Environmental Impact Bonds: An Innovative Public–Private Approach to Tackle Climate Challenges

Maya Tira, Benjamin Le Pendeven and Céline Louche

Chapter 5 in Handbook of Environmental and Green Finance:Toward a Sustainable Future, 2024, pp 151-171 from World Scientific Publishing Co. Pte. Ltd.

Abstract: This chapter explores the emergence of Environmental Impact Bonds (EIBs), an innovative public–private financing mechanism dedicated to environmental projects, as a response to the lack of funding of innovative policies tackling climate change. Building from the Social Impact Bond (SIB) prototypical model and features, and looking at the pioneer experience of DC Water in the USA as well as the EIB experiment by the French Agency for Environmental and Energy Management (ADEME), we identify two distinct models of EIBs that are emerging and compare them in the light of the French and USA experiments. Finally, we discuss the challenges to overcome for a successful and relevant deployment of EIBs.

Keywords: Green and Impact Bonds; Green Banking and Financing; Green Finance in Europe; ESG Performance; Climate Change; Climate Justice; Green Mortgages; Sustainable Transition; Renewable Energies; Green Transition in The EU (search for similar items in EconPapers)
JEL-codes: Q01 Q5 Q56 (search for similar items in EconPapers)
Date: 2024
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