Títulos  de  Dívida  e  Mudança  Climá5ca    Análise  do  Mercado  em  2016  Edição  Brasileira  

 Sean  Kidney,  CEO,  Climate  Bonds  Ini5a5ve    

São  Paulo  2  de  agosto  de  2016  

Títulos  Verdes  em  alta  

2012   2013   2014   2015   2016  

80 60 40 20 0

Expecta5va  total  2016  $70  bi            PBoC  es5ma  $41  bi  para  a  China            Acumulado  no  ano  ($8  bi  China)        

0  

20000000000  

40000000000  

60000000000  

80000000000  

1E+11  

1.2E+11  

2012   2013   2014   2015   2016  

China  PBOC  est.  

Muni/  provincial/  City  

Development  bank  

Corporate  

Bank  

ABS  

Municípios Bancos de Desenvolvimento

Corporativo

Bancos

Securitizações

Inves5dores  ins5tucionais  representa5vos  de                    $93  trilhões  de  a5vos  sob  gestão  -­‐  SRI:  $21  trilhões  global  -­‐  $43  trilhões:  UN  Climate  Summit  -­‐  $20  trilhões:  Seguradoras  x10  inves5mentos  nas  

questões  climá5cas  até  2020    Bancos  Centrais:  PBOC,  BoE,  entre  outros      

Interesse  de  inves3dores  

We, the undersigned

signatories to this statement,

represent asset owners,

investment managers and

individual funds managing a

combined US$11.2 trillion of

assets. We are substantial

investors in the US$100 trillion

global bond market.

We understand:

1. That climate change poses a

significant risk to societies,

economies, and to the investments

we make on behalf of our

beneficiaries around the world.

2. That the response to climate

change requires substantial

investments in areas such as clean

energy, low-carbon transport, water

infrastructure; and in adaptation

measures for communities and to

improve existing infrastructure.

It requires a rapid transition to a

low-carbon and climate resilient

economy.

3. That a large proportion of the

mitigation and adaptation solutions

required can be structured as

investible assets that will suit the

yield and risk levels required to meet

the needs of our beneficiaries.

We welcome:

1. The growth of the green bonds

and climate bonds market as a

mechanism to finance solutions

to climate change while meeting

our fixed income yield and risk

requirements.

2. The growth of green and climate

corporate, project, revenue,

municipal and asset-backed bonds to

complement the foundation issuance

from development banks.

3. The efforts of the Green Bond

Principles in recommending

transparency and establishing

reporting guidelines for issuers of

green bonds and inviting investor,

issuer, underwriter and NGO input

concerning expectations and

standards for the market.

We encourage, in order to scale up

investment in green bonds, climate

bonds and other bonds financing

mitigation of and adaptation to climate

change that meet our risk and return

requirements as institutional investors:

1. Governments to act through

policy, regulation, risk mitigation,

guarantees, tax credits and other

mechanisms to support the issuance

of bonds that both address climate

change and allow us to meet our

obligations to our beneficiaries.

2. Experts in low carbon and climate

resilient investments to develop

clear and independent industry

standards for the climate change

impacts and benefits of bond

financed projects, noting that they

need to be sufficiently ambitious

to meet emissions reduction and

adaptation challenges, while being

technologically and economically

feasible.

3. Issuers to ensure transparency

around the use of proceeds and

their impact, and for corporate

issuers to have credible independent

reviews of the environmental

credentials of climate bonds and

green bonds and confirmation of the

assets use of proceeds and resulting

climate benefits.

We, as investors and fiduciaries,

understand that we have a

responsibility to address threats to the

future performance of our investments

from climate change as well as a

responsibility to secure our clients’

savings through sustainable and

responsible investments.

We believe green bonds can be part

of our strategy to accomplish both

of these aims. We are looking for

opportunities to invest and to work

with.

We undertake to work, through bodies

like the Climate Bonds Initiative, with

governments, development institutions,

industry, cities, commercial banks,

NGOs and others, to grow a large

and robust market that makes a real

contribution to addressing climate

change.

