Los inversores asignan cada vez más bonos que financian proyectos respetuosos con el medioambiente, pero, tal y como advierte DWS en un artículo, este sector que está creciendo de manera tan rápida tiene sus propias ovejas negras.
Granjas eólicas, plantas solares y electromovilidad: este tipo de proyectos pueden ser financiados con las ganancias de los bonos “verdes”. Solo en Alemania, durante la primera mitad del 2019, entraron al mercado 5.200 millones de euros a través de estos activos, lo que significa que “existe una buena posibilidad de que hacia mitad del año se superen los 6.600 millones de euros”, señala la entidad.
Mientras, el Gobierno alemán está incluso examinando la posibilidad de un bono verde federal que financie proyectos sostenibles, lo que daría un impulso adicional a los valores de este sector emergente. Según DWS, un gran número de instituciones públicas y supranacionales, así como bancos comerciales y de desarrollo, actúan como emisores de bonos verdes.
Del mismo modo, las empresas pueden obtener financiación utilizando esta clase de activo incipiente para hacer que sus oficinas sean más eficientes energéticamente, por ejemplo, o para cambiar su suministro eléctrico, en parte o en su totalidad, por fuentes de energía renovable. “Lo que es crucial es que el proyecto que se financia cumpla con los requisitos verdes”, asegura Christof Breuer, gestor de DWS.
Un análisis crítico para filtrar las ovejas negras
Pero este boom también tiene un lado oscuro, señala Breuer. “El término ‘bono verde’ no está protegido legalmente. Esto significa que cualquiera que desee hacer un lavado verde (‘greenwash’) de su bono, en teoría, puede hacerlo”. Por eso es importante que los inversores eliminen las ovejas negras a través de un análisis crítico.
“Cumplir los Principios de los Bonos Verdes (GBP, por sus siglas en inglés) es parte de nuestro análisis”, dice Breuer al hacer referencia a estas directrices voluntarias publicadas por la Asociación Internacional de Mercados de Capitales para promover la transparencia, la divulgación y la información en el mercado de bonos verdes. “Cualquier emisor que no esté preparado para aportar informes detallados de sus proyectos no cumple con nuestros estándares”, explica.
La Unión Europea también está introduciendo un estándar de bonos verdes que, en esencia, busca definir las categorías de los proyectos admisibles, así como los requisitos mínimos de información y transparencia. Aquellos que inviertan en línea con los criterios ASG deben tener varios factores en cuenta a la hora de elegir las inversiones adecuadas.
Breuer y su equipo examinan a los emisores de bonos y el objetivo de sus proyectos. “En última instancia, nuestras inversiones apoyan indirectamente a los emisores, y no solo los proyectos verdes. Aquellos que ignoran el Pacto Mundial de las Naciones Unidas, por ejemplo, violando los derechos humanos, son inmediatamente excluidos a través de nuestro análisis, sin importar cómo de respetuosos son con el medioambiente”. En esa línea, revela que lo mismo podría aplicarse a los fabricantes de armas controvertidas, como minas antipersonas, bombas de racimo o las municiones de uranio empobrecido.
DWS asegura que su proceso de selección de bonos verdes se basa en su locomotora ASG, que permite que los emisores de valores sean evaluados mediante numerosos criterios ambientales, sociales y de gobernanza. Esta herramienta se basa en agencias líderes en ASG y evalúa cada bono verde en una escala de la A a la F.
Para Breuer, estas estrictas categorías de filtración siguen dejando numerosas oportunidades de inversión. “Puede que el mercado se encuentre en sus inicios, pero está creciendo a un ritmo vertiginoso”, asegura. Además, el rango de proyectos verdes verificables que son adecuados para la inversión en bonos también está ampliándose.
Note:
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