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On Monday 13 May 2019, the European Investment Bank (EIB) issued a new PLN 1bn Climate Awareness Bond (CAB) due 15-Nov-2029. The bond was priced with a spread of 7bp over the POL GB Oct 2029. The transaction, sized to reflect EIB’s current treasury needs

in Polish currency, has been purchased on reverse enquiry by JAPAN POST INSURANCE Co., Ltd., the insurance arm of the Japan Post Group (JPG). JPG has declared its commitment to climate friendly operations, including the purchase of green bonds, in its CSR Basic Policy and Medium-Term Management Plan 2020. Recently, Japan Post Insurance has also announced its decision to support the Recommendations of the Task-Force on Climate-related Financial Disclosures.

Climate Awareness Bonds are bonds whose proceeds are allocated to EIB’s lending to activities that contribute to climate change mitigation. Their use of proceeds has recently been upgraded to align with evolving EU sustainable finance legislation and the related technical expert group conclusions on taxonomy. This PLN CAB inaugurates this new documentation in non-EUR currencies.

As highlighted by the G20, a shared definition of core aspects of sustainability is needed to build a consistent set of standards for sustainable investment instruments (e.g. green loans and green bonds). The Network of Central Banks and Supervisors for Greening the Financial System (NGFS), of which Japan Financial Services Agency is member, has published recently a first comprehensive report, highlighting the value of the European Commission’s work on a EU Sustainability Taxonomy in addressing lack of clarity in sustainable finance. NGFS stressed the importance of ensuring synergies between taxonomies in different jurisdictions, referring to the series of White Papers (The Need for a Common Language in Green Finance) published jointly by the EIB and China Green Finance Committee.

Bertrand de Mazières, Director General, Finance Directorate, at EIB, said: “EIB believes in the importance of green bonds for the promotion of clarity as motor of sustainability in both finance and the real economy. This inaugural PLN Climate Awareness Bond extends their ongoing cooperation in capital markets and highlights increasing Japanese attention to the global dimension of the issues addressed by the EU Action Plan on Financing Sustainable Growth.”