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Climate-related financial disclosures of the Banco de Portugal’s own financial assets — 2023

CoverIIA_2023_en

Introduction

The Banco de Portugal (hereinafter, Bank) publishes its second annual report on climate-related financial disclosures of its own financial assets. As in its first report, the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD) in terms of structure are followed, under four categories: “Governance”, “Strategy”, “Risk Management” and “Metrics and Targets”.

The report covers the Bank’s own financial assets, denominated in euro and foreign currency.

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Governance

Social and environmental responsibility is one of the Bank’s values, embodied in its successive strategic plans and reflected in its action as a central bank and financial supervisor, as well as in its internal management.

Over the past five years, the Bank has been working towards incorporating environmental, social and corporate governance (ESG) sustainability into its strategy, policies, operations and internal management. The focus has been on environmental sustainability, most notably climate change, due to its considerable potential impact on the ability to fulfil the Bank’s financial and price stability missions.

To this end, the Bank has followed a mixed, predominantly bottom-up approach. While the responsibility for individual initiatives and their implementation rests with the departments, the Sub-Committee for Sustainability and Sustainable Finance (SCS), established in June 2020, provides a top-down layer to the governance structure.

The SCS is an interdepartmental forum, tasked with monitoring and promoting the consistency of sustainability-related work from an ESG perspective. As part of its tasks, the SCS prepares regular reports to the Board of Directors on the progress of the planned initiatives and the results achieved.

With regard to asset management, the Bank manages its own investment asset portfolio, composed of assets denominated in euro, foreign currency and gold. Assets in the trading portfolio, mostly denominated in euro, are actively managed and valued at market prices. Assets in the medium-term investment portfolio, denominated in euro only, are held to maturity and valued at amortised cost subject to impairment. Gold assets are valued at market prices. The Bank also holds shares in investment funds managed by the Bank for International Settlements (BIS).

From a financial risk management perspective, the Bank’s governance model is based on guidelines for the management of own investment assets which, in line with the Board of Directors’ risk profile, set out the eligibility criteria and risk limits circumscribing the management of own portfolios. These guidelines are reviewed on a regular basis.

Strategy

The Bank has been working more intensely on issues related to environmental sustainability and sustainable finance since end-2018. Joining the Network for Greening the Financial System (NGFS) in December 2018 was a milestone towards this goal.

  1. Acting for Sustainability

The Acting for Sustainability document, published in January 2022, provides an integrated view of the Bank’s position and sets out the guidelines and priorities that will steer its actions in ESG matters over the next four-year period, in line with the Strategic Plan for 2021-25. Three priority areas are pursued: integrating climate risks into the Bank’s missions (Area 1), reinforcing ESG sustainability in internal management (Area 2) and promoting ESG awareness among staff members and external stakeholders (Area 3). Financial asset management initiatives fall under Area 2 and include gradually strengthening sustainable and responsible investment principles, publishing a responsible investment charter, releasing climate-related financial disclosures and supporting global efforts to establish (mandatory) harmonised reporting requirements for environmental metrics.

On 30 May 2022, the Bank published the Banco de Portugal Responsible Investment Charter, establishing the following as its guidelines: commitment to sustainability and promoting sustainable finance; adoption of responsible investment implementation strategies; environmental impact measurement and public disclosure; ongoing evolution.

In February 2024, the Bank published the Banco de Portugal Decarbonisation Programme which describes the current situation with regard to the carbon footprint of buildings, business travel and staff commuting, cash issuance and management of the Bank’s own financial asset portfolio, as well as the decarbonisation measures already taken. It also sets decarbonisation objectives and targets, aligned with the Paris Agreement and European and national legislation; and puts forward an action plan, identifying measures to be implemented by the Bank in the coming years.

Risk management

The Bank follows an Integrated Risk Management Policy, which aims to ensure the soundness and sustainability of the institution, ultimately contributing to achieving its strategic objectives. The Integrated Risk Management Policy is embodied in the Risk Acceptance Principles statement, detailing the risk profile and degree of tolerance set by the Board of Directors. The Policy follows a prudent risk management strategy, with an integrated and predominantly forward-looking approach to risk in its many aspects.

The financial risk management framework incorporates the Bank’s financial independence as a core value in fulfilling its mission. It is thus established that the own investment asset portfolio is managed with the purpose of maximising profitability, subject to the preservation of capital and the maintenance of risk at a level consistent with the Board of Director’s risk profile. This framework is implemented through the annual review of the strategic asset allocation, which has benefited from methodological and governance developments in recent years.

