How green are green bonds?
The market for green bonds is growing like weeds. These bonds finance assets everywhere from central Hong Kong to Outback Australia, and are generally oversubscribed.
The flood of money is coming particularly from institutional investors – in Australia, from First State Super, AustralianSuper, BT and the like.
They feed the paper into the asset base of their sustainable and ethical funds, the ones that mum-and-dad investors buy everywhere from Los Angeles to Dusseldorf.
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