Al Gore Famously Stated On The Threat Of Climate Change

6568 WordsFeb 15, 201727 Pages
Al Gore famously stated on the threat of climate change “The good news is, we have everything we need now to respond to the challenge of global warming. . . . But we should not wait, we cannot wait, we must not wait.” In the early 2000s, the international community was uncertain on how best to address climate change and ensure the world’s increasing development was sustainable. In 2008, the World Bank launched the “Strategic Framework for Development and Climate change” to jump-start public and private sector action against climate change. Included in these proposals was the issuance of “Green Bonds”, an innovative method of encouraging investment in environmental and sustainable development projects across the globe. Green bonds have…show more content…
In response, the private sector crafted voluntary regulations for issuers known as the Green Bond Principles. Part III of this Comment will analyze the liabilities of voluntary prescription in the industry. Due to the lack of a definitive verification process, American municipal bonds are particularly vulnerable to investment in unhelpful green projects. New laws and regulations may turn off some investors hoping to cash in on the tax-exempt investment grade bonds. Both issuers and recipients of the bonds will need to decide whether they care more about making green or being green. Part III of this Comment will also outline how investors in green bonds can use class action lawsuits to sue issuers who mislead them or greenwash their projects for non-sustainable purposes. Part IV of this Comment will recommend definitive solutions for the green bond industry. First, the Securities Exchange Commission Securities and Exchange Commission (“SEC”) and the Environmental Protection Agency (“EPA”) through cooperative action should issue a conclusive definition of what a “green project” is. Secondly, this Comment will recommend the Municipal Securities Rulemaking Board (“MSRB”) increase their disclosure laws for municipal issuers of green bonds. Lastly, allowing class action

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