ESG Bonds have garnered substantial attention in the finance industry in recent years.
With the increasing demand for sustainable investments, ESG bonds have emerged as a viable solution for investors seeking to align their portfolios with their values.
The objective of this article is to present a thorough and detailed overview of ESG bonds, elucidating their defining features, advantages, and factors that prospective investors should take into account.
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What Are ESG Bonds?
ESG bonds or Environmental, Social, and Governance bonds are a type of debt instrument that is issued by various entities such as governments, municipalities, corporations, or other organizations.
The primary purpose of these bonds is to raise funds specifically for projects that have a favorable impact on the environment, society, and governance practices.
These bonds provide investors with the opportunity to contribute to initiatives that aim to tackle climate change, address social issues, and promote sustainable business practices.
What Are Some ESG Bond Examples?
The European Investment Bank, the EU’s financing arm, issued the first ESG bond in 2007. Many more have now followed suit. The biggest issuer is most likely AXA, a French financial services corporation. In 2014, they issued €3 billion ($3.7 billion) in ESG bonds and have been issuing environmental bonds since 2010. Other prominent issuers are KfW, JN Bank, and EIB.
What Are The Key Features Of ESG Bonds?
Environmental Criteria
ESG bonds commonly serve as a means of funding initiatives that advance environmental sustainability.
These initiatives encompass a range of projects, including but not limited to renewable energy, energy efficiency, pollution control, and sustainable agriculture. The primary objectives of these projects are to address climate change, promote the conservation of natural resources, and safeguard ecosystems.
Social Criteria
ESG bonds can also prioritize social aspects such as affordable housing, education, healthcare, and community development. The objective of these projects is to improve social welfare, mitigate disparities, and provide assistance to marginalized communities.
Governance Criteria
ESG bonds take into account the governance practices of the entity that issues them. The aforementioned aspects encompass transparency, accountability, and responsible management.
Investors are actively searching for organizations that possess robust governance structures and policies that are in line with sustainable practices.
How Do ESG Bonds Work?
ESG bonds adhere to a comparable framework as conventional bonds. When an issuer makes the decision to raise capital through ESG bonds, they will explicitly outline the designated utilization of the funds and the sustainability objectives they aim to accomplish.
The goals mentioned are in line with established frameworks such as the Green Bond Principles by the International Capital Market Association (ICMA) or the Sustainability Bond Guidelines.
When investors buy ESG bonds, they are entitled to receive periodical interest payments in the form of coupons as well as the principle amount when the bonds mature.
Both the coupon rate and the maturity duration are based on how the market is doing at the time as well as the issuer’s creditworthiness.
In essence, sustainability bonds are established with the primary objective of financing or refinancing environmentally friendly initiatives that contribute to reduced emissions of carbon dioxide and other greenhouse gases within the atmosphere.
These bonds serve as a means to allocate funds towards environmentally sustainable investments, in contrast to conventional investment options like stocks, bonds, and mutual funds.
Furthermore, these particular forms of investments facilitate the mitigation of adverse environmental effects, concurrently yielding financial gains.
Several prominent companies, including Kellogg, Apple, Walmart, and Google, have emerged as leading issuers of ESG notes.
These corporations have successfully issued corporate green bonds to secure funding for initiatives aimed at mitigating emissions, reducing energy consumption, managing waste, and other related projects.
By engaging in such investment strategies, large corporations can achieve cost savings in debt repayment while simultaneously enhancing their corporate image as environmentally conscious entities.
ESG issues hold appeal for major institutional investors, including funds, insurance companies, and banks, due to their liquidity in the bond market, extended maturity periods of up to 30 years, and exemption from issuer-conducted environmental analyses.
Moreover, ESG bonds have garnered significant interest from individual investors seeking to engage in the burgeoning “green bond market,” projected to exceed a value of 1 trillion dollars.
An ESG or Sustainable Bond is commonly characterized by the issuer, i.e., the organization responsible for issuing the bond, adhering to specific guidelines in formulating their overarching strategy to optimize profits while concurrently mitigating environmental consequences.
Numerous legislations exist both domestically in the United States and internationally, aiming to promote environmentally-friendly endeavors among corporations, government agencies, and other entities.
ESG investments possess an inherent appeal due to their projected returns, which are estimated to be 2-3% higher than those of conventional bonds.
