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UBS Asset Management has launched the UBS Sustainable Development Bank Bonds 5-10 Index UCITS ETF (MDB5), focusing on high-quality, medium-term debt from development banks like the World Bank and Asian Development Bank. This fund complements the existing $1.8 billion MDBU ETF, targeting bonds aligned with the UN’s 2030 Agenda for Sustainable Development. Both ETFs offer investors access to a niche fixed income market while supporting impactful global initiatives, featuring an expense ratio of 0.15% and strict eligibility criteria for included bonds.
At COP29 in Azerbaijan, major multilateral development banks pledged to raise $120 billion annually in climate finance for developing nations by 2030, a significant increase from previous years. This effort aims to support poorer countries in reducing emissions and adapting to climate impacts, although it falls short of the trillions needed. MDBs emphasize that their ability to scale up finance relies on increased contributions from their country shareholders and facilitating private sector investment.
Rich countries are on track to double climate adaptation funding to developing nations by 2025, increasing from $22 billion in 2021 to around $28 billion in 2022. However, this still falls short of the estimated $215 billion-$387 billion needed annually, with concerns over the predominance of loans over grants exacerbating the debt burden on vulnerable nations. As discussions continue ahead of COP29, developing countries are advocating for a clear target for adaptation funding to address their urgent needs.
India’s offshore rupee bond market is experiencing a significant resurgence, with issuers like the World Bank and the Asian Development Bank contributing to record annual volumes. This year, over 420 billion rupees ($5 billion) in offshore rupee bonds have been purchased, nearly doubling last year's figures and surpassing the previous record set in 2017, according to data from Bloomberg.
India could face a staggering loss of around 25% of its GDP by 2100 if global temperatures rise by 4.7 degrees Celsius and the country fails to achieve its net-zero target by 2070, according to a report by the Asian Development Bank. The report highlights that while South East Asia, Pakistan, and the Philippines may be less affected, Bangladesh and Vietnam could see GDP losses of 30% by 2070. The cost of inaction is projected to escalate, with India losing approximately 5% of its GDP by 2035, increasing to 13% by 2050 and nearly 25% by 2070.
Inaction on emissions could lead to a 17% reduction in the GDP of developing Asia by 2070, according to the Asian Development Bank (ADB). Despite some progress in mitigation efforts, current policies are inadequate to meet global targets, potentially resulting in a 3 degrees Celsius rise in global temperatures this century. The ADB emphasizes the urgent need for stronger climate action to avert severe consequences.
Vietnam Prosperity Bank (VPBank) has secured a credit limit of 150 million USD from the Japan Bank for International Cooperation (JBIC) to finance renewable energy and power transmission projects in Vietnam. The agreement, signed on October 9, 2024, aims to support the national goal of achieving net zero emissions by 0, aligning with international sustainable development initiatives. This partnership underscores the growing trust of international financial institutions in VPBank and strengthens economic ties between Vietnam and Japan.
VPBank has secured a USD 150 million credit agreement with the Japan Bank for International Cooperation (JBIC) to finance renewable energy and power transmission projects in Vietnam, supporting the national goal of achieving net-zero emissions by 2050. The agreement, signed on October 9, 2023, aligns with Vietnam's Eighth Energy Development Plan and the Asia Zero Emissions Community initiative. This partnership underscores the growing confidence of international financial institutions in VPBank and strengthens economic ties between Vietnam and Japan.
The UN has introduced a mandatory mechanism within its new carbon market to safeguard against human rights violations and environmental damage by requiring project developers to conduct detailed risk assessments. This Sustainable Development Tool aims to ensure that carbon credit projects contribute positively to the 17 Sustainable Development Goals while avoiding harm. The approval marks a significant step towards operationalizing the Article 6 carbon market, with ongoing reviews planned to enhance its effectiveness.
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ubs launches sustainable development bank bonds etf for impact investing
12:20 02.12.2024
development banks commit to 120 billion dollars in climate finance by 2030
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13:34 12.11.2024
rich countries increase climate adaptation funding but debt concerns persist
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15:07 08.11.2024
offshore rupee bond market experiences record growth in 2023
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India could lose 25 percent of GDP by 2100 due to climate change
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developing asia faces 17 percent gdp loss by 2070 without climate action
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vpbank and jbic sign 150 million dollar credit agreement for renewable energy projects
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07:50 11.10.2024
un adopts safeguards for carbon market to protect human rights and environment
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15:11 10.10.2024
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