IBRD Funding Program

Green Bonds

  • Climate change affects all of us. But it is expected to hit developing countries the hardest. Its potential effects on temperatures, precipitation patterns, sea levels, and frequency of weather-related disasters pose risks for agriculture, food, and water supplies. At stake are recent gains in the fight against poverty, hunger and disease, and the lives and livelihoods of people in developing countries. 

    Tackling this immense challenge must involve both mitigation—to avoid the unmanageable—and adaptation—to manage the unavoidable—all while maintaining a focus on its social dimensions.

    Addressing climate change requires unprecedented global cooperation across borders. The World Bank Group is helping support developing countries and contributing to a global solution, while tailoring our approach to the differing needs of developing country partners. We are strengthening and building climate change partnerships with our member governments and a wide array of organizations. 

    In 2008, the World Bank launched the "Strategic Framework for Development and Climate Change" to help stimulate and coordinate public and private sector activity to combat climate change. The World Bank Green Bonds is an example of the kind of innovation the World Bank is trying to encourage within this framework.

    The World Bank Green Bond raises funds from fixed income investors to support World Bank lending for eligible projects that seek to mitigate climate change or help affected people adapt to it. The product was designed in partnership with Skandinaviska Enskilda Banken (SEB) to respond to specific investor demand for a triple-A rated fixed income product that supports projects that address the climate challenge. 

    Since 2008, the World Bank has now issued nearly USD 11 billion equivalent in Green Bonds through more than 145 transactions in 19 currencies.

    World Bank Green Bonds are an opportunity to invest in climate solutions through a high quality credit fixed income product.

    • The triple-A credit quality of the Green Bonds is the same as for any other World Bank bonds.
    • Positive environmental returns by supporting World Bank projects addressing mitigation and adaptation solutions for climate change
  • I. Project selection criteria: how the World Bank defines "green"

    The World Bank’s Green Bond program supports the transition to low-carbon and climate resilient development and growth in client countries.

    This includes both mitigation of and adaptation to climate change—all while observing the World Bank's safeguard policies for environmental and social issues. 

    Eligible projects supported by the Green Bond program are selected by World Bank environment specialists and meet defined World Bank eligibility criteria for low-carbon and climate resilient development. These criteria underwent an independent review by the Center for International Climate and Environmental Research at the University of Oslo (CICERO). CICERO concurred that, combined with the governance structure of the World Bank and safeguards for its projects, the World Bank eligibility criteria provide a sound basis for selecting climate-friendly projects.

    The below table provides some examples of mitigation projects and adaptation projects that meet the Green Bond eligibility criteria and thus are eligible to be supported by the World Bank’s Green Bond program (hereafter “Green Bond Projects”):

    • Examples of eligible mitigation projects are:
    • Solar and wind installations;
    • Funding for new technologies that permit significant reductions in greenhouse gas (GHG) emissions;
    • Rehabilitation of power plants and transmission facilities to reduce greenhouse gas emissions;
    • Greater efficiency in transportation, including fuel switching and mass transport;
    • Waste management (methane emissions) and construction of energy-efficient buildings;
    • Carbon reduction through reforestation and avoided deforestation.
    • Examples of eligible adaptation projects are:
    • Protection against flooding (including reforestation and watershed management);
    • Food security improvement and implementing stress-resilient agricultural systems (which slow down deforestation);
    • Sustainable forest management and avoided deforestation.

    II. Selecting projects that are eligible for financing by World Bank Green Bond process

    World Bank green projects, like all World Bank projects, are designed to reduce poverty and improve local economies. But green projects specifically focus on tackling climate change issues that directly impact developing countries. > More

    In addition to meeting the Green Bond eligibility criteria, these projects, like all World Bank projects, undergo a rigorous review and approval process to ensure that the projects meet client countries’ development priorities. The process includes early screening to identify potential environmental or social impacts and designing policies and concrete actions to mitigate any such impacts in accordance with the World Bank’s environmental and social safeguard policies. Every World Bank project is approved by its Board of Executive Directors – a resident Board with 25 chairs representing its member countries. 

    The lifecycle of a project financed by the World Bank (IBRD) follows six stages as shown in the graph below. World Bank- Green Bond Projects not only follow the same stages as other World Bank financed projects, including the due diligence and monitoring process throughout the project cycle, but in addition undergo three more steps as shown in the outer circle of the graph below. From the outset of the Green Bond Project cycle, environmental specialists get involved in order to identify projects that meet the Green Bond eligibility criteria. Go to http://www.worldbank.org/projectcycle for more information on the World Bank project cycle.

