basically are issued
by companies, pure-play companies that are active in the environmental sector.
但是這個廣闊的領域叫做氣候債券，基本上是由公司，由單一經營且活躍於環保領域的公司所發行的。

They do not go through the same, I would say reporting and transparency features.
他們沒有一致的，我上面所說到的兩個重點。

They might not have the full ring-fencing mechanism, but still because those companies are pure-play environmental companies, those bonds are still financing green infrastructure.
他們或許沒有完整的圍欄機制，但基於他們是是單一經營且有環保意識的公司，所以基本上這些債券還是在投資綠色基礎設施。

So, if you are very selective in the way you're looking at those bonds, you can include them in the broader universe.
所以，如果您對您要投資的債券十分挑剔，您或許可以考慮進入這個更寬廣的領域。

And how much does macro impact this sort of investment because we've got some in the
white house, who arguably doesn't particularly believe in things such as global warming and certainly isn't a fan of renewable energy.
而就宏觀而言是否會有任何影響，因為在白宮仍然有些人們再爭論，並且拒絕相信全球暖化是真的；當然也不會支持任何再生能源。

Do you see that as a headwind or is this sectors that have got its own tailwind, fundamentals?
您認為這會是一種阻撓，還是是另外一種方式的推力呢?從基本上來說。

Well we are not too worried about that to be honest and the major reason for that is that, most of what happens on the green bond market doesn't come out of the states.
老實說，我們並不會太擔心這種事情；最主要的原因在於最主要的債券發行者並不會是美國政府。

A large part of the issuer's are either corperates or supranational or even some municipalities or some some local governments. 
有很大的一部分的發行者會是企業或是跨國公司，甚至有些城市或地方政府。

And in all cases, the influence of the new elected president in the US would be very minimal meaning in those in those issuances. 
在所有情況考量下，新當選的美國總統對於在那些發行者的影響是非常小的。

And ESG, environmental, social and governance factors are increasingly becoming a part
of the way that investors want to manage their portfolios, an overlay, if you will, on top of profitability.
而ESG，ESG，環境社會和治理因素正日益成為投資者想要嘗試投資的方式和領域，如果您願意，還可以在達到營利的目標。

How can people who are interested in this sector get access to green bonds and climate bonds.
要如何讓對此領域有興趣的人得以跨足到綠色債券和氣候債券呢?

It's a specific market, so you need to have the, well, the the expertise to identify those bonds.
這是一個特定的市場，所以你需要擁有，以及識別這些債券的專業知識。

The verification process is very important to us to make make sure that the environmental impact really is there.
驗證的過程對我們來說是非常重要的，以讓我們確保真正存在的環境影響。

Even within the label green bond market, we do believe there are some bonds that
are, I would say,  darker green versus other ones are lighter green.
即便在被標籤的綠色市場中，我們相信還是有些債券是...這麼說吧，比較黑心綠色債券跟正常的綠色債券。

So it's very important to do the verification in a very rigorous manner.
所以以非常嚴格的方式進行驗證非常重要的。

But but it's  an instrument that by design is very accessible.
 但他被設計成一種很好入門的投資工具。

Again, it is traded on the major markets.
再說一次，他是在主要市場上做交易。

It's a very easy for for every investors to buy those bonds or to use a fund that is already build around that that strategy.
對於每個投資者來說，整個核心觀點就是讓購買這些債券或者使用這些基金是非常容易的。

And the very key benefit if you compare with the more traditional easy approach that it's really impact instead of rating the the quality of the issuer, which is what the ESG approach would do.
如果跟傳統的簡單投資方式進行比較，非常關鍵的好處在不需對發行方的質量進行評級，那是ESG所會做的。

You can really focus on the on the issuance itself so on the bond itself and make sure that the project that is being financed is delivering the high impact that you're looking for. 
您可以真正專注於發行者本身以及債券本身，並確保正在融資的項目可以提供您正在尋找的高循環經濟。

And in that condition, it is again possible to design a convincing high-impact strategy
within a very liquid asset class.
在這種情況下，再次申明他可以在非常流動的資產類別中設計出令人信服的高影響力策略。

Thank you very much, thanks a lot.
非常感謝您，謝謝。

This is Emma wall from Morningstar, thank you for watching.
這裡是Emma在Morningstar，感謝您的收看。

 

Copyright Announcement: The above videos are  from the official Youtube channel of the organization. What is a Green Bond? https://www.youtube.com/user/Morningstar3TopTips. 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.