PensionDanmark dismisses green bonds, increases grid investments

first_img“We look at the ones that have been issued as corporate bonds – the term green bond is very difficult to grasp.”Corporate bonds issued in the past by national energy provider DONG would now be classed as green bonds in today’s market, he added.Issuance of green bonds has surged in recent years, with the total value of the market having grown from around $7bn (€5.6bn) in 2012 to more than $35bn in 2014, according to the Climate Bonds Initiative.New issuance in 2014 is now more than $17bn compared with $10bn a year earlier.“Green bonds are a very large spectrum,” Stougaard said. “Some are project specific, but there are different variations.“It is very much a marketing thing and convenient thing to put around an issue. I am not sure if it adds capital to what is already going on.”In exchange, Stougaard said the fund was continuing its exploration of offshore wind farms and renewable power plants.Stougaard said demand for “greener” real assets was increasingly competitive, affecting pricing.But he said PensionDanmark would continue to look at energy-grid investments as energy providers struggle to shrink balance sheets, providing good-value assets.In February, the fund announced a DKK2.9bn investment into a power-grid for wind power in the North Sea.Steve Waygood, chief responsible investment office at Aviva Investors, backed Stougaard’s analysis of the green bond market and said setting a standard for green bonds should become a regulatory issue.“My problem with the issuance is whether it is additional,” he said. “Are the projects being funded ones that would have been funded anyway from a conventional bond? If they are and then being issued with a premium, then it is wrong.”Christopher Kaminker, an economist with the OECD, said the rapid growth of the green bond industry was not as much of an issue as its composition – with an increasing amount from corporates.“There are still sovereign supranational agencies, but there is more corporate issuance or labelled issuances ring-fenced for projects the corporate is involved in,” he said.“What is really important is that we get to a place where the capital being raised is contributing to projects.”He said the OECD would study how the market continued to grow, its composition and its overall contribution to a low-carbon economy. PensionDanmark has dismissed the “explosion” in the issuance of green bonds as the dressing up of corporate issuance, as the fund increases its focus on energy production and distribution.The DKK170bn (€23bn) Danish labour-market pension scheme said the term used collectively for green bonds was a difficult concept to grasp given its overlap with normal commercial issuance.Speaking at the OECD Roundtable on Long-Term Investing in Paris last week, the scheme’s director, Jens-Christian Stougaard, said he was unconvinced by the latest growth in the market.“Even when we are talking about the explosion, it is still a very small amount,” he said.last_img read more

Focus only on Olympic medal: Bajrang Punia

first_imgNew Delhi: Having slowly emerged from shadow of star wrestlers Sushil Kumar and Yogeshwar Dutt, two-time World Championships medallist Bajarang Punia has now set his sights on the biggest prize in the world of sports and is confident on finishing on the podium at the Tokyo Olympics next year.Currently the top ranked wrestler in the world in the 65 kilogram weight category, the 24-year-old from Jhajjar (Haryana), has had a terrific season last year, winning five international medals which included gold medals at the Gold Coast Commonwealth Games, Jakarta Asian Games and a silver in the World Championships.Interestingly in Budapest, Bajrang became the only Indian grappler to be seeded in a World Championship.During a chat on the side lines of the Pro Wrestling League (PWL) Season 4, Bajrang expressed his desire to win an Olympics medal for the country and emulate his idol Yogeshwar Dutt.“Given my performance in the last season and my current form and training, I can confidently say that my preparation for the 2020 Tokyo Games are very much on the right track,” Bajrang told IANS.He also said that currently his immediate focus is on the world championships which is also an Olympic qualifying event.“The 2019 World Championship is the biggest and the most challenging event before the Tokyo Games. It is also an Olympic qualifier, so the whole focus at this moment is on the World event which is scheduled to be held in Kazakhastan,” the wrestler who is representing defending champions NCR Punjab Royals in the PWL this season, said.“The Asian Championships is the next big even this year, apart from these two, there are few other friendly and practice events which my coaches have drawn for me,” he added.He has expressed his appreciation for the PWL on several occasions as it has given him and other Indian wrestlers immense benefit in terms of training, learning and competing against world champions and Olympic medallists.“The PWL has given all Indian wrestlers great exposure and that too at home. Getting to play world and Olympic champions at our own backyard in an event like this is a great feeling. Not many wrestlers worldwide can boast of such an experience,” Bajrang said.The Haryana grappler who has been highly impressed with young Indian wrestlers Pinki and Ravi Kumar after their upset wins over established names, said he has leant a lot by committing mistakes against top international stars in the PWL.“We are training with these champion wrestlers, we all are learning a lot from these bouts, from the mistakes that we are committing here, and I am sure when we face these wrestlers on the world stage, we will be well prepared,” Bajrang said.“There are quite a few players who have shown promise this season but I am really impressed with Pinki and Ravi. Pinki rallied to beat the 2017 world champion Vanesa and Ravi got the better of the seasoned Sandeep Tomar with a very dominating performance. These are good signs for Indian wrestling and many thanks to PWL I should say,” the Asian Games gold medallist added. IANSAlso Read: Sports Newslast_img read more