9 DECEMBER 2015

FROM INVESTORS REPRESENTING US$11.2 TRILLION

The Paris Green Bonds Statement

SIGNATORIES

ACTIAM — Jacob de Wit, CEO

Addenda Capital — Brian Minns, Sustainable

Investing Specialist

Affirmative Investment Management — Stuart

Kinnersley, CEO & Co-Founder

AllianceBernstein — Peter S. Kraus, Chairman

and CEO

Allianz Global Investors — Franck Dixmier,

Global CIO Fixed Income

Amundi Asset Management — Bernard Carayon,

Deputy CEO

APG Asset Management — Herman Slooijer,

Managing Director Global Credits

AP1/Första AP-Fonden — Mikael Angberg, CIO

AP2/Andra AP-Fonden — Ulrika Danielson, Head

of Communications

AP3 /Tredje AP-fonden — Peter Lundkvist, AP3

Head of Corporate Governance

AP4/Fjärde AP-Fonden — Arne Lööw, Head of

Corporate Governance and Dr Ulf Erlandsson,

Senior Portfolio Manager Credit

Aviva Investors — Dr Steve Waygood, Chief

Responsible Investment Officer

AXA Investment Managers — Andrea Rossi,

CEOBlackRock — Kevin Holt, Co-head of Americas

Fixed Income

BNP Paribas Investment Partners — Helena

Viñes Fiestas, Head of Sustainability Research

California Teachers’ State Retirement Systems

(CalSTRS) — Jack Ehnes, CEO

Calvert Investments — Bennett Freeman, Senior

VP, Sustainability Research and Policy

F&C Investments — Vicki Bakhshi, Head of

Governance and Sustainable Investment

Legal & General Investment Management —

Meryam Omi, Head of Sustainability

Mirova — Hervé Guez, Director Responsible

Investment Research

MN — Anatoli van der Krans, Senior Advisor

Responsible Investment & Governance

Natixis Asset Management

— Hervé Guez, Director of Responsible

Investment Research

NEI Investments — Robert Walker, Vice

President Ethical Funds & ESG Services

NN Investment Partners — Hans Stoter, CIO

Pax World Mutual Funds — Dr Julie Fox Gorte,

Senior VP for Sustainable Investing

Raiffeisen Capital Management — Dieter Aigner,

Board Member

Zurich Insurance Group — Manuel Lewin, Head

of Responsible Investment

SUPPORTED BY THE

Ceres Investor Network on Climate Risk —

representing over 100 investors in North America

Investor Group on Climate Change — investors

in Australia & New Zealand

To register your organisations support for this

statement, please contact

Manuel Adamini, manuel@climatebonds.net

https://www.climatebonds.net/get-involved/

investor-statement

Seguradoras  $30tri  

Soberano  $6tri  

Gestores  de  fundos,  

Fundações$27tri  

Fundos  de  Pensão  $30tri  

>  $10bi  em  circulação  

$1bi  –  10bi  em  circulação  <  $1bi  em  circulação  

EUA  $24,8bi  China  $14,4bi  

Supra-­‐na5onais  =  $30bi  

Títulos  Verdes  Rotulados  

França  $15,6bi  

Dado  mais  atual:  

Brasil  $1,05bi  

Alemanha  $12bi  

Holanda  $11bi  

AS  $1,27bi  

Aust  $2bi  

Energia  Renovável,  e  não  Transportes  

Energia  Limpa  44%  

Eficiência  Energé3ca  /  

Edificações  de  Baixo  Carbono  24%  

Transporte  de  Baixo  Carbono  12%  

Sustentabiidade  no  uso  da  água  

11%  

Resíduos  e  Controle  de  Poluição  

5%  

Agricultura  e  Floresta  2%  

Adaptação  Climá3ca  2%  

Green  Bond  Principles  –  ICMA  Recursos  devem  ser  alocados  para  projetos  verdes  /  Explica  processo  para  seleção  de  projetos;  usa  revisão  de  segunda  opinião  /  Acompanha  o  uso  dos  recursos;  usa  auditor  para  verificar  /  Reporta  detalhes  anualmente  

Regras  para  um  novo  mercado  

Climate  Bonds  Standard  &  Cer8fica8on:  definições  “verdes”  +  asseguração  

China:  liberado  pelo  Banco  Central  França:  E5queta  “Energy  and  Ecological  Transi8on  for  Climate”  

