Developing a green bond market in Kenya: perspectives from practitioners and lessons from developing markets

REFERENCES

• AfDB. 2013. Green Bonds Framework: Portfolio Selection, Allocation of Proceeds and Monitoring.
   Google Scholar
• Agliardi, Elettra, and Rossella Agliardi. 2019. “Financing Environmentally-Sustainable Projects with Green Bonds.” Environment and Development Economics 24 (6): 608–623.
   Web of Science ®Google Scholar
• Bachelet, Maria Jua, Leonardo Becchetti, and Stefano Manfredonia. 2019. “The Green Bonds Premium Puzzle: The Role of Issuer Characteristics and Third-Party Verification.” Sustainability 11 (4): 1098.
   Web of Science ®Google Scholar
• Bae, Kee-Hong. 2012. Determinants of Local Currency Bonds and Foreign Holdings: Implications for Bond Market Development in the People's Republic of China.
   Google Scholar
• Baker, Malcolm, Daniel Bergstresser, George Serafeim, and Jeffrey Wurgler. 2018. Financing the Response to Climate Change: The Pricing and Ownership of US Green Bonds. Massachusetts: National Bureau of Economic Research. https://www.nber.org/system/files/working_papers/w25194/w25194.pdf
   Google Scholar
• Banga, Josué. 2019. “The Green Bond Market: A Potential Source of Climate Finance for Developing Countries.” Journal of Sustainable Finance & Investment 9 (1): 17–32.
   Web of Science ®Google Scholar
• Barclays. 2015. The Cost of Being Green. New York: Barclays Bank PLC.
   Google Scholar
• CBI. 2019. Green Bond Pricing in the Primary Market: January - June 2019. London: Climate Bonds Initiative.
   Google Scholar
• Ceres. 2015. A Statement of Investor Expectations for the Green Bond Market. Ceres Investor Network on Climate Risk.
   Google Scholar
• Chiesa, M., and Suborna Barua. 2019. “The Surge of Impact Borrowing: The Magnitude and Determinants of Green Bond Supply and its Heterogeneity Across Markets.” Journal of Sustainable Finance & Investment 9 (2): 138–161.
   Web of Science ®Google Scholar
• Chugan, Pawan K., Yogesh Mungra, and Kathak Mehta. 2017. “Challenges and Policy Implications for Marketing Green Bonds.” In Consumer Behaviour & Contemporary Marketing Strategy, edited by Joshi Tripurasundari, P. Jayesh, and Sapna, 371–384. New Delhi: Excel India Publishers.
   Google Scholar
• CPI. 2020. The State and Effectiveness of the Green Bond Market in China. Climate Polict Initiative.
   Google Scholar
• Deschryver, Pauline, and Frederic de Mariz. 2020. “What Future for the Green Bond Market? How Can Policymakers, Companies, and Investors Unlock the Potential of the Green Bond Market?.” Journal of Risk and Financial Management 13 (3): 61.
   Web of Science ®Google Scholar
• ECLAC. 2017. The Rise of Green Bonds Financing for Development in Latin America and the Caribbean. Washington, DC: Economic Commission for Latin America and the Carribean.
   Google Scholar
• Ehlers, Torsten, and Frank Packer. 2017. “Green Bond Finance and Certification.” BIS Quarterly Review, September.
   Google Scholar
• Essers, Dennis, Hans J Blommestein, Danny Cassimon, and Perla Ibarlucea Flores. 2016. “Local Currency Bond Market Development in Sub-Saharan Africa: A Stock-Taking Exercise and Analysis of key Drivers.” Emerging Markets Finance and Trade 52 (5): 1167–1194.
   Web of Science ®Google Scholar
• EU. 2020. Usability Guide - EU Green Bond Standard. In Financing a Sustainable European Economy, edited by EU Technical Expert Group on Sustainable Finance.
   Google Scholar
• Flammer, Caroline. 2021. “Corporate green bonds.” Journal of Financial Economics. https://doi.org/10.1016/j.jfineco.2021.01.010.
   PubMed Web of Science ®Google Scholar
• FMDQ. 2019. State of the Market Report: The Nigerian Green Bond Market Development Programme. Lagos, Nigeria.