Over the years, the Bank has incorporated ESG considerations into the management of financial asset portfolios and into its guidelines. A strategic review of the asset management process has also been completed, covering, inter alia, the incorporation of ESG principles.

Since 2023 the Bank has incorporated environmental sustainability considerations into the definition of the strategic benchmark by investing in green bonds.

Metrics and targets

This chapter presents the Bank’s climate-related financial disclosures and targets for its own financial assets held in euro and foreign currency. The results presented follow the recommendation of the TCFD and the Partnership for Carbon Accounting Financials (PCAF).

Metrics are calculated for own financial assets held as at 31 December of each year, based on carbon emissions, financial and other data provided by specialised data providers: Institutional Shareholder Services Germany AG (ISS) and Carbon4 Finance (C4F). For sovereign economic data, World Bank data is used.

The indicators are calculated using best practices to ensure that all data (own financial assets portfolio, carbon emissions data, financial data from debt issuers and other) use the same reference year. However, as a large amount of data is lagged, notably carbon emissions data, the data used to calculate metrics generally has different reference years. The figures for climate-related financial disclosures reported for each year are updated in subsequent reports to reflect updated data and methodological fine-tuning.

Conceptual framework

Types of Emissions and Scopes

Greenhouse gas emissions, measured and expressed as tonnes of CO2 equivalent (tCO2e)1, are the most relevant measure to calculate environmental impact metrics. To simplify, they are referred to as carbon emissions throughout the report. For non-sovereign debt issuers, carbon emissions can be reported under three scopes:

  • Scope 1: direct emissions from owned or controlled sources (namely emissions in the manufacturing process of goods, use of company vehicles);

  • Scope 2: indirect emissions from the generation of purchased and consumed energy (e.g. electricity, steam, heating);

  • Scope 3: all other indirect emissions not included in Scope 2 that occur in the production chain of the firm, including both upstream and downstream emissions (e.g. business travel, waste disposal, consumption of goods, investments).

In this report, the indicators presented cover Scope 1 and 2 carbon emissions.

For sovereigns, a distinction according to the following types of carbon emissions is made:

  • Production: domestically produced carbon emissions within a country’s physical borders, including those used for domestic consumption and exports. This definition follows the territorial emissions approach adopted by the United Nations Framework Convention on Climate Change (UNFCCC) for annual national inventories. The first published report excluded land use. This report also presents a second column including the impact of land use, land-use change and forestry (LULUCF). The impact may be positive (e.g. reforestation) or negative (e.g. deforestation);

  • Consumption: carbon emissions related to domestic demand, accounting for trade effects. This approach provides a wider picture of sovereign emissions, from a domestic consumption perspective;

  • Government: direct carbon emissions (e.g. from buildings and vehicles) and indirect emissions (e.g. energy-related emissions, but also expenditures, subsidies and investments) from the central State.

 
Metrics

The key metrics presented are the “Weighted Average Carbon Intensity” (WACI), “Total Carbon Emissions”, “Carbon Footprint” and the share of green bonds in own financial assets. The respective formulae to calculate these and other metrics used in this report can be found in Table I.6.1 of the Annex.

The Weighted Average Carbon Intensity (WACI) measures a portfolio’s exposure to carbon-intensive debt issuers, expressed in tCO2e per economic activity unit. The choice of the measure of economic activity depends on the type of entity.

The carbon intensity of each non-sovereign issuer is calculated by normalising the sum of its Scope 1 and 2 carbon emissions by the revenue obtained. The weighted average carbon intensity of the portfolio is then calculated by weighting the carbon intensity of each issuer in relation to its weight in the portfolio. Fluctuations in the metric’s result are due to changes in revenue, emissions and the relative weights of each debt issuer in the portfolio. Changes in revenue and the relative weights in the portfolio can be influenced by inflation and exchange rate developments.

For sovereigns, a similar approach is used, but for emissions associated with the country’s production, consumption and government. As a result, figures for the metrics are distinct, providing a comprehensive picture of this type of investment. All three carbon emission categories are normalised by PPP-adjusted GDP, population and public expenditure respectively.