Ra5ng  “verde”  da  Moody’s:  qualidade  de  revisão  &  relatórios  

Recomendações  do  G20  sobre  Títulos  Verdes  

Expandindo  o  universo  de  inves3mento  

$118bi  Em  rtulos  verdes  rotulados  

$694  bi    Universo  de  rtulos  climá5cos  

$576bi  Em  rtulos  climá5cos  

não  rotulados  

Universo  de  Ztulos  climá3cos  

USD  $169bi  

RMB  $244,6bi  

EUR  $111,2bi  

GBP  $58,2bi  

Tipos  de  moeda  

AAA      15%  

AA      37%  

A    16%  

<  BBB  6%  

Sem  ra8ng  16%  

BBB  10%  

78%  é  grau  de  inves3mento  

Transporte  e  energia  são  os  maiores  temas    

Transporte    66,8%  

Energia    18,8%  

Mul5ssetorial    8,2%  

Água  2,6%  

Edificações  e  Indústria  2%  

Resíduos  e  Controle  de  Poluição  0,7%  

Agricultura  e  Florestas  0,9%  

Títulos  Climá3cos  no  Brasil  

Europa  Ocidental:  $195bi  

EUA:  $111bi   China:  $246bi  

Brasil  –  Ztulos  climá3cos  Emi3dos  BRL  10bi  Em  circulação  BRL  4,5bi  

Títulos  Verdes  e  Climá3cos  no  Brasil  

Exemplos  de  rtulos  climá5cos    •  Suzano  Papel  –  papel  e  celulose  R$1.440m    •  CPFL  Energias  –  renováveis  R$1.026m    •  São  Miguel  de  Gostoso  -­‐  eólica  R$481m    •  ALL  América  La5na  Logís5ca  -­‐  ferrovias  R$4.112,2m    •  ALL  Malha  Norte  –  ferrovias  R$326,7m    •  ALL  Malha  Paulista  –  ferrovias  R$166,7m    •  Concessão  Metro  RJ  –  metrô  R$575m    •  MRS  Logis5ca  –  ferroviário  de  carga  R$1.530,7m    •  Supervia  –  trens  urbanos  R$300m    

 Títulos  verdes  rotulados  •  BRF:  EUR500m  •  Suzano  Papel:  US$500m  

Multissetorial23%

Energia23%

Transporte54%

Ferroviário de carga

Ferroviário urbano

Transporte público

Eólica

Energia Renovável Mista

Mistos

Títulos  Climá5cos  em  Circulação  Brasil  

Oportunidades  no  Brasil  

Agronegócios Produtos Florestais Energia Renovável

Roadmap  

1.  Emissões  por  companhias  Blue-­‐chip  

2.  Sensibilização  e  capacitação  dos  atores  de  mercado  

3.  Incen5vos  e  apoio  fiscal  eficiente  

4.  Instrumentos  de  securi5zação  

5.  Desenvolver  fluxo  de  projetos  verdes  

Coalizão  para    Inves3mentos  em    Infraestrutura  Verde  &  INDCs  

Mesas  redondas  entre  países  e  inves5dores      Índia  Brasil  China    

London Stock Exchange, a globally focused capital markets business.The Inter-American Develop-

ment Bank, financing devel-opment in Latin America.IRENA, the International

Renewal Energy AgencyThe City Of London Green Finance

Committee, bringing together UK

investors and banks.Meridiam, an infrastruc-ture investment fund backed by development

GREEN BONDS & CAPITAL MARKETSGreen Infrastructure Investment Coalition

Investors + Green Infra Developers + Public Sector + Development Banks

At the UN Climate Conference in 2014,

investors representing $43 trillion signed

statements about the importance of acting

on climate change. They also said they stand

ready to invest in climate solutions, with

insurers pledging to multiply by 10 their

climate related investments by 20201.

In Paris at COP21 investors representing $11.2

trillion undertook to work to grow a vibrant

green bonds market2.Clearly, capital is available to invest.From the institutional investor perspective,

what’s missing are available investible

propositions suitable to their needs. Many governments are well advanced in

developing domestic green investment plans.

Now they need investment.Objectives The aim of the Coalition is to bring

together investors, governments, green

infra developers and development banks to

help increase the flow of capital to green

infrastructure investments around the world.

Participants want to: Better understand the forward pipeline of

green infrastructure investments. Examine and address barriers to capital

flows and propose solutions. Shape the capital market instruments

needed to ensure capital flows. The Coalition will also support investors to

review asset allocation strategies to make

Multi-trillion $ investor coalition

backs green investment platform

The Climate Bonds Initiative is an investor

focused NGO working to mobilize debt

capital markets for green investments.The Principles for Responsible Investment

represent investors with assets under

management of US$60 trillion.The International Cooperative Mutual

Insurers Federation represents insurers

around the world with assets under

management of US$9 trillion.The UNEP Inquiry brings together regulators,

central banks, governments and investors to

examine how to align the financial system

with sustainable development. Long-Term Infrastructure Investors

Association, made up of development banks

and infrastructure financiers in Europe.

Coalition Organisers

Legal & General Investment Management, an fund managers with assets of USD1.1tn.

AB, a global investment-manager

with USD464bn under management.The European Investment

Bank, the EU’s development bank. Institutional Investor Group on Climate Change, a network of pension

funds & asset managers in Europe, representing EUR13tn.Ceres Investor Network on

Climate Risk representing US investors with USD13tn AUM.

Global Coalition Members (see over page for Country Participants)

Potencial de Investimentos no Brasil pós COP 21 São Paulo, Brasil 2 de agosto de 2016