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The Science of Climate Change

Climate change is no longer a distant threat or just a possibility, it is now a reality for all of us. In this pathway, Kevin Trenberth, a renowned climatologist, delves into the science behind climate change. He first introduces the climate system, its main components and forces.

Tackling the Plastic Crisis

Plastic pollution is by far the biggest threat to our oceans and this remains an incredibly tough problem to solve. Plastic credits could potentially serve as one of the much needed solutions for this crisis.

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The Scale of the Net Zero Challenge

The price of meeting net zero is estimated to be between $100-150 trillion over the next 30 years. Regardless of this cost, we need to reach net zero before climate change does irreversible damage to the environment and the economy.

ESG, Sustainability and Impact Jargon Buster

ESG, sustainability, impact… they all just mean green, right? Not quite. Despite being used often interchangeably, there are distinct differences between these terms.

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The Science of Climate Change

Climate change is no longer a distant threat or just a possibility, it is now a reality for all of us. In this pathway, Kevin Trenberth, a renowned climatologist, delves into the science behind climate change. He first introduces the climate system, its main components and forces.

Tackling the Plastic Crisis

Plastic pollution is by far the biggest threat to our oceans and this remains an incredibly tough problem to solve. Plastic credits could potentially serve as one of the much needed solutions for this crisis.

More pathways

Ready to get started?

Our Platform

Expert led content

+1,000 expert presented, on-demand video modules

Learning analytics

Keep track of learning progress with our comprehensive data

Interactive learning

Engage with our video hotspots and knowledge check-ins

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Gain CPD / CPE credits and professional certification

Managed learning

Build, scale and manage your organisation’s learning

Integrations

Connect Sustainability Unlocked to your current platform

Featured Content

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The Scale of the Net Zero Challenge

The price of meeting net zero is estimated to be between $100-150 trillion over the next 30 years. Regardless of this cost, we need to reach net zero before climate change does irreversible damage to the environment and the economy.

ESG, Sustainability and Impact Jargon Buster

ESG, sustainability, impact… they all just mean green, right? Not quite. Despite being used often interchangeably, there are distinct differences between these terms.

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Social Bonds History & Market Today

Social Bonds History & Market Today

Keith Mullin

35 years: Capital markets editorial

In this video Keith highlights the social bond market timeline. The first social bond was introduced by the International Finance Facility for Immunisation (IFFM) in November 2006. Since, social issuance has emerged in covered, senior unsecured, senior preferred, and senior non-preferred format.

In this video Keith highlights the social bond market timeline. The first social bond was introduced by the International Finance Facility for Immunisation (IFFM) in November 2006. Since, social issuance has emerged in covered, senior unsecured, senior preferred, and senior non-preferred format.

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Social Bonds History & Market Today

6 mins 47 secs

Key learning objectives:

  • Define IFFIm

  • Identify the role IFFIm plays in the development of the social bond market

Overview:

The first bond recognisable as a labelled social bond was issued in November 2006 by the International Finance Facility for Immunisation (IFFIm); a $1bn five-year offering of Vaccine Bonds. Supranationals anchored the market in its early years followed by government agencies; more latterly the market has expanded to financial and corporate issuers.

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Summary

What is IFFIm and what role did it play in creating the social bond market?

The first bond recognisable as a labelled social bond was issued in November 2006 by the International Finance Facility for Immunisation (IFFIm); a $1bn five-year offering of Vaccine Bonds. IFFIm is a supranational organisation created to accelerate the availability of long-term funds for health and immunisation through the GAVI Alliance in 70 of the world’s poorest countries. The GAVI Alliance (formerly the Global Alliance for Vaccines and Immunisation) was founded in 2000 as a public-private partnership. IFFIm’s bond programme complements committed grant funding from 10 mainly European governments. As of August 2020, IFFIm had issued around 6.2 billion dollars in Vaccine Bonds in 35 tranches.

How did supranationals develop the social bond market?

Supranationals were instrumental in driving the social bond market forward from 2013-14, creating dozens of themed bond programmes (see list) and actively issuing social products under a combination of public issues and private placements. As well as issuing in sizable volume, they guaranteed social bond issuance or acted as sole or anchor investors in social bonds by third-party issuers in emerging markets. They also issued social themed bonds in response to reverse-enquiry by institutional investors.

What additional routes has the social bond market taken to grow?

  • Issuance spread into the government agency world in 2015: Spanish development agency ICO sold EUR1bn social bonds to finance SMEs in regions of Spain with lower per capita GDP than the national average. Italian cognate CDP sold Italy’s first social bond (EUR500m) in 2017.
  • In the banking sector, social issuance is growing slowly. Issuance to-date has emerged in covered, senior unsecured, senior preferred and senior non-preferred format.
  • In the corporate sphere, Starbucks sold Corporate Sustainability bonds in 2016 and 2017 targeting sustainable coffee supply-chain programmes; Danone’s EUR300m social bond in 2018 was the first multinational offering sold under the Social Bond Principles. In August 2020, Alphabet, Google’s holding company, issued a $10bn multi-tranche bond, of which $5.75bn were sustainability bonds, the largest sustainability or green bond issued by any company.
 

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Keith Mullin

Keith Mullin

Keith is the founder and director of KM Capital Markets, a media and thought-leadership consultancy. He spent the past 35 years working in specialist capital markets media and has had a ring-side seat at all of the major market events. Prior to setting up KM Capital Markets in 2017, Keith worked at Thomson Reuters.

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