The WACI is a central element of the Eurosystem’s climate-related financial disclosures, owing to high data availability, data normalisation and the widespread application of the metric across the financial sector. This ensures comparability across financial asset portfolios and time. The WACI serves as a proxy for a financial asset portfolio’s exposure to climate change-related transition risks.

Total Carbon Emissions quantifies total carbon emissions associated with a financial asset portfolio, expressed in tCO2e. For non-sovereigns, Scope 1 and 2 issues are used, while for sovereigns the three types of issues – production, consumption and government – are used.

Carbon emissions are weighted by the contribution of investment to the firm’s value (stock market capitalisation, debt and cash or equivalent) in non-sovereigns and by PPP-adjusted GDP in the case of sovereigns. Finally, they are added together to calculate the portfolio’s total carbon emissions.

The metric is the basis for related normalised metrics such as “Carbon Footprint” and “Carbon Intensity”. As they are non-normalised, the metric’s comparability across portfolios and time is limited, with the size of the financial asset portfolio being, as a rule, the most relevant factor. To provide an adjusted view of carbon emissions associated with a financial asset portfolio, disclosing the carbon footprint is key.

The Carbon Footprint normalises total carbon emissions associated with a financial asset portfolio by its market value, expressed in tCO2e per EUR million invested. This allows for comparability across differently sized financial asset portfolios across time.

The Share of Green Bonds held in the portfolio of its own financial assets is accompanied by disclosure of the absolute amount of green bond investment, as the proportionate metric is prone to portfolio size changes. The metric reflects the Bank’s commitment to contribute to the global effort to promote environmental objectives and, in particular, to fight climate change by investing in environmentally responsible projects.

In addition to the common metrics established by the Eurosystem, the Banco de Portugal includes two additional metrics in the report:

Carbon Intensity, which measures the financial asset portfolio’s carbon emissions relative to revenue (providing an estimate of the portfolio carbon efficiency), expressed in tCO2e per EUR million revenue for non-sovereigns or, in the case of sovereigns, per EUR million adjusted by PPP, population or final consumption expenditure, in the case of the production, consumption or government approaches respectively. The metric reflects the carbon efficiency of the debt issuers’ activity.

For green bonds held by participating in investment funds managed by the BIS, an estimate of expected Avoided Emissions relating to projects financed by the green bonds of the respective issuers is provided. According to the PCAF definition2, avoided emissions are the reduction in emissions of the financed projects compared to what would have been emitted in the absence of the project (the baseline emissions).

Table I.5.1 shows the climate-related financial disclosures of the Banco de Portugal’s own financial assets denominated in euro and foreign currency for 2023. Due to the difference in methodologies for calculating carbon emissions in the different debt issuer categories referred to in the previous sub-section, assets are broken down into two major groups: sovereigns and non-sovereigns.

  1. Climate-related financial disclosures of the Banco de Portugal’s own financial assets for 2023

 

Sovereign

Non-sovereign

 

Sovereign and sub-sovereign bonds

Total

Supra   
and Agency Bonds

Corporate Bonds

Covered Bonds

 

Production

Consumption

Government

 

Exc.

LULUCF

Inc.

LULUCF

Portfolio   
Size   
(€ million)

7,024.5

715

609

104

2

WACI   
(in tons of CO2 equivalent per € million revenue, GDP, per capita or consumption exp.)

164

157

12

98

23

2

104

1

100%

100%

100%

100%

69%

64%

97%

100%

Total Carbon Emissions   
(tons of CO2 equivalent)

1,165,649

1,118,938

1,472,462

127,383

5,469

30

5,439

0

100%

100%

100%

100%

68%

63%

97%

100%

Carbon Footprint   
(tons of CO2 equivalent per € million invested)

164

157

207

18

10

0

47

0

100%

100%

100%

100%

68%

63%

97%

100%

Carbon Intensity   
(tons of CO2 equivalent per € million revenue, GDP, per capita or consumption exp.)

164

157

11

83

86

1

123

0

100%

100%

100%

100%

68%

63%

97%

100%

Green Bonds   
(% – € M)

5.55% (439 M€)

100.0%

Sources: ISS, C4F, World Bank, UNFCCC and Banco de Portugal calculations. | Notes: The percentages below the metrics represent data availability, calculated as the percentage of investments for which all required data (carbon emissions data and financial data) are available. Cash balances, deposits and derivatives are excluded from the exercise.

