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Deepening our Impact – Green Bonds

Although our engagement work has historically focused on corporations, leveraging our rights as shareholders, we are also interested in opportunities to deepen the impact of the Domini Social Bond Fund through engagements with issuers and standard setters.  To date, these engagements have focused on green bonds, designed to finance projects and activities that address climate change or serve other environmentally beneficial purposes.

In January, we spoke with Morgan Stanley to discuss their inaugural green bonds to fund renewable energy and energy efficiency projects, and highlighted the importance of greater transparency in the green bond market.

We attended a meeting with California State Treasurer John Chiang to discuss green bond evaluation approaches, best practices, and policy incentives to grow municipal green bond issuances.  The State is planning on issuing green bonds to address water stress and climate change impacts in the region.  We provided feedback on California’s 2014 green bond and hope to continue our dialogue with the State.

We were also delighted to join the US Green City Bonds Coalition to promote low-carbon and climate resilient infrastructure investments through the development of municipal green bonds.

In the fourth quarter, we participated in a Ceres-organized introductory meeting with S&P Global Ratings (formerly, Standard & Poor’s Rating Services) to discuss the inclusion of climate risks into its oil and gas company credit ratings.