Green Bonds e Climate Linkers: due approcci alla finanza climatica

This thesis examines two different tools in the climate finance market. Climate and sustainable finance is a field which is expanding rapidly in the last fifteen years, especially after international arrangements like the Paris Agreement of 2015 and the growing interest of people towards sustainability and climate change. After an introduction on the development of green finance and its pillars, this paper focuses on Green Bonds and on Climate Linkers. Green Bonds represent the sustainable financial product most used nowadays on the market. Such market has grown consistently particularly after the goal set with the Paris Accord to limit the temperature increase to 1.5 °C above pre-industrial level. Climate linkers represent a new proposed tool to hedge against the effects of climate change. With this instrument the main objective is not to try to prevent the climate change directly, but to create a new market where yields are linked on movements of factors like rising temperature or shifts in sea levels. One of the results of this new market is that, since the yields are connected to a worsening in climatic conditions, this products act like insurance covers; as climate conditions deteriorate natural disasters become more frequent and the costs to face the events increase. By investing in this kind of products the investor could hedge against the financial effects of climate change. ​