    World Bank (IBRD) Green Bond Project Cycle

    The Project Selection Criteria are applied to screen projects resulting in a list of eligible mitigation and adaptation projects. Once approved, these projects disburse over several years during the implementation stage. Corresponding amounts are deducted on a quarterly basis from the account created to support the allocation of World Bank Green Bond proceeds to eligible projects.

    III. Earmarking and allocating World Bank Green Bond proceeds

    The proceeds are credited to a separate Green Cash Account and are invested in accordance with IBRD’s conservative liquidity policy until used for the support of the World Bank’s financing of eligible Green Bond Projects. Disbursement requests for eligible projects take place in accordance with IBRD’s established policies and procedures. Disbursements are often made over a period of several years, depending on when each project milestone is reached. As disbursements are made for Green Bond Projects, corresponding amounts from the Green Cash Account are allocated to the general lending pool on a quarterly basis.

    Decision Process

    IV. Monitoring and reporting on impact of supported project

    The World Bank supervises the implementation of all projects it supports –including the Green Bond Projects. Client countries implement the development projects in accordance with the project loan agreement.

    The supervision process comprises regular reports by the implementing government agency on project activities, including a mid-term review of project progress. The project's progress, outcomes and impacts are monitored by the government and the World Bank throughout the implementation phase in order to obtain data to evaluate and measure the ultimate effectiveness of the operation in terms of the objectives it was set to achieve. World Bank project information is available on the main World Bank website and includes documents with detailed information about the projects (e.g., Project Appraisal Documents). In addition, summaries and key impact indicators of the Green Bond Projects are provided on the World Bank’s Green Bond website with links to relevant documents with more detailed project information. Green Bond newsletters also provide highlights of these projects.

    V. Ensuring compliance

    Projects: Projects eligible under the Green Bond program comply with World Bank safeguards, procurement policies and other procedures addressing project integrity.

    Compliance is assessed at the individual project level and through independent reviews of about a quarter of all projects. Project level reviews by the Bank’s specialists in environment, social aspects, financial management, and procurement ensure that adequate controls and management capacity are in place at the country/project level. In addition, the World Bank’s Independent Evaluation Group (IEG) assesses the performance of about one out of four projects, measuring outcomes against original objectives, sustainability of results and institutional development impact. 

    Green Bond Process: The World Bank Treasury follows procedures specific to its Green Bond program including selecting and reporting on eligible projects, maintaining the separate Green Cash Account and reviewing portfolio implementation progress to provide updated information for impact reporting purposes.

  • World Bank Green Bonds support projects selected by World Bank environment and other sector specialists that meet specific criteria for development activities that help lower global carbon emissions. World Bank green projects, like all World Bank projects, are designed to reduce poverty and improve local economies. But they specifically focus on tackling climate change issues that directly impact developing countries.

    World Bank Green Projects. The World Bank’s impact report summarizes the list of eligible projects for which Green Bond proceeds are used to support disbursement financing. It also summarizes select results indictors for each project that demonstrate their environmental and social impacts. The indicators are intended to illustrate the type and scale of expected results in a variety of sectors and country contexts.

    One page summaries are also available for each project. The following section lists each project according to its major sector.

    I. Renewable Energy and Energy Efficiency

    Belarus: Biomass District Heating: The project aims to replace the use of natural gas with a local renewable fuel source (wood biomass: wood chips and wood wastes) supplied by certified forestry companies in 13 district heating systems.

    China: Beijing Rooftop Solar Photovoltaic Scale-Up: The “Sunshine Schools” Project will increase the share of clean energy in electricity consumption and demonstrate the viability of the renewable energy service company model.

    China: Eco-Farming Project: This project supports cleaner, healthier farmyard environments, along with the reduction of greenhouse gas emissions through methane capture and combustion to generate energy.

    China: Energy Efficiency Financing and Additional Financing: The project promotes financing through the Export-Import Bank of China and Hua Xia Bank for projects in medium and large-sized manufacturing companies.

    China: Energy Efficiency Financing II: The project builds on the first Energy Efficiency Project with a US$100 million loan that will be provided to Minsheng Bank which, in turn, will on-lend to industrial enterprises.

