Chemistry Questions

What nationality were the engineers who drained the Médoc Peninsula in the 17th century?

Analyzed all corporate green bonds in Bloomberg's fixed income database between 2013 and 2018 Use bonds labeled by Bloomberg as being "green": 6 years of data (January 1, 2013―December 31, 2018) 1,189 corporate green bonds; international sample Public and private firms

Positive stock market reaction when green bond issuance is announced: Stock markets expect green bonds to contribute to shareholder value creationImprovements in environmental performance following the green bond issuance(Conduct-based environmental ratings improve/ CO2 emissions decrease, not for greenwashing)Financial benefits strongerfor certified green bonds (Climate Bonds Initiative)in industries where environmental issues are more material (SASB) for first-time issuersEnvironmental benefits stronger for certified bondsFindings most consistent with a signaling argument—companies credibly signal their commitment toward the environment by issuing green bonds.

Which river separates Sauternes from Barsac?

The 1855 Classification is divided into how many tiers or rankings?

All green bond issuers compared to not issuers after bond issuer. On average, the environmental rating for companies that issue on green bond improves. It happens in the longer term(2+years).Then look at C02 emissions (2 ways to measure absolute GHG emissions or intensities where it is scaled on dollar for example of assets)- (Absolute=mtCO2(larger for larger companies):- Intentieis:mtCO2/valuer des assets: tells you smth about the efficency of the company)Conclusion: for green bonds the GHG intensities go does(- significant) relative to non-emitters so their climate impact improves.Those 2 affirmations are true for certified companies and no impact on certified.

Both financial and non-financial corporations issue green bondsissuance more prevalent in environmentally sensitive industries such as utility sector or power those companies that provide basic utilities such as water, provide a little more of those bonds, maybe they have the ressources to put those projects in placethe type of project does matter not the greenness of the companyCorporate green bonds issuance = a global phenomenonBut corporations from a few select countries dominate the corporate green bond market (European corporations biggest issuers for private and public )around 253million green bond issuance and 65% are certified

Log(assets)=size of the company: - difference in means (average) of characteristics companies= statistical significant if hypothesis is equal at 0 and reject at high value Green bond issuers are larger companies on average. They have better ESG rating. For environmental materiality, corporations that issue green bonds are more likely in sectors that have more environmental material issues.

Sock price reaction on the day the corporate announces a green projectsLooks at the CAR: abnormal returns on the stock that day = AR- AR= The actual returns-expected returns (to calculate it it's the avg returns on the past ), tells us unanticipated reactions on that event- Cum of AR= CAR- Around an event window: [-5(five days prior),10] generates positive CAR, significant of 0.489, stock prices tend to increase.- It seems positive when announced positive green bondsA stock market positive reaction is only for the certified. Stock investors don't believe the money will be used for that purpose.1st time issuers have statistical significance and not seasonal issuers.Then look at the financial materiality: dans des secteurs douteux, companies that issue bonds, have a positive stock market returns than others.

Greenness of issuer not important; Greenness of assets/projects matterCan be a highly pollutant company and can issue green bonds. The environmental benefit that matters and not the greenness of the company that issues the bond.Green projects should provide clear, assessable, and quantifiableenvironmental benefitsDifferent frameworks for determining eligibility of green projects coexist, (Green Bond PrinciplesClimate Bonds InitativeEU TaxonomyPeople's Bank of China (PBoC) "Green Bonds Endorsed Projects Catalogue")

(2016 :Raised $1.5bn, Largest green bond issued by any U.S. corporation2017 $1bn2019 €2bn)Green bond proceeds are used for projects that address Apple's three strategic environmental priorities :Reduce company's impact on climate change (renewable energy sources; energy efficiency in facilities, products, and supply chain)Promote the use of safer materials in products and processesConserve natural resourcesBased on what criteria are environmental projects selected?Alignment of the projects with Apple's strategic environmental objectivesThe magnitude of environmental benefits(are they quantifiable, ex the amount of emissions reduced)Measurability of environmental benefits(larger benefits, more change to get funded)Feasibility to track and audit the project-related expenditures(only financial criteria, money needs to be used for green project so need to track hat)

On 2021, financial corporate and nonfinancial corporate are half of the issuersSovereign has increased over timeCorporate seems stable over time

Between 2012 and 2021 more than 16,000 sustainable debt securities issuedUSD 2.8tn in cumulative funding raised through sustainable debtTotal issuance of sustainable debt securities surpassed $1tn in 2021The market for sustainable market instruments has increased.The most prominent seems on the green one.

Definition: Any type of bond instrument where the proceeds will be exclusively applied to finance or re-finance eligible green projects ( ICMA Green bond principles (ICMA: self-regulatory organization and trade association for participants in the capital markets))Key concepts for green bonds: Use of proceeds exclusively for green projectsAlternative definitions:Fixed-income securities that raise capital for use in projects or activities with specific climate or environmental sustainability purposes (Moody's: Credit rating agency)A bond whose proceeds are allocated to environmental projects (Climate Bonds Initiative: International, investor-focused not-for-profit organization)

Similar to green bonds, but use of proceeds for social, sustainability, or transition (net-zero) projects Sustainability bonds: proceeds used for a combination of green and social projects (e.g., SDG or general ESG related) Social bonds: proceeds used for social projects only (e.g., pandemic COVID-19 related, housing, gender equality, education, housing) Transition bonds: proceeds used to finance climate transition activities at the issuer or project level

Large variety of issuer types (institutions, sovereign and corporate):SupranationalSovereigns (twin sovereigns)Local governments (gnv)Government-backed entitiesDevelopment banksNon-financial corporatesFinancial corporatesABS (real estate area)

Climate Bonds Initiative1 identifies five types of sustainable debt instruments: 1. Green bonds 2. Social bonds 3. Sustainability bonds 4. Transition bondsfirst 4 use proceeds 5. Sustainability-Linked-Bonds (SLBs)

Sustainble bonds and sustainble linked bonds different because don't use of proceeds clause. Money can be used for any project is usefully employed. But payment of the bond depends on sustainable objectives. Any type of bond instrument for which the financial and/or structural characteristics can vary depending on whether the issuer achieves predefined sustainability/ESG objectives SLBs typically subject to coupon step-up/step-down linked to entity-level sustainability performance targets (at step up date, not maturity can have penalty or not) Key difference with respect to other sustainable debt securities: Flexibility in use of proceeds

Most in Europe (leading the ESG topics, strong values) and Asia have increased (more than N-A in 2021)

bond market 941%, The green one has doubled (75% btw 2021 and 2020)The explanation: the money raised is less restricted, don't have to allocate only on the green project(can pay salary with it)