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A CRA To Meet the Challenge of Climate Change
Advancing the Fight Against Environmental Racism Getty/Thomas B. Shea/AFP
A car gets towed while men walk in floodwaters on a road in Houston, August 2017, in the wake of Hurricane Harvey.
Julia Cusick
Introduction and summary
A federal law passed more than 40 years ago to address the discriminatory practice of redlining in low-income neighborhoods and communities of color can and should be modernized to address other systemic racism-fueled inequities. These inequities, including the disproportionate exposure to environmental hazards and climate-related challenges, have been exacerbated by the coronavirus pandemic.
The Community Reinvestment Act (CRA) was enacted in 1977 to combat redlining the practice of systematically denying mortgages and other financial services to communities based on their racial makeup and other forms of racial discrimination in lending. The CRA should be updated to spur lending, investment, and other se
Dec. 17, 2020 5:30 am ET
Cash is pouring into investments intended to combat climate change and otherwise benefit society. Now, evidence is emerging that all of the money is starting to have an impact.
A growing body of research shows that companies and governments that borrow using so-called green bonds can save a bit of money. The market for these bonds, which fund environmental objectives such as renewable power, is booming. All that money is driving up the prices and pushing down yields on the bonds, making borrowing slightly cheaper.
Analysts around the world are mining bond market data to quantify what they call “the greenium,” a measurement of how much extra investors will pay for green bonds compared with conventional bonds.
Pressure from young climate activists is pushing investors to embrace so-called sustainable bonds, experts say.
December 14th 2020
“I don’t even feel 16 at this point,” says Aliya Hirji. “Climate action has aged me 20 years in a good way.” Photo provided
These days, as the Ontario Teachers’ Pension Plan decides where to invest its billions, every move it makes is green-tested by future investors environmental crusaders like Aliya Hirji.
At 16, Hirji, is younger than most organizers in her youth-led climate change advocacy group, Fridays for Future Toronto. She studies the financial markets and their intersection with climate change.
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What Does a Biden Administration Mean for U.S. Green Bonds?
By William Sokol, Senior ETF Product Manager, VanEck
Despite lack of federal support from current and previous administrations, the U.S. has a large green bond market comprising corporate, agency and muni issuers with over $200bn of issuance, accounting for 21% of the global market and ranking it #1 in terms of country of issuer.
1 However, the U.S. green bond market is far from where it should be based on the size of its bond market, and even further from where it needs to be to finance a transition to a low carbon economy. There is hope that President-elect Biden’s administration could help spur U.S. green finance and investment, including green bonds. We highlight here a few ways this could happen: