Scaling Up the Green Debt Market through Blockchain-Based Technology
Green Assets Wallet is Launched at Climate Finance Day
Paris, France: The Green Assets Wallet (GAW), an innovative blockchain-based platform, where issuers and investors of green debt come together, was launched today (27 November 2018) at Climate Finance Day in Paris.
The Green Assets Wallet aims to overcome the current barriers in the green debt market, allowing for transparency and efficiency, cutting the costs for issuers, while delivering trust to investors. It provides solutions to upscale the green debt market to its fullest potential.
“Our mission is to use fintech as a lever for delivering the SDGs and the Paris Agreement. To deliver these goals by 2030, trillions of dollars of private investment are needed. The Green Assets Wallet is one innovative solution to overcome the barriers to scale the flow of green investments,” said Cecilia Repinski, Executive Director, Stockholm Green Digital Finance
With investors, issuers and validators in mind, GAW has three applications on offer. It makes high impact investment opportunities accessible to potential investors and allows them to efficiently and transparently assess and monitor impact. The platform also supports emerging market issuers to successfully demonstrate credentials and attract investment for green activities.
“By digitalizing impact reporting and embedding this into a blockchain, the Green Assets Wallet gives investors easy, reliable environmental impact information,” explained Erika Wranegård, Fixed Income Manager, Öhman Asset Management.
Stockholm Green Digital Finance and its partners developed the blockchain-based technology around three key objectives: (1) Validation of green investments, (2) Impact reporting, and (3) Trust to support issuers in emerging and developing markets. One of the main goals was for capital to be channelled where the needs are greatest, for example for high impact climate and environmental projects, that otherwise may not have been financed.
“It is great to see such a profound drive and action around the World Bank's 10-year green bond anniversary. We find it both important and exciting to see the latest technological developments merge with the forces that are driving the transition to a green and sustainable economy,” said Christopher Flensborg, Head of Climate & Sustainable Finance, SEB.
The Green Assets Wallet is currently securing more funding to increase user friendliness, branch out into more sectors and include more impact units. Further developments include the integration with smart technologies for better reporting and unlocking more efficiency potentials as well as scaling up the supply of green bonds.
The Green Assets Wallet is a collaboration of leading capital market actors, green finance experts, and technology innovators that under the lead of Stockholm Green Digital Finance, co-created this platform to deliver a new system for validation and impact reporting of green debt. The ground-breaking platform was designed to scale up the green debt market and equip green investors with the necessary technology to better deliver the goals of the Paris Climate Agreement and the Sustainable Development Goals (SDGs). A full description of the initiative and its partners can be found here.
Launch of the Green Assets Wallet at Climate Finance Day, 27 November 2018, 5:45 pm CEST, Paris, France
Climate Finance Day, 26-28 November 2018, Paris, France
The Green Assets Wallet is a collaboration of sustainable fintech innovation hub Stockholm Green Digital Finance, blockchain engineering company ChromaWay, the climate research institute CICERO, the Nordic financial services group SEB, the asset manager Öhman, real estate developer Vasakronan, asset owner Mistra, geographic data provider GIB, China Energy Conservation and Environmental Protection Group (CECEP) as well as the Emerging Markets Sustainability Dialogues (EMSD) and the Emerging Markets Dialogue on Finance (EMDF), co-lead and funder of the project which is are projects of Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH, commissioned and financed by the German Federal Ministry for Economic Cooperation and Development.
Cecilia Repinski, Executive Director, Stockholm Green Digital Finance
Phone: +46 76 198 18 88