The Market of Green Bonds. An International Analysis of Public and Private Issuers in the Green Bond Market

Table of Contents

List of Abbreviations

1 Introduction

2 Fundamentals
2.1 Bonds
2.2 Public issuer
2.3 Private issuers
2.4 Toolsfor international analysis

3 The Green Bond Mark
3.1 Fundamental
3.1.1 Classification and assessment criteria
3.1.2 Types of Green Bonds
3.1.3 Evaluation of Green Bonds
3.2 Overall market developmen
3.2.1 Timeline
3.2.2 Characteristics in numbers
3.2.3 Market development in numbers

4 International analysis
4.1 European Union
4.1.1 Market segmentationby member states
4.1.2 Public side
4.1.3 Private side
4.1.4 Summary
4.1.5 Assessment regarding international competitiveness
4.2 USA
4.2.1 Public side
4.2.2 Private side
4.2.3 Summary
4.2.4 Assessment regarding international competitiveness
4.3 Chin
4.3.1 Public side
4.3.2 Private side
4.3.3 Summary
4.3.4 Assessment regarding international competitiveness
4.4 Conclusion ofinternational analysis

5 Outcome
5.1 SWOT-Analysis
5.2 Future Prospect

6 Conclusion

List of Referenc

Append

Affidavi

List of Abbreviations

Abbildung in dieser Leseprobe nicht enthalten

1 Introduction

“Sustainable development is development that meets the needs of the present without compromising the ability offuture generations to meet their own needs.”¹ OsoHarlemCrundiland. Oslo (1987)

This definition of intergenerational ecologicaljustice shaped the 1987 report “Our Common Future” of the UN World Commission on Environment and Development (WCED), also known as “The Brundtland-Report”. This report is considered as the beginning of the global discourse on sustainability. As a result of the debates, the United Nations hosted a global conference in Rio de Janeiro in 1992, from which the guiding principles for sustainable development emerged:

Social justice / economic capability / environmental viability² Today, more than 30 years after the statement was made, it is clear that these principles have not been taken into account enough. Especially our natural environment has suffered. It has been treated in a careless way and the development our planet went through since then has not been sustainable in many areas: uncontrolled migration, environmental pollution and various consequences of climate change - our society is facing a multitude of problems. Right now, the ability of future generations to meet their own needs cannot be ensured abundantly. The 17 “Sustainable Development Goals” (SDGs) are the current attempt taken by the UN to frame the goals humanity should work towards to make our world a truly sustainable ecosystem. They were introduced at the Rio+20 conference in June 2012 and inured in 2016. Affordable and Clean Energy, Climate Action, Gender Equality and Responsible Consumption and Production are a few examples for these superior aims due by 2030.³ The Paris Climate Agreement, which came into force in November 2016, sets a benchmark regarding global warming the world is now orienting on. In order to keep the consequences of climate change in check, the aim is to limit global warming to maximum 2°C by the year 2100 compared to pre-industrial levels.⁴ To even have a chance to reach that goal a large set of actions have to be approached (e.g. gain independency from fossil fuels). This transformation requires an enormous amount of financial investments into all sorts of branches and industries; roughly estimated numbers are USD 7tn a year or USD 95tn until 2030.⁵ The UNEP Finance Initiative estimates the total costs of the transition to low-carbon and climate-resilient economies on at least USD 60tn till 2050.⁶ The question is, who or what has the financial power to fund these multitude of changes and the agility to act now and fast? - The Capital Market.

My personal thinking has always been that “finance” and “sustainability”, or so to speak “capitalism” and “green”, cannot play in the same team. When I first read about “Green Finance”, I wanted to investigate if this field could provide a significant contribution of the financials needed to encourage this global transformation: I chose the debt capital market as my main focus. This thesis aims to analyse the Green Bond market and its protagonists in order to assess its long­term potential in financing the necessary changes on earth.

