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Green Bonds and Land Conservation: The Evolution of a New Financing Tool

Author

Listed:
  • duPont, Carolyn M.

    (Harvard University)

  • Levitt, James N.

    (Harvard University)

  • Bilmes, Linda J.

    (Harvard University)

Abstract

"Green Bonds" emerged as a new form of environmental financing in 2007. While most investors still view them as a niche product in the overall fixed income market, green bonds have grown rapidly to nearly $37 billion in issuance in 2014, with issuers from the World Bank to the State of Massachusetts. This paper examines the current and potential future use of green bonds for financing sustainable land use and conservation projects around the world. The paper draws on interviews with land conservation practitioners, bond issuers, investors, and financial analysts, as well as analysis of two case studies in China and Massachusetts. The paper summarizes the key insights from this community of experts, and lays out a series of steps that will be required before green bonds can develop into a significant and reliable tool in the conservation finance toolkit. The authors find that projects linked to water and storm water management may be investment "sweet spots" for green bonds and land conservation.

Suggested Citation

  • duPont, Carolyn M. & Levitt, James N. & Bilmes, Linda J., 2015. "Green Bonds and Land Conservation: The Evolution of a New Financing Tool," Working Paper Series 15-072, Harvard University, John F. Kennedy School of Government.
    • Handle: RePEc:ecl:harjfk:15-072
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    Cited by:

    1. Shashank Bansal & Satya Prakash Mani & Himanshu Gupta & Shipra Maurya, 2023. "Sustainable development of the green bond markets in India: Challenges and strategies," Sustainable Development, John Wiley & Sons, Ltd., vol. 31(1), pages 237-252, February.
    2. Lebelle, Martin & Lajili Jarjir, Souad & Sassi, Syrine, 2022. "The effect of issuance documentation disclosure and readability on liquidity: Evidence from green bonds," Global Finance Journal, Elsevier, vol. 51(C).
    3. Peter Lau & Angela Sze & Wilson Wan & Alfred Wong, 2022. "The Economics of the Greenium: How Much is the World Willing to Pay to Save the Earth?," Environmental & Resource Economics, Springer;European Association of Environmental and Resource Economists, vol. 81(2), pages 379-408, February.
    4. repec:hig:wpaper:101sti2019 is not listed on IDEAS
    5. Nathalie Meißner & Etti Winter, 2019. "Design principles for protected area certificates: a case study on strategic investor groups," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 21(1), pages 303-329, February.
    6. Louis T. W. Cheng & Piyush Sharma & David C. Broadstock, 2023. "Interactive effects of brand reputation and ESG on green bond issues: A sustainable development perspective," Business Strategy and the Environment, Wiley Blackwell, vol. 32(1), pages 570-586, January.
    7. Mell, Ian, 2020. "The impact of austerity on funding green infrastructure: A DPSIR evaluation of the Liverpool Green & Open Space Review (LG&OSR), UK," Land Use Policy, Elsevier, vol. 91(C).
    8. Mohammad Fazle Rabbi & József Popp & Domicián Máté & Sándor Kovács, 2022. "Energy Security and Energy Transition to Achieve Carbon Neutrality," Energies, MDPI, vol. 15(21), pages 1-18, October.
    9. Waylen, Kerry A. & Martin-Ortega, Julia, 2018. "Surveying views on Payments for Ecosystem Services: Implications for environmental management and research," Ecosystem Services, Elsevier, vol. 29(PA), pages 23-30.
    10. Martin Lebelle & Souad Lajili Jarjir & Syrine Sassi, 2020. "Corporate Green Bond Issuances: An International Evidence," JRFM, MDPI, vol. 13(2), pages 1-21, February.
    11. Barrett, Luke T. & Theuerkauf, Seth J. & Rose, Julie M. & Alleway, Heidi K. & Bricker, Suzanne B. & Parker, Matt & Petrolia, Daniel R. & Jones, Robert C., 2022. "Sustainable growth of non-fed aquaculture can generate valuable ecosystem benefits," Ecosystem Services, Elsevier, vol. 53(C).

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