    China: Green Energy Schemes for Low-Carbon City in Shanghai: The project supports energy efficiency improvements such as lighting HVAC systems and insulation in commercial and government buildings.

    China: Jiangxi Shihutang Navigation and Hydropower Complex Project: The Project supports improvements to the inland waterway channels and services for industrial shipping along the Gan River, while also reducing flooding.

    China: Liaoning Third Medium Cities Infrastructure: The project supports rehabilitation and construction of centralized heating systems (replacing inefficient and highly polluting boilers with more effective emissions control systems).

    China: Shandong Energy Efficiency: The project supports energy efficiency programs focusing on leasing and performance contracting in industries, such as paper, cement, motor manufacturing, and financing for a biomass.

    China: Urumqi District Heating Project: The project supports construction of basic infrastructure to connect residents to district heating services with improved energy efficiency and environmental performance mainly in two districts.

    India: Power System Development Project IV: The project supports India's clean energy initiative by strengthening India’s ability to transfer surplus hydro energy to power deficit regions in India, increase transmission efficiency.

    India: Rampur Hydropower Project: The project aims to add renewable, low-carbon hydroelectric power to India’s northern electricity grid, and improve the effectiveness and environmental and social sustainability of hydropower.

    Indonesia: Geothermal Clean Energy Investment: The project helps finance the confirmation of geothermal resources and construction of a steam field system and 2 powers plants with a total capacity of 150 MW.

    Jamaica: Energy Security and Efficiency Enhancement: The project supports investment promotion measures (e.g., studies, regulations) for greater participation of renewable energy and gas-based generation in Jamaica's energy mix.

    Mexico: Efficient Lighting and Appliances: The project financed the Programa Luz Sustentable and the appliance exchange program which supported free exchange of efficient light bulbs and a loan/subsidy program for efficient appliances.

    Mexico: Integrated Energy Services: The project supports use of renewable energy, mainly photovoltaic (solar) systems and some wind generators together with the regulatory and technical support needed to develop a sustainable market.

    Mexico: Sustainable Rural Development Project: This project supports environmentally-friendly technologies with a focus on energy efficiency, renewable energy, waste management, and biomass-to-energy conversion.

    Moldova: District Heating Efficiency Improvement: The project supports the restructuring of heating services into a new financially sound company, financing improvements in the heat distribution network to reduce losses and improve service quality.

    Morocco: Clean and Efficient Energy Project: The project supports Morocco’s first mid-size, grid-connected decentralized solar photovoltaic plants.

    Montenegro: Energy Efficiency: This project would finance about 27-29 energy efficiency subprojects in hospitals and health care centers throughout the country, and at the Clinic Center Montenegro in Podgorica.

    Morocco: Ouarzazate Concentrated Solar Power: This first project finances a solar plant using concentrated solar power technology that is part of Morocco's renewable energy scale-up initiative.

    Peru: Second Rural Electrification: The project supports the provision of electricity services to rural areas by extension of conventional electricity grid and by financing solar photovoltaic systems for remote or dispersed populations.

    Tunisia: Energy Efficiency: The project aims to scale up industrial energy efficiency and cogeneration investments by providing financing through two banks.

    Turkey: Private Sector Renewable Energy and Energy Efficiency: The project finances renewable resources, such as small hydroelectric installations, and geothermal for heating and cooling purposes, and energy efficiency investments.

    Turkey: Renewable Energy Integration: The project develops the transmission infrastructure (substations, grid-interfacing equipment, a submarine power cable across the Bosphorus and Dardanelles straits, etc.).

    Turkey: Small & Medium Enterprises Energy Efficiency: The project aims to improve the efficiency of energy use in small and medium enterprises (SME), by scaling-up three commercial banks’ lending for energy efficiency investments.

    Ukraine: District Heating Energy Efficiency: Working with 10 DH companies, the project rehabilitates, upgrades, and or replaces boiler houses, insulates piping, and introduces building level meters, among other energy efficiency investments.

    Ukraine: Energy Efficiency Project: The project finances investments that have environmental and broader social benefits including modernization of obsolete facilities, installation of highly energy-efficient equipment and processes.

    Uzbekistan: Advanced Electricity Metering: To support the government’s efforts to increase energy efficiency, the project finances the provision of advanced electricity metering and associated information, billing, and management systems for three regional distribution companies.

    II. Transport

    Brazil: Greening Rio de Janerio Urban Rail Transit: The system is expected to especially serve the poor populations who rely on public transportation by reducing travel time, in particular when switching from inefficient bus services.