At the end of 2023, the Bank’s total financial assets included in the calculation of the climate-related financial disclosures, excluding cash balances, deposits and derivatives, amount to €7,739 million and are broken down as follows: 91% in sovereign bonds, 8% in supranational and agency bonds and the remaining 1% in corporate bonds and covered bonds.

For sovereign issuers, which include sovereign and comparable issuers, such as regions and provinces, results are presented for three different approaches: production (divided into two sub-categories, one excluding and one including LULUCF), consumption and government. This asset class covers a total of €7,025 million.

According to the production approach excluding LULUFC, the WACI is 164 tCO2e per EUR million of GDP and total emissions are 1,165,649 tCO2e. In turn, according to the production approach including LULUFC, the WACI is 157 tCO2e per EUR million of GDP and total emissions are 1,118,938 tCO2e. For both sub-types, the carbon footprint per EUR million invested and carbon intensity per EUR million of GDP are identical, by design of the indicator, to the respective values calculated for the WACI (Table I.6.1 – Method for calculating climate indicators).

According to the consumption approach, the WACI of the portfolio indicates 12 tCO2e per capita, with total carbon emissions standing at 1,472,462 tCO2e. The carbon footprint is 207 tCO2e per EUR million invested. Carbon intensity is 11 tCO2e per capita.

According to the government approach, the WACI is 98 tCO2e per EUR million of public expenditure. Total carbon is 127,383 tCO2e, corresponding to a carbon footprint of 18 tCO2e per EUR million invested. Carbon intensity is 83 tCO2e per EUR million of public expenditure.

For sovereigns, data coverage, i.e. the percentage of bonds for which there is information on carbon and financial emissions, is 100%. This coverage is indicated in Table I.5.1 and corresponds to the percentage shown below the respective metrics.

For a total of €715 million in non-sovereign assets, the Bank presents a WACI of 23 tCO2e per EUR million revenue. Total carbon emissions are 5,469 tCO2e, with corporate bonds contributing the most to that figure. The carbon footprint is 10 tCO2e per EUR million invested, benefiting from a virtually zero footprint in supranational and agency bonds, which account for 85% of non-sovereigns. Carbon intensity is 86 tCO2e per EUR million revenue, most notably 123 tCO2e per EUR million revenue in corporate bonds.

Data coverage for non-sovereigns is lower in supranational and agency bonds, mainly due to the significant exposure to bonds of some institutions that do not yet report carbon emissions related to their activities. Overall, therefore, the coverage rate for non-sovereigns is slightly below 65%.

In the Bank’s bond portfolio, €439 million correspond to green bonds, an amount equivalent to 5.55% of the reporting universe.

The Bank holds units in green bond funds from the BIS, which provides estimates of the expected avoided carbon emissions over a one-year period by projects financed through the bonds making up those funds. As at September 2023, the annual avoided emissions attributable to the Bank’s participation in the BIS green bond funds were estimated at 122,719 tCO2e, with a notable impact of investment on the renewables.

The allocation of bonds for Bank’s total own financial assets included in the calculation of climate-related financial disclosures was similar in 2022 and 2023, with an increase in the weight in sovereign bonds to the detriment of exposure to supranationals and agencies over the past two years compared to 2021.

The total amount of assets in the portfolio covered in the calculation of climate indicators decreased over the review period, totalling €7.739 billion in financial assets in 2023, down by 8% from 2022 and 11% from 2021. Compared to 2022, this reduction was due to increased investment in financial instruments not covered in the calculation of climate-related financial disclosures.

  1. Distribution of own financial assets covered in the calculation   
    of climate-related financial disclosures

Source: Banco de Portugal.

The comparison of climate-related financial disclosures for 2021 to 2023 is presented in Chart I.5.2 for sovereigns and Charts I.5.3 and I.5.4 for non-sovereigns.

For investments in sovereign bonds, the total reduction of carbon emissions is linked to a shift in composition in terms of debt issuers held in the financial asset portfolio. This effect was behind the decrease in the remaining indicators, namely the weighted average carbon intensity and the carbon footprint of sovereign and sub-sovereign bonds.

  1. Developments in key climate-related financial disclosures of sovereign bonds

WACI

Total Carbon Emissions

Source: Banco de Portugal.