   Google Scholar
• FSD. 2018. M-Akiba Post Issuance Survey. Nairobi: Financial Sector Deepening Africa.
   Google Scholar
• FSD. 2021. Africa Green Bond Toolkit. In A Practical Guide to Issuing Green Bonds for Africa. Nairobi, Kenya.
   Google Scholar
• Giamporcaro, S., and L. Pretorius. 2012. “Sustainable and Responsible Investment (SRI) in South Africa: A Limited Adoption of Environmental Criteria.” Investment Analysts Journal 41 (75): 1–19.
   Google Scholar
• GOK. 2010. National Climate Change Response Strategy. Edited by Ministry of Environment and Mineral Resources. Nairobi, Kenya.
   Google Scholar
• Hachenberg, Britta, and Dirk Schiereck. 2018. “Are Green Bonds Priced Differently from Conventional Bonds?” Journal of Asset Management 19 (6): 371–383.
   Web of Science ®Google Scholar
• IFC. 2014. Local Currency Partial Guarantee - City of Johannesburg. Washington, DC: International Finance Corporation.
   Google Scholar
• IPCC. 2018. Global Warming of 1.5°C. Intergovernmental Panel on Climate Change.
   Google Scholar
• Jeevan, Priti. 2017. “Green Washing-A Conceptual Framework." 270–276.
   Google Scholar
• Kahn, Brian.. 2005. “Original sin and Bond Market Development in Sub-Saharan Africa.” In Africa in the World Economy: The National, Regional and International Challenges, edited by Jan Joost Teunissen and Age Akkerman, 67–87. The Hague: Fondad.
   Google Scholar
• Katori, Tsuyoshi. 2018. “The Financial Potential of Green Bonds: Comparing the Three Issuing Schemes.” Available at SSRN 3158890.
   Google Scholar
• Kuna-Marszałek, Anetta, and Jakub Marszałek. 2017. “Some Considerations on the Green Bonds Market Development.” Proceedings of the 14th international scientific conference European financial systems 2017.
   Google Scholar
• Larcker, David F, and Edward M Watts. 2019. “Where's the Greenium?” Rock Center for Corporate Governance at Stanford University Working Paper (239):19–14.
   Google Scholar
• Li, Zhiyong, Ying Tang, Jingya Wu, Junfeng Zhang, and Qi Lv. 2020. “The Interest Costs of Green Bonds: Credit Ratings, Corporate Social Responsibility, and Certification.” Emerging Markets Finance and Trade 56 (12): 2679–2692.
   Web of Science ®Google Scholar
• Maltais, Aaron, and Björn Nykvist. 2020. “Understanding the Role of Green Bonds in Advancing Sustainability.” Journal of Sustainable Finance & Investment, 1–20. https://doi.org/10.1080/20430795.2020.1724864.
   Web of Science ®Google Scholar
• Mbewa, Martin, Rose Ngugi, and Angela Kithinji. 2007. Development of Bonds Market: Kenya's Experience. Nairobi: Kenya Institute for Public Policy Research and Analysis.
   Google Scholar
• Moid, Sana. 2017. “Green Bonds: Country Experiences, Challenges and Opportunities.” Rajagiri Management Journal 11 (2): 63–78.
   Google Scholar
• Mu, Yibin, Peter Phelps, and Janet G Stotsky. 2013. “Bond Markets in Africa.” Review of Development Finance 3 (3): 121–135.
   Google Scholar
• Ngugi, Paul. 2012. “Financing the Kenya Geothermal Vision.” Short Course on Geothermal Development and Geothermal Wells, Santa Tecla, El Salvador, March 11–17, 2012.
   Google Scholar
• Ngwenya, Nomhle, and Mulala D Simatele. 2020a. “The Emergence of Green Bonds as an Integral Component of Climate Finance in South Africa.” South African Journal of Science 116 (1-2): 1–3. httpss://doi.org/10.17159/sajs.2020/6522.
