Greening the Bond Market

David Ramos Muñoz is Associate Professor of Commercial Law at the Universidad Carlos III de Madrid, Spain, where he leads several research projects on finance and climate change, and is part of its Climate Strategic Initiative. He is a Fellow Member ad personam of the Academic Board of the European Banking Institute (EBI), where he leads its Working Group on Finance, Climate Change and Sustainability, and a member of the European Law Institute (ELI).Agnieszka Smoleńska is Assistant Professor at the Institute of Law Studies of the Polish Academy of Sciences and Principal Investigator of “The EU’s sustainability capitalism: identifying the varieties of financial markets transition” research project. She is Associate Researcher with the European Banking Institute, contributing to EBI’s Working Group on Finance, Climate Change and Sustainability.

• 1 Introduction.- 2 Towards a European Green Bond Standard: A European initiative to promote sustainable finance.- 3 Member States sovereign green bond issuance and the development of local green bond markets in the EU.- 4 Issuing a green bond – a practical perspective.- 5 Issuing green bonds without a Green Bonds Regulation: Canadian experiences.- 6 The Green Bonds Market in the light of European Commission’s Proposal: Implications for greenwashing liability.- 7 Integrating sustainability in the MiFID II package-based regulation: effects on financial intermediaries’ accountability and potential conflict between regulatory objectives.- 8 Discussion: green bonds and banking and capital markets from a practitioner’s perspective.- 9 Method transparency for Green Bonds: Learnings from climate transition risk metrics.- 10 The Role of Prudential Requirements in Fostering Green Bond Markets: The Experience of Hungary.- 11 Discussion: Micro- and macro-prudential issueson green bonds from a practitioner’s perspective.- 12 Green bonds and the ECB: A Tale of (Measured) Promise and (Required) Caution.- 13 Green bonds and monetary policy.