Moreover, these investments align with the financial objectives of environmentally conscious individuals seeking to allocate their funds towards enterprises actively engaged in mitigating greenhouse gas emissions.
What Are The Benefits Of Investing In ESG Bonds?
ESG Integration: ESG bonds facilitate the integration of environmental and social factors into investors’ investment portfolios.
Investors have the opportunity to generate a positive impact and financial returns by allocating their investments toward projects that promote sustainability.
Diversification Opportunities
ESG bonds present an alternative avenue for diversification in addition to conventional fixed-income securities.
These investments offer exposure to sectors that are in line with sustainable growth, providing a valuable addition to existing investment holdings and helping to mitigate overall portfolio risk.
Risk Management
ESG factors play a pivotal role in assessing the long-term sustainability and viability of an organization.
Investors can effectively evaluate and mitigate potential risks related to climate change, regulatory changes, and reputational concerns by engaging in the investment of ESG bonds.
Improved Reputation
ESG bonds offer issuers the opportunity to bolster their reputation by demonstrating a strong dedication to sustainability.
This has the potential to attract a wider range of investors and enhance access to capital under potentially advantageous conditions.
What Are The Risks Of Investing In ESG Bonds?
ESG bonds do carry some risk. Investing in ESG bonds comes with extra risks on top of the usual ones related to fixed income products. A few of them are:
Political
A change in governmental or business policies may have an impact on an issuer’s capacity to make interest payments and principal repayments.
Sustainability
While using sustainable business methods may improve an issuer’s brand, product line, and investor relations, they can also be more costly than doing business the old-fashioned way.
Depending on the sustainable development, the issuer may be exposed to financial risk as a consequence.
Market
Since ESG bonds are still a relatively new product, it could take some time before investors realize their potential. ESG bonds may not be suitable for every portfolio since their values are more susceptible to changes in interest rates.
Why Invest In ESG Bonds?
There exist several rationales behind investors’ decision to allocate their investments towards ESG bonds.
An ESG bond is a type of fixed income security that exhibits predictability, as the periodic payout remains constant due to its linkage to a predetermined rate and schedule established at the time of its issuance.
This facilitates the investment process by providing investors with precise expectations regarding their potential returns.
ESG bonds exhibit a comparatively lower level of risk in relation to alternative fixed income investments, owing to their characteristic investment grade securities status, which signifies a reduced credit risk.
The tax exemption for ESG bonds exhibits variability contingent upon the entity issuing the bonds, with potential rates reaching up to 30%.
In the Canadian context, it is noteworthy that investors are exempted from tax obligations on the interest they accrue.
This exemption effectively enhances the after-tax return that investors can anticipate. Certain states in the United States, including California and New Jersey, also provide exemptions for interest from state taxation.
The credit rating agencies, namely Standard & Poor’s, Moody’s, and Fitch, assign higher ratings to ESG bonds compared to traditional corporate bonds that possess similar risk profiles.
This implies that investors frequently have the opportunity to obtain a reduced interest rate on their investments or acquire the security at a lower unit price compared to conventional corporate bonds.
ESG Bonds afford investors the chance to allocate their investments towards assets that exhibit social and environmental conscientiousness, thereby aligning their financial endeavors with their individual values and ethical considerations.
Investors seeking to enhance the diversification of their portfolio may wish to contemplate the inclusion of ESG bonds within their investment strategy.
This strategy can effectively mitigate the inherent instability of conventional bond investments and presents prospects for achieving enhanced yields.
ESG bond funds possess a high level of liquidity, enabling investors to sell them at their discretion. Nevertheless, this characteristic exposes these funds to market fluctuations, resulting in potential price volatility.
ESG bond issuers are required to furnish comprehensive information regarding their investment strategy and performance through annual reports, press releases, and other relevant documentation.
This level of transparency enables investors to gain precise insight into the types of companies that their investments are endorsing.
Key Factors To Consider For ESG Bond Investors When investing in ESG
When it comes to analyzing and including these bonds as part of an investor’s investment portfolio, there are a number of important factors that should be kept in mind by the investor.
These factors assist investors in making well-informed choices and maximizing the effect of their sustainable investments as follows:
Alignment With ESG Goals
Investors must conduct a thorough evaluation of the extent to which an ESG bond aligns with their unique ESG objectives and principles.
Investors are advised to conduct an evaluation of the issuer’s sustainability framework, assess the environmental and social impact of the project, and consider the level of transparency in reporting and disclosure. Investors can effectively align their investments with their ESG objectives by carefully selecting bonds.
This strategic approach enables investors to make a significant and purposeful impact through their investment choices.
Risk And Return Profile
Similar to any other type of investment, ESG bonds entail certain risks that investors must thoroughly assess in order to evaluate the risk and return profile effectively.
When evaluating investment opportunities, it is important to take into account various factors.
These factors include the creditworthiness of the issuer, the viability of the specific project, and the prevailing market conditions.
ESG bonds have the potential to deliver competitive financial returns. However, it is crucial to evaluate the risk profile of each investment in order to make well-informed decisions.
Credibility And Certification
Investors are advised to seek out ESG bonds that align with established certification schemes and standards.
Bonds that have been certified under established frameworks like the Social Bond Principles, Green Bond Principles, or Sustainability Bond Guidelines offer an added level of confidence regarding the bond’s legitimacy and its adherence to sustainability criteria.
Certification plays a crucial role in enabling investors to distinguish between projects that truly deliver significant impact and those that may fall short of meeting rigorous ESG standards. Further elaboration on these topics will be provided in the following sections.
Impact Measurement And Reporting
The assessment of ESG bond effectiveness heavily relies on transparent and reliable impact measurement and reporting.
Investors are advised to assess the reporting practices of the issuer, examine the availability of impact metrics, and scrutinize the verification process employed to ensure the accuracy of the reported data.
The implementation of robust impact reporting enables investors to effectively monitor the environmental and social outcomes of their investments, thereby ensuring accountability of issuers.
Diversification
It is advisable for investors to contemplate the diversification of their ESG bond investments across various sectors, geographies, and project types.
Diversification is a risk management strategy that enables the capture of a wider array of sustainable opportunities.
Investors have the opportunity to support multiple aspects of sustainability and potentially improve their portfolio performance by investing in bonds that finance various sectors, including renewable energy, sustainable infrastructure, and social development.
Engaging With Issuers
Active engagement with issuers can serve as a potent mechanism for investors to effectively catalyze positive transformation.
Investors possess the ability to exert their influence in order to advocate for the enhancement of ESG practices, the implementation of more robust reporting mechanisms, and the adoption of widely recognized certification schemes.
Engaging in dialogue with issuers enables investors to articulate their expectations, promote transparency, and contribute to the continuous enhancement of ESG bond market standards.
Professional Advice
Investors are encouraged to explore the option of consulting with financial advisors or specialists who have expertise in sustainable finance.
These professionals are capable of offering guidance in the evaluation of ESG bond opportunities, risk assessment, and the construction of a portfolio that is both well-diversified and aligned.
Seeking professional advice can be beneficial for investors as they navigate the ever-changing ESG landscape and strive to make well-informed investment decisions.
Investors can enhance their comprehension of ESG bonds, align their investments with sustainability objectives, and potentially attain competitive financial returns by taking into account these factors.
This will enable them to contribute to positive change in the process. ESG bonds offer investors the chance to align their financial goals with ESG factors, enabling them to have a positive impact through their investment decisions.
ESG Integration In Overall Strategy
ESG bonds warrant consideration within the wider framework of an investor’s comprehensive investment strategy.
Investors have the option to consider the integration of ESG bonds in conjunction with other sustainable investment strategies, including ESG-themed funds, impact investing, and shareholder engagement.
The implementation of a holistic approach guarantees the integration of ESG considerations into every step of the investment decision-making process.
What Are The Certification And Standards That ESG Bonds Adhere To?
A variety of certification programs and industry standards have been created in order to guarantee that the ESG bond market is both transparent and credible.
When it comes to the issuance of ESG bonds, these frameworks offer issuers with norms and criteria that they should adhere to. The following are some of the more notable examples:
Climate Bonds Standard
This standard was established by the Climate Bonds Initiative in order to certify bonds that fund projects that are explicitly focused at mitigating the effects of climate change and adapting to its impacts.
It offers a solid methodology for analyzing the environmental integrity of climate bonds, ensuring that money are directed towards projects with a demonstrable climate effect, and it helps to ensure that environmental integrity is not compromised.
Issuers may give investors with confidence in the genuineness and effect of their ESG bond offerings by adhering to these certification and standard frameworks, which allows issuers to show their commitment to responsible investment.
Green Bond Principles (GBP)
The Green Bond Principles (GBP) are a set of standards that issuers of green bonds may choose to follow if they so want.
These principles were developed by the International Capital Market Association (ICMA). The guiding principles address matters such as the selection of projects, the administration of revenues, reporting, and verification.
Adhering to these standards is essential to preserving the market’s consistency and integrity in the long run.
Sustainability Bond Guidelines (SBG)
Issuers of sustainability bonds may use the framework that is provided by the SBG, which was also established by the ICMA.
These criteria include environmental as well as social projects, enabling issuers to finance activities that contribute to sustainable development and solve critical societal concerns.
Social Bond Principles (SBP)
In a manner similar to that of the GBP, the SBP offers issuers of social bonds a set of rules to adhere to. Both the GBP and the SBP were designed by the ICMA.
These concepts center on the use of revenues to support activities that would result in beneficial social results, such as the provision of cheap housing, access to medical care, or educational programs.
Who Can Issue ESG Bonds?
The issuance of ESG bonds is open to enterprises, governments, international organizations, and investment institutions. ESG bonds are a kind of bond that may be issued by governments or corporations for the purpose of financing infrastructure projects that are beneficial to society.
ESG bonds can be issued by corporations to fund projects that will have a positive environmental and social effect. In order to issue ESG bonds, investment banks could establish “special purpose vehicles” (SPVs) or “sub-investment grade rated companies” that adhere to environmentally responsible business practices.
What Are The Strategies Employed By ESG Bond Investors?
Investors are the primary force behind the expansion of ESG bonds as well as the effect they have.
Investors may encourage more issuers to adopt sustainable practices and prioritize ESG considerations by integrating ESG aspects into their investment choices.
This can encourage more issuers to embrace ESG considerations. The following is a list of some of the tactics that investors may use to help boost the ESG bond market:
Engaging With Issuers
Investors have the ability to take an active role in the engagement process with issuers, during which they may urge more transparency, enhanced reporting, and the adoption of recognized certification schemes.
Investors may improve the credibility of the market by using their power to persuade issuers to adhere to better ESG criteria.
Impact Measurement And Reporting
Investors have the ability to urge issuers to provide reliable and comprehensive impact measurement and reporting.
This guarantees that the actual effects of the initiatives that have been supported are adequately assessed, giving a deeper knowledge of the good environmental and social benefits that have been made.
Thematic And Impact Investing
Thematic investing, impact investing, and ESG bond investing are all examples of techniques that investors may use to proactively allocate a part of their portfolios.
Investors are able to actively support projects that are congruent with their principles and assist to the accomplishment of their sustainability objectives when they commit a portion of their funds exclusively to environmentally friendly activities.
Advocacy And Collaboration
Investors may work together with their colleagues in the industry, advocacy organizations, and regulatory agencies to advance environmentally responsible finance practices and set industry-wide standards.
Investors have the power to effect good change and develop a financial system that is more robust and responsible if they band together and advocate for the incorporation of ESG factors.
What Lies Ahead For ESG Bonds?
It seems that the future of ESG bonds will be bright as the worldwide emphasis on sustainability continues to grow.
In the future years, the market for ESG bonds is anticipated to be influenced by a number of factors, including the following:
Assistance With Regulations
The support of the development of sustainable finance is being provided by governments and other regulatory agencies, which play an essential role.
They are enacting legislation and regulations that will create reporting criteria, encourage the issue of ESG bonds, and guarantee transparency in the market.
Demand That Is Growing
Demand for ESG bonds is expected to continue to be driven by the rising awareness of the critical need of addressing environmental and social concerns.
Investors are becoming more interested in investment options that provide not only financial rewards but also a good effect, which is further fuelling the rise of the sector.
Improved Metrics and Reporting Capabilities
Transparency and comparability among ESG bonds will be improved via the refining of impact measuring methodology and the standardization of reporting frameworks.
Investors will have greater insights as a result of the environmental and social results attained as a result of their investments as a result of this.
The Development Of New Products And New Ideas
It is anticipated that the market for ESG bonds will see innovation as well as product variety.
Emerging ESG bond types, such as sustainability-linked bonds and transition bonds, are being created to address particular sustainability goals and transitional paths for companies that rely heavily on carbon.
Where Can I Make An Investment In ESG Bonds?
Bond funds that adhere to ESG standards may be acquired via a wide range of financial institutions, including wealth management advisers, investment dealers, and internet brokerages.
Currently, investors may get a low-cost start in the stock market by working with online brokers like Questrade, who provide some of the lowest fees on the market.
Is There A Distinction Between ESG And Green Bonds?
An ESG bond, alternatively referred to as a “green bond,” should not be considered synonymous with the latter term, as green bonds may possess varying characteristics, including the presence or absence of collateral such as stocks or real estate.
Green bonds, such as those offered by the Climate Bond Initiative, typically provide investors with the chance to allocate their funds towards projects encompassing renewable energy initiatives, sustainable agriculture, and clean water technology.
ESG bonds typically focus on companies that satisfy specific environmental and social criteria, encompassing sectors such as technology, entertainment, and apparel. They are not exclusively confined to environmental initiatives.
Is There A Specific Schedule That An ESG Bond Adheres To?
The ESG bond schedules can vary based on the issuer and the specific type of security being issued.
An ESG bond adheres to the conventional bond repayment structure, encompassing the repayment of principal and the distribution of coupon payments according to the established schedule.
Nevertheless, certain individuals may receive a step-up coupon that permits an increase in interest payments as time progresses.
This mechanism can serve as a means of offsetting the initial elevated expenses incurred by issuers when they embrace sustainable practices. However, it also implies that investors may experience a prolonged period before their investments reach maturity.
What Factors Contribute To The Variation In Interest Rates Observed In ESG Bonds?
Due to the potential temporal and resource-intensive nature of integrating sustainable business practices, issuers may necessitate a greater amount of financing compared to conventional enterprises.
Moreover, it is worth noting that ESG bonds exhibit a heightened sensitivity to interest rates compared to conventional bond issuers.
This can be attributed to their emphasis on projects within the renewable energy sector, which renders them susceptible to the volatility of oil prices.
Investors are advised to conduct thorough research on their potential investment in an ESG bond, should it be contemplated as a component of their investment strategy.
What Is ESG Fixed Income?
ESG fixed income investments promote ESG-compliant enterprises. Bond issuers are selected using credit risk assessments and ESG considerations.
What Are The Distinguishing Characteristics Of ESG Bonds In Comparison To Other Fixed Income Securities?
ESG bonds can be classified as a form of socially responsible investing (SRI).
Nevertheless, it is important to note that ESG investments distinguish themselves from other forms of socially responsible investments due to the potential for investors to obtain financial returns while simultaneously endorsing sustainable initiatives that meet specific criteria.
The ESG bond is frequently regarded as a comparatively more attainable investment option within the socially responsible investment (SRI) domain, owing to its provision of diversification advantages and the ability to be acquired with lower minimum investment thresholds.
Additionally, it offers investors the opportunity to gain exposure to emerging sectors, such as renewable energy, which holds growing significance in contemporary business strategies.
What Kinds Of Businesses Do ESG Fixed Income Often Invest In?
ESG fixed income seeks bonds from sustainable enterprises. They lead in corporate governance, employee relations, supply chain management, environmental impact, and community investment.
How To Invest In ESG Fixed Income?
Buying a Sustainability Bond Index-tracking instrument is the easiest method. Investors may also structure their portfolios around ESG-minded fund managers.
What Are The Risks Of Investing In ESG Fixed Income?
The biggest danger is that strong ESG firms may not deliver the maximum returns compared to other bonds in the fixed income market. An issuer’s ESG record may indicate financial instability or restricted capital market access.
Environmental dangers include climate change. Investors should assess if their portfolio currently reflects these risks before investing in ESG fixed income, which may provide superior protection.
ESG concerns may not matter to all investors. ESG fixed income may attract fewer retail investors in such instances.
What ESG Fixed Income Product Should You Buy?
The product’s investment quality is only one thing to evaluate. These include liquidity, trading costs, fees, and product management. Expert guidance on these and other product aspects is also crucial.
Banks and brokerages provide ESG fixed income products. They may also be sold online. Before buying, know your investment status with each distributor. Some distributors provide ESG fixed income through “wrap” accounts, where they manage your assets according to their approach.
How To Integrate ESG Into Fixed Income?
ESG fixed income investment managers may utilize ESG data as follows.
Managers may examine their assets for ESG factors including low carbon footprints and environmental legislation. These parameters are often used in investment procedures to evaluate issuers’ creditworthiness.
Managers may employ sustainable investing methods to expand their exposure to ESG-focused firms and areas like renewable energy.
Finally, managers may contact issuers, especially if they are not satisfying sustainability criteria or have ambiguous ESG reporting. This may boost performance and transparency.
ESG fixed income managers may include climate change risk while investing, although this is not always easy. Managers with energy value chain exposure should evaluate how climate change legislation may effect fossil fuel investments. This might involve examining how carbon emission mitigation measures may affect sector company values.
Managers may use ESG score data to estimate natural catastrophe risks like earthquakes and floods.
How Can ESG Fixed Income Managers Invest Sustainably?
ESG fixed income investment portfolios provide sustainable investing alternatives. Managers may utilize the following methods to boost ESG exposure or improve sustainable portfolio company values.
Green Power
Managers must be skilled in renewable energy since they spend extensively in eco-friendly technology. Successful and lasting investments may ensue.
Renewable Energy Value Chain
Thirdly, this strategy may boost exposure to clean fuel and technology issuers. These enterprises may rely heavily on wind, solar, or ocean electricity. This method may assist managers evaluate how environmental regulations will affect their institutions and portfolios.
Environmental Impact
This technique evaluates firms’ carbon emissions, ecosystems, and habitats. This method may assist managers evaluate how environmental regulations will affect their institutions and portfolios.
Renewable Energy Access
This strategy may help managers promote renewable energy firms that make clean fuels and technology. Managers may demonstrate their commitment to sustainability by assessing their carbon footprint or investing in renewable energy.
Sustainable Forestry
This strategy exposes managers to sustainable forestry. Forestry firms that follow sustainable harvesting and environmental criteria may be evaluated. This method may assist managers evaluate how environmental regulations will affect their institutions and portfolios.
Renewable Energy Sub-Sector
The RE sub-sector exposes power generators and clean fuel suppliers to the renewable energy industry. This method may assist managers evaluate how environmental regulations will affect their institutions and portfolios.
Sustainable Water
This strategy may boost exposure to water sector issuers like desalination and recycling facilities for FI Managers. This may examine how environmental measures would effect these institutions and their portfolios. Water treatment and stormwater management managers may utilize this method too.
Sustainable Fishing
Managers may use this strategy to promote sustainable fishing enterprises that minimize habitat and marine life harm. Managers may use this strategy to examine how environmental policies would affect these institutions and their portfolios.
Moral Impact
This technique evaluates organizations based on ethics, values, and legal conformity with OECD Guidelines for Multinational Enterprises. Employee ethics may be assessed using this method.
Managers may use this strategy to evaluate organizations with a track record of ethical business operations and the highest ethical, moral, and legal standards.
Gender Diversity
This technique evaluates organizations using gender diversity information at all management levels. High female representation in leadership positions may enhance decision-making and financial performance. This might include business culture ethics.
Managers interested in family-friendly or flexible organizations might apply this technique.
Sustainable Agriculture
Managers may utilize this strategy to enhance exposure to sustainable agricultural enterprises like organic food and fertilizer manufacturers. This method may assist managers evaluate how environmental regulations will affect their institutions and portfolios.
Company Management
Managers may use this method to evaluate corporate governance and company executives and directors. This includes assessing risk factors and how they may affect the company’s long-term profitability.
This method might assist managers determine whether a firm meets ICGN or minimal corporate governance criteria.
Final Thoughts
Investors have access to a significant weapon in the form of ESG bonds, which allows them to direct resources towards sustainable activities.
ESG bonds have the potential to provide financial returns in addition to having a good influence on the environment, society, and governance when investment choices are made with these factors in mind.
The expansion of the ESG bond market represents a collective commitment to constructing a more sustainable and inclusive future, which comes at a time when the world is confronted with serious issues.
In conclusion, ESG bonds provide an opportunity for investors to make a difference while also producing rewards.
ESG bonds have become an important component of the financial landscape, gaining the interest of investors as well as issuers due to the distinctive qualities that they possess, their connection with sustainable aims, and the possible diversification advantages that they may provide.
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