In 2007, the European Commission set out a range of targets to improve Europe's environmental footprint. Known as 20-20-20, they comprised a 20% reduction in greenhouse gas emissions from 1990 levels, ensuring that 20% of Europe's energy comes from renewable sources and improving energy efficiency by 20%. The European Investment Bank (EIB), as the EU's non-profit long-term lending arm, plays a central role in these ambitions. Shortly after the 20-20-20 plan got under way, therefore, the bank launched the first ever climate awareness bond, the proceeds of which were earmarked for renewable energy and energy efficiency projects. Since then, the 'socially responsible' bond market has developed across Europe and more than €l2bn-worth of bonds has been issued. Nonetheless, the market has remained fragmented and illiquid, posing a challenge to many would-be investors.
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