Week 2: Green Bonds#

Learning Goals#

1. Understand green bond frameworks including GBP, CBI, and EU GBS standards
2. Analyze greenium dynamics and market pricing of green bonds
3. Apply due diligence frameworks to evaluate green bond investments

Topics Covered#

• Green Bond Principles (ICMA)
• Climate Bonds Initiative certification
• EU Green Bond Standard
• Greenium analysis and evolution
• Sustainability-Linked Bonds (SLBs)
• Use of proceeds verification

Key Statistics#

• Greenium range: 2-7 bps (declining over time)
• CBI certification: 80%+ verification rate
• SLB growth: 40% CAGR since 2019

Materials#

• Lecture Slides (PDF)

(c) Joerg Osterrieder 2025