To ensure that readers without profound financial literacy can comprehend the paper, the second chapter gives an overview of the debt capital market instrument “bonds” and its main aspects. The tools used to assess the protagonists’ international competitiveness as part of the international analysis are introduced here as well. The third part deals with “Green Bonds” in particular. It consists of important general information and a widespread market overview. Section four comprises the international market and competitiveness analyses of the main market players: the EU, United States and China (with Hong Kong SAR). A future prospect for the Green Bond market, based on the outcomes of a brief “expert interview” I distributed among professionals working in the financial world, is given in chapter five. To round off my thesis, the sixth and final chapter forms the conclusion, that draws a bow back to the introduction.

2 Fundamentals

2.1 Bonds

,,A bond can be defined as a loan for which, instead of a loan agreement, the form of the negotiable security has been chosen. The buyer of the bond (lender) gives the borrower (issuer) an amount of money and in return receives the right to interest payments (coupons) during the term and to repayment of the amount of money at the end of the term.”⁷

Basically, issuing a bond is similar to lending money from a bank. This means, that from the issuer’s perspective, financing via bonds represents debt capital; contrary to this, financing via issuing shares means raising equity. The bond holder as a creditor has the right on interest payments (fixed revenue) and a redemption claim towards the issuer. In case of bankruptcy, the bond holder gets preferred treatment in payments compared to the shareholder (co-ownership).⁸ Bonds are traded on the bond market (debt capital market). Together, debt capital market and stock market form the “capital market in the narrower sense”, whereas the volume of the overall debt capital market is slightly higher than the in society more famous stock market.⁹ Numbers differ, but the estimated size of the global bond market is around USD lOOtn; market capitalisation of the global stock market adds up to around USD 85tn.¹⁰

The distinction between a bond and other capital market instruments (e.g. certificates) is not always clear, but a bond usually has the following characteristics: issuer (debitor); nominal value (= basis for coupon payments); coupon (interest rate in percent; interval and method of payment); maturity date (typ.: repayment of nominal value) and terms of repayment.¹¹ Regularly, a bond is a security with medium (up to five years) or long-term maturity (up to 100 years).¹²

Risks: One can say that the bond is a rather low-risk form of investment, as it has interest payments and a fixed date of repayment. Like every other investment option, there are some general bond risks investors have to consider. The most important risk factors are the interest rate risk (rising interest rates induce falling bond prices; and vice versa) and the credit risk (or default risk: issuer cannot meet its payment obligations). To assess the credit risk, the most important indicator is the credit rating published by a rating agency (e.g. Fitch, Moody’s, S&P). Besides these two there exist several more risks: liquidity risk (not enough buyers for the bond can be found; position can’t be sold or only at poor prices), reinvestment risk (vice versa to interest rate risk), cancellation risk (risk of premature termination by the issuer). Like any other monetary related product, bonds are also threatened by inflation risk (problematic because bonds are usually long(er)-term). The country­risk reflects potential political risks, overall stability and the business environment in the country in general.¹³ This specific risk can be assessed for every country by using a business environment index. As for every financial product, the same applies for bonds: The higher the (overall) risk, the higher the return.

As Green Bonds are basically no completely new financial product but project bonds with a green purpose (beta-product), there are no further risks that have to be taken into account.

Types: It makes sense to break down bonds according to their different characteristics, which could be for example: Interest rate, currency, redemption, issuer, maturity, creditworthiness, denomination, type of security. In this context, it is appropriate to present bonds with different interest rate mechanisms.

