Two Canadian money managers sign off on Paris Green Bond Summit – FINANCIAL NEWS-ecozik.com
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Two Canadian money managers sign off on Paris Green Bond Summit

Real climate history records over millions of years that atmospheric CO2 follows the significant ups and downs in global temperature, writes a reader.

Two of 27.

The first number represents the amount of Canadian money managers who signed the so-called Paris Green Bond Summit now. The second number represents the amount of global institutional investment managers who signed the same document, released as the Paris Summit or COP 21 winds down.

Addenda Capital, which has four offices across the country and NEI Investments (which gets by with three) were the two signatories towards the document that commits the 27 parties to trying to “grow a large and powerful market which makes a genuine contribution to addressing global warming.”

The rest of the signatories were rather from Europe, though Blackrock and Calpers were two U.S. managers that signed the agreement. In most, the 27 managers have US$11.2 trillion under management. Wednesday’s agreement calls on industry experts and stakeholders to develop clear standards for the climate change impacts and advantages of bond financed projects; for bond issuers to make sure transparency around the utilization of bond proceeds and their impact and for governments to develop projects that can be financed by green and climate bonds.

So why sign the Paris Green Bond Statement?

Brian Minns, Addenda’s manager of sustainable investing, said the statement “allowed global investors, including Addenda Capital, to voice our concerns about global warming in the Paris Global warming Conference and to make clear we’re dedicated to helping address global warming through investment activities.”

Minss added his firm was a party to the statement because “a large amount of the capital” required can be structured to meet the requirements of fixed-income investors. “Trillions of dollars must be committed to energy efficiency improvements, alternative energy and low-carbon transportation in the next couple of years and if there’s support from governments and powerful standards for the use of proceeds and transparency then investors is going to be lining up to accelerate our transition to a low-carbon economy.”

In a current report, BofA Merrill Lynch said there was?record green bond issuance in 2015, noting that the market doubled to US$100 billion with an increase of diversification with issuance from corporates, emerging markets and high yield borrowers. In 2016 it anticipates US$50 billion-US$60 billion of issuance and US$80 billion-US$90 billion “in a bull case.”

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SPACs

Gotta remain in the game.

That’s one interpretation behind the current amendment No. 1 filed by Avingstone Acquisition Corp. Amendment No. 1 relates to the first amendment to original preliminary prospectus which was filed in early September.

Under the guidelines, a prospectus goes stale after three months. And people rules also affect issuers that are special purpose acquisition companies or SPACs.

Avingstone is among seven SPACs that have been filed in Canada. Of these seven, five happen to be financed

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