可持续土地债券：政府如何为气候承诺提供资金并加强农村经济（英文版）.pdfVIP

報告吧報告吧 研报客研报客®® Sustainable Land Bonds How governments can fi nance climate commitments and strengthen rural economies www.baogaoba.xyz 獨家收集 www.baogaoba.xyz 獨家收集 百萬報告 实时百萬報告 实时更新 更新 日更日更千篇 千篇 Photo credit: © Bridget Besaw Executive Summary 研报客研报客®® 報告吧報告吧 This paper shows how tropical forest countries can tap mainstream bond markets and secure long-term capital at extremely low net cost through the issuance of Sustainable Land Bonds to finance the large-scale transition to sustainable and low-carbon land management practices. Sustainable Land Bonds (SLBs) are backed by the full faith and credit of the issuing country, but differ from regular sovereign bond issues in two important respects: • The proceeds are utilized to finance the transformation of rural economies onto a low-carbon, sustainable footing, thereby reducing net greenhouse gas emissions • The issuer simultaneously enters into a long-term Results-Based Payment agreement with a third-party that partially or even fully offsets the interest payments on the SLB, provided that pre-agreed levels of land-based emission reductions are achieved SLBs target institutional investors in mainstream capital markets (where interest rates are at record low levels and demand for emerging market sovereign debt is high) and match with results-based payment agreements that pay countries for achieving emission reduction outcomes. As such, they build on the success of the Green Bond market, and go a step further by establishing a transparent link to outcomes in terms of national emission reductions. SLBs secure funding up-front so that governments can make large-scale interventions, while results-based payment agreements will lower the cost of borrowing—potentially to zero—so long as agreed emission reductions are achieved.