Straight Fixed-Rate Bond (Plain Vanilla Bond): This is the classic form of a bond. It is characterized by a fixed coupon that remains stable for the entire term and refers to the specified nominal amount. The coupon payments are distributed periodically (e.g. annually; quarterly) and repaid at the end of the maturity.¹⁴ Floating Rate Note (FRN): These bonds are subject to quarterly, semi-annual or annual interest rate adjustments based on a reference interest rate (e.g. EURIBOR, LIBOR). If interest rates fall, a longer adjustment interval is better for the investor to be able to benefit from higher interest rates for as long as possible. They can be equipped with different types of interest barriers (minimum, maximum, fixed).¹⁵ Zero Bond: In this case, no regular interest payments are made. These are retained during the term and calculated as the difference between the issue and redemption price at the maturity date. Therefore, the investor should purchase the bond as far as possible “below par” in order to achieve a yield.¹⁶

These three standard forms are supplemented by Discount Bonds (interest far below the market level) and High-Yield Bonds (high interest to compensate the issuer's poor creditworthiness).¹⁷ Special forms of bonds can be complex structured financial products that can’t be explained in detail in this context, the most famous ones are: Convertible Bonds and Reverse Convertible Bonds (mixture of bonds and shares), Warrant Bond, Stripped Bonds or Junk Bonds (high risk bonds).¹⁸

2.2 Public issuers

In general, there are three groups of issuers that can be differentiated and each of them can appear on either the public or the private side: Public Authorities, Financial Institutions and Industry.¹⁹

Public authorities: The biggest bond issuers in the segment of public authorities are governments. They raise money to finance their yearly budget and to close the gap between tax revenues and spending. In 2016 the share of governmental state securities in the global bond market was 48% or USD 43.8tn.²⁰ Most of these bonds have a fixed interest rate. They are seen as highly secure because the bonds are backed by the governments and therefore the risk of default is extremely low.²¹ According to a study revealed by rating agency S&P, global governmental debt will peak at a new record high of USD 53tn this year.²² States, communities and cities can emit municipal bonds to meet investment needs in terms of infrastructure, education or culture. The market in Germany is pretty small with only USD 2bn raised between 2009 and 2015²³, whereas the American market for so-called “Munis” had a volume of more than USD 420bn in the year 2019 alone.²⁴ China opened the market for municipal bonds in 2014 by allowing local governments to raise debt directly; in the first three months of 2019 USD 179bn in debt flooded the domestic market.²⁵

Financial institutions: There are several non-private supranational financial institutions: monetary funds like the International Monetary Fund (IMF) or the West African Monetary Agency (WAMA), development banks like the European Investment Bank (EIB) or World Bank Group (WBG). These pursue various financing and promotional tasks. This is not only true in financial terms, however, but these institutions are also a resource for knowledge and information in almost all development-related areas such as infrastructure, health, good governance and, increasingly, climate protection.²⁶ For this reason, some of them will appear in the analytical part of this paper again. Important national development banks in Europe are the German Kreditanstalt für Wiederaufbau (KfW) or Caisse des Dépöts (CDC) in France. In Brussels, KfW, CDC, Bpifrance and the Italian development bank CDP maintain a joint EU representative office.²⁷ Development banks also act as financing partners or co-investors in individual projects. On July 18th of 2019 the EIB launched the Joint Recycling Initiative with five European development banks and institutions to finance recycling projects and programmes in the European Union. The partnership aims to avoid waste, increase resource efficiency and promote innovation by providing at least EUR 10bn between 2019 and 2023.²⁸ Savings banks, cooperative banks or building societies can also be allocated to this group of financial institutions.²⁹

Corporations: State-owned enterprises (SOE) are the third party in the segment of public bond issuers. SOEs are legal entities that are created by a government in order to partake in commercial activities on the government’s behalf. They can be either wholly or partially controlled by the government and are assigned to participate in specific commercial activities. They exist in almost every country of the world, mostly in society-related fields like infrastructure, postal and communication services or all kinds of supply services. Even though an SOE is a for-profit business entity, there are some that do not produce a profit. For example, the U.S. postal system may be operating at a loss for long periods of time.³⁰

2.3 Private issuers

The field of private issuers in the bond market is limited to private financial institutions and corporations.

