EU Green Bonds Johannes Hahn Yves Herman, pool

Climate change is going to cost a lot of money; that’s been obvious for years, and is a principal reason the world’s nations aren’t doing much about it. But it will come regardless, and cost regardless, so we’d better figure out how to pay for it. The EU has just sold its first offering of “green bonds,” which are tradeable securities where 35% of the funds must be used to support climate-related projects. It’s the largest green bond sale in history, but only the first issue in a series raising funds over five years for the EU’s recovery from the coronavirus. To receive their share of the funds, member nations must agree to earmark 37% of their budgets to climate projects. The initial offer was oversubscribed by 1100%, said Johannes Hahn, above, EU commissioner for budget and administration. (Yves Herman/pool)

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