   Web of Science ®Google Scholar
• Ngwenya, Nomhle, and Mulala Danny Simatele. 2020b. “Unbundling of the Green Bond Market in the Economic Hubs of Africa: Case Study of Kenya, Nigeria and South Africa.” Development Southern Africa 37 (6): 1–16. https://doi.org/10.1080/0376835X.2020.1725446.
   Web of Science ®Google Scholar
• Odhengo, Peter, Joanes Atela, Paul Steele, Victor Orindi, and Fiona Imbali. 2019. Climate Finance in Kenya: Review and Future Outlook.
   Google Scholar
• OECD. 2017. Mobilising Bond Markets for a Low-Carbon Transition. Paris: Organisation for Economic Co-operation and Development.
   Google Scholar
• Ong, Ms Li L. 2005. An Anatomy of Corporate Bond Markets: Growing pains and knowledge gains. International Monetary Fund.
   Google Scholar
• Owino, Tom, Ries Kamphof, Ernst Kuneman, Xander van Tilburg, Louise van Schaik, and James Rawlins. 2016. Towards a 'Green' Trajectory of Economic Growth and Energy Security in Kenya? Petten: Clingendael; ECN.
   Google Scholar
• Rajan, Raghuram G, and Luigi Zingales. 2003. “The Great Reversals: the Politics of Financial Development in the Twentieth Century.” Journal of Financial Economics 69 (1): 5–50.
   Web of Science ®Google Scholar
• Saravade, Vasundhara, and Olaf Weber. 2020. “An Institutional Pressure and Adaptive Capacity Framework for Green Bonds: Insights from India’s Emerging Green Bond Market.” World 1 (3): 239–263.
   Google Scholar
• Scott-Quinn, B., D. Cano, R. Watson, R. Fergusson, C. Pacheco, K. Kelly, and K. Bowman. 2015. “Guide to Infrastructure Financing: Bank Loans, Debt Private Placements and Public Bonds-smoothing the Pathway for Effective Funding.” AFME-ICMA. June.
   Google Scholar
• Shishlov, Igor, Romain Morel, and Ian Cochran. 2016. “Beyond Transparency: Unlocking the Full Potential of Green Bonds.” Institute for Climate Economics, 1–28. https://www.i4ce.org/wp-core/wp-content/uploads/2016/06/I4CE_Green_Bonds_Summary.pdf
   Google Scholar
• Shishlov, Igor, Morgane Nicol, and Ian Cochran. 2018. Environmental Integrity of Green Bonds: Stakes, Status and Next Steps. Green Bonds Research Program Work Package.
   Google Scholar
• Sy, Amadou.. 2015. “Trends and Developments in African Frontier Bond Markets.” In Brookings Policy Paper. Washington, DC: The Brookings Institution. https://www.brookings.edu/wp-content/uploads/2015/03/global_20160810_african_frontier_bond_markets.pdf.
   Google Scholar
• TERI. 2018. Unlocking the Green Bond Potential in India. Delhi: The Energy and Resources Institute.
   Google Scholar
• Tolliver, Clarence, Alexander Ryota Keeley, and Shunsuke Managi. 2019. “Green Bonds for the Paris Agreement and Sustainable Development Goals.” Environmental Research Letters 14 (6): 064009.
   Web of Science ®Google Scholar
• UNFCC. 2015. The Paris Agreement. New York: United Nations Framework Convention on Climate Change.
   Google Scholar
• Weber, Olaf, and Vasundhara Saravade. 2019. “Green Bonds: Current Development and their Future."
   Google Scholar
• Weber, Olaf, and Vasundhara Saravade. 2020. “Sustainable Energy Through Green Bonds in India."
   Google Scholar
• World Bank, IMF. 2001. Developing Government Bond Markets: A Handbook. Washington, DC: The World Bank.
   Google Scholar
• Yamahaki, Camila, Annelise Vendramini Felsberg, Alexandre C. Köberle, Angelo Costa Gurgel, and Janaína Stewart-Richardson. 2020. “Structural and Specific Barriers to the Development of a Green Bond Market in Brazil.” Journal of Sustainable Finance & Investment, 1–18. https://doi.org/10.1080/20430795.2020.1769985.
   Web of Science ®Google Scholar