Financial institutions: Mainly financial institutions like large corporate and investment banks (e.g. HSBC, Deutsche Bank, Goldmann Sachs), (re-)insurance companies (e.g. Munich RE, Allianz) or investment funds (pension- or property funds) issue bonds. Reasons for doing that are diverse: financing of the daily business and projects, making profits or enhancement of solvency.

Corporations: Non-financial corporations that emit bonds come from different branches and differ in their volume and other criteria. Corporate bonds are secured by the company’s assets, claims or, if existing, the parent company. Markets of corporate bonds strongly vary from country to country. The main market players are Europe, the USA and China. The yearly issuance volumes of corporate bonds within the last decade was around twice as high as in the U.S. (average: USD 837bn; 646 issuers) compared to Europe (average: USD 385bn; 396 issuers). At the end of 2019, the average U.S. investment-grade corporate bond yields 2.87%, or about 1 percentage point more than U.S. Treasuries. In Europe, absolute yields on company bonds sit atjust 0.47%, similar to the 0.46% that corporate debt pays in Japan.³¹ In general, the need for underwriters is greatest within the corporate debt market because there are more risks associated with this type of debt. Globally, corporate bond issuance averaged USD 864bn per year before the financial crisis. In 2009, corporate bond emissions surged and for the period 2008-2018 it came to average USD 1.7tn per year. This is almost twice the annual average during the pre-crisis era. After reaching record levels of just over USD 2tn in 2016 and 2017, global corporate bond issuances in2018 amounted to USD 1.7tn.³²

All types if issuers mentioned in these two paragraphs 2.2 and 2.3 are also likely to act as buyers ofbonds and therefore investors in the debt market.

2.4 Toolsfor international analysis

“Potential to grow” is one important aspect to gain success as a country/region on the world market, being competitive internationally is another. The international competitiveness for each market participant of the international analysis is assessed by the aid of the following two instruments:

Porter’s Diamond Model: The “Diamond Model” is a concept developed by economist Michael E. Porter (1990) that provides an effective way for analysing national competitiveness. Based on the characteristics of the home country, it is possible to assess the potential international success of the subject (corporation, industry, branch, country). The model consists of four main determinants which, individually and as an interacting system, create the environment where the subject exists and competes: Factor conditions (“The nation’s position in factors of production, such as skilled labour or infrastructure, necessary to compete in a given industry.”³³ ); Demand conditions (“The nature of home demand for the industry’s product or service.”³⁴ ); Related and supporting industries (“The presence or absence in the nation of supplier industries and related industries that are internationally competitive.”³⁵ ); Firm strategy, structure, and rivalry (“The conditions in the nation governing how companies are created, organized, and managed, and the nature of domestic rivalry.”³⁶ ) In addition, there are two attributes which (may) have influence on the four broad determinants: Chance (“Chance events are occurrences that have little to do with circumstances in a nation and are often largely outside the power of firms (...) to influence”³⁷ ; unilateral influence from e.g. oil shocks or wars) and Government (“(...) can hasten or raise the odds if gaining competitive advantage (and vice versa) but lacks the power to create advantage itself’³⁸ ; multilateral influence from e.g. restrictions, subsidies or taxes). For a more vivid presentation, the model is attached as a diagram to the appendix (App. 1: Graphical representation of the Diamond Model according to Porter).

The main idea of this model is that, if these determinants are favourable, vertical- (buyer/supplier) and horizontal-related parties, customers, supporting-, upstream-, and downstream businesses and also competitors settle in the same geographic area: so-called clusters form. The resulting business environment and fierce competition is helpful and even necessary before entering the global market because it forces continuously optimising (operations, costs) and innovating and can therefore be the competitive advantage you need to succeed internationally.³⁹ The international analysis of the Green Bond market scrutinizes countries by reference to the named criteria to reveal competitive strength within the global market.

