‘New ESM’ for climate could help euro bond market, Axa argues

Green finance specialists gave a cautious welcome this week to an idea put forward by Axa that the European Union should set up a new organ, modelled on the European Stability Mechanism, to borrow about €500bn for investments to fight climate change. Jon Hay and Burhan Khadbai report.

  • By Burhan Khadbai, Jon Hay
  • 21 Nov 2019

The proposal was made on Tuesday by Gilles Moëc, Axa’s chief economist, in a white paper published on the French insurer’s website.

A new European Climate Emergency Fund could have governance and a financial structure that echoed the ESM, he argued.

“Because the ESM exists and is ...

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Global Green Bonds

Rank Lead Manager Amount $bn No of issues Share %
  • Last updated
  • Today
1 Bank of America Merrill Lynch 13.54 58 6.89%
2 Credit Agricole CIB 10.85 65 5.52%
3 BNP Paribas 10.27 65 5.23%
4 HSBC 10.18 73 5.18%
5 JPMorgan 9.08 60 4.62%