Climate-related disclosures of supranational and agency bonds were below 4 tCO2e per EUR million revenue in the weighted average carbon intensity, fluctuating in tandem with the size and composition of the portfolio. Total carbon emissions have been on a declining trend these past few years, reflecting a reduction in the size of the portfolio in the aggregates covered by the analysis. In this category of debt issuers, the carbon footprint has been around zero over the years, while carbon intensity has ranged between 1 and 2 tCO2e per EUR million revenue.

  1. Developments in key climate-related financial disclosures of supranational   
    and agency bonds

WACI

Total Carbon Emissions

Source: Banco de Portugal.

Regarding corporate bonds, the WACI of debt issuers decreased by around 46% during the three years when the indicators were calculated, from an average of 192 tCO2e per EUR million revenue in 2021 to 104 tCO2e per EUR million revenue in 2023. Total carbon emissions are in line with the downward trend as a result of the reduction in exposure to these debt issuers and a decrease in the latter’s carbon emissions, as shown by the 26% reduction in the carbon footprint from 2021 to 2023. Carbon intensity confirms this trend even more clearly, with a decrease from 205 tCO2e per EUR million revenue in 2021 to 123 tCO2e in 2023.

  1. Developments in key climate-related financial disclosures of corporate bonds

WACI

Total Carbon Emissions

Carbon Footprint

Source: Banco de Portugal.

 

In the past year, the Bank increased the amount invested in green bonds, thereby consolidating its contribution to sustainable finance. In absolute terms, the Bank increased its position from €287 million in 2022 to €439 million in 2023. In proportional terms, the weight in total own financial assets stood at 5.5% at the end of 2023.

 
  1. Percentage/amount of green bonds

Source: Banco de Portugal.

Regarding the Bank’s holdings of BIS green bond investment funds, the estimated annual avoided emissions of 122,719 tCO2e, as at September 2023, was lower than for the same period in 2021 (140,893 tCO2e) and 2022 (141,021 tCO2e).

Targets

On the occasion of the 2021 United Nations Climate Change Conference (COP26), the Bank pledged to contribute, within the field of competence of the Eurosystem and in close cooperation with the NGFS, to decisive action to implement the Paris Agreement on climate change. The management of own financial assets was encompassed in the Decarbonisation Programme approved by the Bank in early 2024.

As a public entity committed to environmental sustainability, the Bank seeks to align its activities with the 1.5 ºC, or “well below 2 ºC”, increase limit set out in the Paris Agreement and with the climate neutrality goals set by the European Union.

Table I.5.2 summarises the main asset management measures already approved in the Bank’s Decarbonisation Programme.

  1. Main asset management measures approved by the Bank

Initiatives

Estimated implementation date

Increasing investment in green bonds

Ongoing

Setting decarbonisation objectives:   
– Short/medium term: corporate bonds   
– Medium term: sovereign bonds

Short/medium term

Action plan to implement decarbonisation objectives

From 2025 onwards

Engagement with issuers

Ongoing

Including new climate indicators in the annual publication   
(scope 3 carbon equivalent emissions and avoided emissions)

2024-2025

Regularly reviews of the Responsible Investment Charter

2024/ five-year

The programme envisages an increase in the amount of investment in green bonds, which is under way as described in this report. Setting decarbonisation objectives within a central bank’s financial asset management is being reviewed by the Eurosystem, in a context where data collection and aggregation, as well as methodologies, are being consolidated.

Annexes

  1. Method for calculating climate-related disclosures

Metrics

Formulae

Weighted Average Carbon Intensity   
(tCO2e per EUR million revenue, GDP,    
per capita or government consumption)

=ni(currentvalueofinvestmenticurrentportfoliovalue)x(issuersGHGemissionsiissuersMrevenueorPPPadjGDP,population,totalconsumptionexpenditurei)= \ \sum_{n}^{i}{\left( \ \fraccurrent\ value\ of\ investment}_{i{current\ portfolio\ value}\ \right)x\left( \ \fracissuer^{'}s\ GHG\ emissions}_{i{\begin{array}{r} issuer^{'}s\ €M\ revenue\ or\ PPP\ adj\ GDP,\ population, \\ total\ consumption\ expenditure \\ \end{array}_{i\ \right)}

Total Carbon Emissions    
(tCO2e)