Global Competitiveness Index 4,0 (GCI)

There are several suitable indices (e.g. BERI-Index, Peren-Clement-Index) that have to be purchased or set up individually. Due to space problems and easier comparability, the international competitiveness is assessed by the aid of the Global Competitiveness Index 4.0 (GCI) published by the World Economic Forum (WEF). The index gives each of the 144 countries investigated an overall average score (100-1) and ranks them by their international competitiveness. There are nine main pillars (e.g. macroeconomic stability, business dynamism, skills), each with a set of sub-categories (e.g. current / future workforce) consisting of two to eight quality factors (e.g. workers’ rights, trade tariffs), 106 in total. The countries under investigation will be assessed by the aid of the overall score and single, for the Green Bond market important quality factors.⁴⁰

3 The Green Bond Market

3.1 Fundamentals

3.1.1 Classification and assessment criteria

Anyone who deals with the topic of sustainable investing will repeatedly come across the term “ESG Investing”, which means investing according to environmentally, socially and governmentally responsible criteria and in accordance with the SDGs. Green Bonds are one way of becoming active in this area of the capital market.⁴¹ Due to the fact that the term “Green Bond” is not a protected term (yet), a uniform interpretation as to which projects are considered as “green” cannot be guaranteed. In order to ensure greater transparency regarding the sustainability of the projects and trust in the market, different standards, indices, guides, and certifications have been created. These have been gaining increasing acceptance among market participants, the most noteworthy being the ICM4 Green Bond Principles and the CBI Climate Bond Standards,⁴² The prestigious International Capital Market Association (ICMA) has drawn up “The Green Bond Principles” (GBPs) in 2014: voluntary process guidelines that recommend transparency and disclosure and promote integrity for all stakeholders. Based on the fact that the executive committee is assembled with members from all three stakeholder-parties issuers (e.g. EIB), investors (BlackRock) and financial institutions (Bank of America Merrill Lynch) they are accepted and adopted by many mayor firms and institutions.⁴³ The GBPs comprise four core components, which contain requirements that a bond must meet in order to be considered a “Green Bond”: Use of the proceeds of the emission (use of funds for (re-)financing green projects; e.g. clean transportation, green buildings); The process of project evaluation and selection process (if exact projects are not clear before issuance, the issuer should have a well-defined process monitored by a third party for selecting the projects); the management of proceeds (funds should be transferred to e.g. sub­account to make funds’ traceability clear); reporting (issuers inform about the use of the proceeds until their complete allocation).⁴⁴

The Climate Bonds Initiative (CBI) maintains a Climate Bond Standard (CBS) and an international Green Bonds certification scheme whose core is based on the GBPs. The CBS establishes clearly defined criteria for verifying a bond’s certain green credentials. The CBI scheme includes a framework for the monitoring, presentation of reports and guarantee of compliance with the CBS and therefore incorporates key elements of the GBP. As a result, issuers whose Green Bonds comply with the CBS standard automatically meet the GBP standard as well. These are environmental standards and no substitute for financial due diligence. Additionally, the CBS requires some pre- and post-issuance activities, for example certification of the compatibility between the project(s) and CBS, and internal control processes (pre-issuance). Both, the GBPs and CBS request that issuers include qualitative performance indicators for the projects financed, together with (if possible) qualitative indicators with regard to the expected impact.⁴⁵ As of 05.03.2020, 267 of the total 5,911 Green Bonds are certified with this cachet according to the Green Bond Standards. If all bonds are excluded that were on the market before the seal was introduced in the second half of 2014, this results in a quota of 4.7% Green Bonds certified according to Climate Bond Standards.⁴⁶

In recent years, China and India have established own specific regulations but application remains to be voluntarily.⁴⁷ Since July 2018 an expert team commissioned by the EU is working on an own European “Green Bond Standard” (GBS), that has not come to an end yet. The EU GBS has been drafted to focus on two main objectives: supporting the Green Bond market growth and promoting its transparency and integrity.⁴⁸ An EU Green Bond will be defined as “any type of listed or unlisted bond or capital market debt instrument issued by a European or international issuer, defined as meeting the following requirements: Green Bond framework; proceeds to green projects; external verification.”⁴⁹ A possible address for having ones frameworks reviewed and receiving second party opinions to be able to meet mentioned standards before issuance is for example the independent global provider of ESG and corporate governance research “Sustainalytics” or “CICERO”. For tracking the use of the proceeds and giving out an ample annual audit report all major accounting firms (e.g. Ernst & Young) are entitled.

3.1.2 Types of Green Bonds

Like conventional bonds, different types of Green Bonds can be differentiated according to distinct attributes. In general, any type of bond can also be a Green Bond as long as its purpose is in accordance to a sustainable approach - their functionalities do not differ. According to the ICMA, there are four types of Green Bonds: Standard Use of Proceeds Bond (conventional Plain Vanilla bond; underwriting revenues for green purpose; full right of recourse to the issuer - same credit rating as other conventional bonds of this issuer prices are flat (pari pasu)), Revenue Bond (non-recourse to the emitter -> higher risk; interest- and repayment made from the income of the issuer e.g. fees, revenues generated by the project), Green Project Bond (underwriting revenues for specific green project(s); interest­and repayment financed by project revenues connected to project’s success), Green Securitised Bond (secured by one or more projects/assets/properties; e.g. Asset/Mortgage Backed Securities (ABS/MBS), Covered Bonds).⁵⁰

3.1.3 Evaluation of Green Bonds

Abbildung in dieser Leseprobe nicht enthalten

Table 1: Critical evaluation of Green Bonds

In summary, the positive aspects clearly outweigh the negative ones. Most of the advantages imply possible growth potential for the future, whereas the disadvantages can be largely refuted as the market matures.

3.2 Overall market development

3.2.1 Timeline

The pioneer of the Green Bond market was the worlds’ largest multilateral public bank, the European Investment Bank (EIB), that placed the first climate awareness bond (CAB) at the Luxembourg Stock Exchange in July 2007.⁵¹ The amount of EUR 600mn was issued as a zero-coupon bond with a maturity of five years. The bond was fully capital-protected and offered a minimum redemption of 105% at maturity. This first equity index-linked CAB was used towards 14 projects in six different countries (mainly Spain, Germany, Austria) where renewable energy projects made up the largest share by far (83%). In November 2008 the World Bank issued the “World Bank Green Bond” to raise funds for projects aimed at reducing the effects of climate change. This Plain-Vanilla bond was denominated in Swedish Krona and had a volume of SEK 2.325bn (~ USD 245mn) with a six-year maturity. While the World Bank first coined the phrase “Green Bond”, the EIB is the true pioneer of this asset class. Since 2007, the EIB has become the largest issuer of Green Bonds.⁵² In 2009, the Climate Bond Initiative (CBI) was founded, an investor-oriented non-profit organisation with the aim of promoting investments in climatically and ecologically sustainable projects. In December 2010, Climate Bond Standard and Certification Scheme were introduced to “help both the investment community and governments preference fixed-income investments for climate change solutions.”⁵³ The growing market needed guidance by standards and principles - the GBPs’s first version was introduced in 2014. As an overall performance indicator, the “S&P Green Bond Index” was launched in July and in November of 2014 the “Bloomberg Barclays MSCI Green Bond Index” followed. The first covered bond emission occurred in 2015 by Berlin HYP. In 2016 Apple Inc. became the first tech company to issue a Green Bond (USD 1.5bn; 7 years; 2.85% semi-annual coupon) with the purpose of investing the money into renewable energy and energy efficiency at its facilities and in December of the same year the Republic ofPoland became the first sovereign country to enter the market (EUR 750mn; 5 years). The central European nation has issued three more bonds until February 2019 which makes it the most frequent sovereign issuer within the market. The issuance of a set of two bonds (EUR 1.5bn/EUR 500mn; 10 years/30years) was oversubscribed multiple times.⁵⁴ Poland aims to develop a so- called “yield curve” to be able to offer investors a wide range of different maturities.⁵⁵ The first sovereign Green Bond issued by an emerging market came from Fiji in October 2017, raising FJD lOOmn (~ USD 50mn) with maturities of 5 years (4.00% coupon) and 13 years (6.30% coupon).⁵⁶

[...]