=ni(currentvalueofinvestmentiEVICorPPPadjGDPixissuersGHGemissionsi)= \ \sum_{n}^{i}\left( \fraccurrent\ value\ of\ investment}_{i{\begin{array}{r} \ \\ EVIC\ or\ PPP\ adj\ GDP \\ \end{array}_{ix{\ issuer^{'}s\ GHG\ emissions}_{i} \right)

Carbon Footprint   
(tCO2e per EUR million invested)

=ni(currentvalueofinvestmentiEVICorPPPadjGDPi)xissuersGHGemissionsicurrentportfoliovalue(M)= \ \frac{\sum_{n}^{i}{\left( \fraccurrent\ value\ of\ investment}_{iEVIC\ or\ PPP\ adj\ GDP}_{i \right)x{\ issuer^{'}s\ GHG\ emissions}_{i}{current\ portfolio\ value\ (€M)}

 

Carbon Intensity   
(tCO2e per EUR million revenue, GDP,   
per capita or government consumption)

=ni(currentvalueofinvestmentiEVICorPPPadjGDPi)xissuersGHGemissionsini(currentvalueofinvestmentiEVICorPPPadjGDPi)xissuersMrevenueorPPPadjGDP,population,totalconsumptionexpenditurei= \ \frac{\sum_{n}^{i}{\left( \fraccurrent\ value\ of\ investment}_{iEVIC\ or\ PPP\ adj\ GDP}_{i \right)x{\ issuer^{'}s\ GHG\ emissions}_{i}{\sum_{n}^{i}{\left( \fraccurrent\ value\ of\ investment}_{iEVIC\ or\ PPP\ adj\ GDP}_{i \right)x\begin{array}{r} \ issuer^{'}s\ €M\ revenue\ or\ PPP\ adj\ GDP,population, \\ total\ consumption\ expenditure\ \\ \end{array}_{i}

 
  1. List of climate-related financial disclosures (2021-23)

 

Sovereigns

Non-sovereigns

 

Prodution

Consumption

Government

Total

Obrigações Supra&

Agências

Corporate bonds

Covered bonds

 

Excluding LULUCF

Including LULUCF

Portfolio size (EUR millions)

       

2023

7,025

715

609

104

2

2022

7,601

847

735

110

2

2021

6,691

1,965

1,839

123

3

 

WACI (tCO2e per EUR million revenue, GDP, per capita or government consumption)

2023

 

164

157

12

98

23

2

104

1

100%

100%

100%

100%

69%

64%

97%

100%

2022

168

158

12

107

17

1

122

1

100%

100%

100%

100%

95%

95%

97%

100%

2021

212

203

11

113

26

3

192

1

100%

100%

100%

100%

49%

46%

97%

100%

 

Total Carbon Emissions (tCO2e)

2023

 

1,165,649

1,118,938

1,472,462

127,383

5,469

30

5,439

0

100%

100%

100%

100%

68%

63%

97%

100%

2022

1,279,943

1,209,434

1,615,884

142,514

6,161

43

6,118

0

100%

100%

100%

100%

93%

92%

97%

100%

2021

1,403,515

1,340,558

1,723,790

147,999

7,427

70

7,357

0

100%

100%

100%

100%

47%

43%

97%

100%

 

Carbon Footprint (tCO2e per EUR million invested)

2023

 

164

157

207

18

10

0

47

0

100%

100%

100%

100%

68%

63%

97%

100%

2022

168

158

211

19

8

0

55

0

100%

100%

100%

100%

93%

92%

97%

100%

2021

212

203

261

22

8

0

64

0

100%

100%

100%

100%

47%

43%

97%

100%

  

Carbon Intensity (tCO2e per EUR million revenue, GDP, per capita or government consumption)

 

2023

164

157

11

83

86

1

123

0

100%

100%

100%

100%

68%

63%

97%

100%

2022

168

158

11

89

68

1

142

0

100%

100%

100%

100%

93%

92%

97%

100%

2021

212

203

11

103

141

2

205

0

100%

100%

100%

100%

47%

43%

97%

100%

Green Bonds (% - EUR million)

 

2023

5.55% (€ 439 M)

2022

3.37% (€ 287 M)

2021

3.67% (€ 314 M)

Sources: ISS, C4F, World Bank, UNFCCC and Banco de Portugal calculations. | Notes: The percentages below the metrics represent data availability, calculated as the percentage of investments for which all required data (carbon emissions data and financial data) are available. Cash balances, deposits and derivatives are excluded from the exercise.