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¹ OurCommonFuture (1987).

² Cf. Kopfmüller, J. et al. (2007).

³ Cf. dpicampaigns (2020).

⁴ Cf.Rueter,G.(2016).

⁵ Cf. Schneeweiß, A. (2019).

⁶ Cf. Fischer, K. (2019).

⁷ Diwald, H. (2012),P.4.

⁸ Cf. Bürger, C. (2001), P. 105.

⁹ Cf. Diwald, H. (2012), P. 8.

¹⁰ Cf. Friesen, G. (2019).

¹¹ "Cf.Diwald, H. (2012), P. 6.

¹² Cf. Schuster, T./Uskova, M. (2015), P. 4.

¹³ Cf. Diwald, H. (2012), P. 174-175.

¹⁴ Cf. Diwald, H. (2012), P. 15.

¹⁵ Cf. Bürger, C. (2001), P. 107.

¹⁶ Cf. Fabozzi, F. J. (2008), P. 213.

¹⁷ Cf. Schuster, T./Uskova, M. (2015), P. 8.

¹⁸ Cf. Bürger, C. (2001), P. 107-136.

¹⁹ Cf. Diwald, H. (2012), P. 23.

²⁰ Cf. Penner, J. (2014).

²¹ Cf. Corporate Bonds | Investor.gov.

²² Cf. Frühauf, M./vonPetersdorff, W. (2020).

²³ Cf. Anleihebestand | bpb (2017).

²⁴ Cf. Hernandez, B. (2020).

²⁵ Cf. Weinland, D. (2019).

²⁶ Cf. Diwald, H. (2012), P. 27.

²⁷ Cf. Schweickhardt, W. (2018).

²⁸ Cf. Nationale Förderbanken.

²⁹ Cf. Diwald, H. (2012), P. 24-25.

³⁰ Cf. Kenton, W. (2019).

³¹ Cf. Smith, M./Caleb Mutua, D. (2019).

³² Cf.Qelik, S.etal. (2019).

³³ Porter,M. E.(1990), P. 71.

³⁴ Porter,M. E.(1990), P. 71.

³⁵ Porter,M. E.(1990), P. 71.

³⁶ Porter,M. E.(1990), P. 71.

³⁷ Porter, M. E. (1990), P. 124.

³⁸ Porter, M. E. (1990), P. 128.

³⁹ Cf. Porter, M. E. (1990), P. 148-154.

⁴⁰ Cf. Schwab, K. (2019).

⁴¹ Cf. Gilbert, M. (2020).

⁴² Cf. Calderon, R. (2019).

⁴³ Cf. Hessmert, M./Kiene, M. (2016).

⁴⁴ Cf. Filikova, M. et al. (2019).

⁴⁵ Cf. Calderon, R. (2019).

⁴⁶ CBI Database

⁴⁷ Cf. Calderon, R. (2019).

⁴⁸ Cf. Chesné, L./Orith, A. (2019).

⁴⁹ Chesné, L./Orith, A. (2019).

⁵⁰ Geisel/Spieles, J. (2018).

⁵¹ Cf. Smit, T. (2017).

⁵² Cf. Vielhaber, R. (2017).

⁵³ History (2014).

⁵⁴ CBI Database

⁵⁵ Allen, K. (2019).

⁵⁶ Cf. Fiji Issues First Developing Country Green Bond, Raising $50 Million for Climate Resilience (2017).