    Brazil: Sao Paolo State Sustainable Transport: The project improves transport and logistics, efficiency and safety by rehabilitating networks, and increasing the share of waterway transport.

    China: Changzhi Sustainable Urban Transport: The project supports investments in bus priority lanes, accessibility facilities for bicycles and pedestrians, and improvements in traffic management.

    China: Hubei Xiangyang Urban Transport: The project supports improvements in mobility and accessibility within and to the Xiangcheng District of Xiangyang in an integrated, efficient and safe manner.

    China: Hajia Railway: The project includes construction of a 343 km-long, electrified, mixed-use (passengers and freight) railway line between Harbin and Jaimusi.

    China: Heilongjiang Cold Weather Smart Public Transport: The project aims to improve service along targeted corridors to provide a more efficient, reliable, and comfortable bus service, particularly during extremely cold situations.

    China: Jiaozuo Green Transport and Safety Improvement: To address these challenges, the project supports improvements in selected corridors to increase the quality of the public bus service, better regulate traffic.

    China: Nanchang Urban Rail: The project finances construction and equipment for urban rail Line 2 (24 km and 21 stations), as well as technical assistance to improve ridership levels, increase land value around stations.

    China: Qinghai Xining Urban Transport: The project aims to avoid this outcome by developing a model corridor along the Wusixiroad linking the city center to the western part of the city (XichuanNew Area).

    China: Tianjin Urban Transport Improvement Project: A number of transformational ideas will be pursued under the project. Those include using a cost-efficient mass transit system like a BRT in Tianjin.

    China: Urumqi Urban Transport Project II: This project will support the construction of three new BRT lines, development of the Urumqi Comprehensive Transport Information Management System.

    China: Wuhan Second Urban Transport: The project supports improvements to the management of the public transport system.

    China: Xi'an Sustainable Urban Transport: The project supports various greenhouse gas mitigation strategies associated with the transportation sector including helping to control vehicle emissions, reduce traffic congestion in core areas.

    China: Xinjiang Yining Urban Transport Improvement: The project improves the transport mobility in the central area of Yining City and provides transport accessibility in the selected new areas of the city, all in a safe, clean and efficient manner.

    China: Yunnan Honghe Prefecture Diannan Center Urban Transport: The project supports improvements in the major transport corridors, including new infrastructure.

    Colombia: National Urban Transit Program: The Colombian government and the World Bank are continuing to work together through the support to the National Urban Transit Program (NUTP).

    Ecuador: Quito Metro Line One:This project will enable the construction of the Quito Metro Line One which will be one of the largest urban transport works in Latin America.

    Ecuador: Manta Public Services Improvement Project: The project improves transport efficiency through road rehabilitation and improves sidewalks, bus stops, and builds bicycle paths.

    India: Eastern Dedicated Freight Corridor: The project finances construction of a section of the Eastern Corridor with a double track electrified railway designed for freight only trains.

    India: Sustainable Urban Transport: The project strengthens India’s national and local government capacity to manage climate friendly and sustainable urban transport focusing on public and non-motorized transport.

    Mexico: Urban Transport Transformation Program: The project aims to help transform urban transportation efficiency in Mexican cities and reduce its transport-related carbon footprint.

    Philippines: Cebu Rapid Bus Transit (BRT): The project supports bus rapid transit (BRT) infrastructure, corridor traffic management systems, and road intersection upgrades across Cebu City.

    III. Water, Wastewater, and Solid Waste Management

    Brazil: Espirito Santo Integrated Sustainable Water Management Project: The Project will support improved drinking and coastal water quality in the State’s capital and the river basins of the broader metropolitan area.

    Brazil: Federal Integrated Water Sector: The project follows a long engagement in support of Brazil’s federal programs for water resources management.

    Brazil: Integrated Solid Waste and Carbon Finance: The project supports the closing of open dumps, along with the construction and operation of environmentally safe landfills to reduce emissions.

    China: Bengbu Integrated Environment Improvement: The project finances storm drainage networks and pumping stations, flood prediction and control systems, wastewater treatment facilities, and improved water supply systems.

    China: Water Conservation II: The project supports objectives that increase water productivity and farmers’ agricultural production income, and improve sustainable agricultural water management in the Northern provinces.

    China: Xining Flood and Watershed Management: The project supports both structural and non-structural activities such as dikes, access roads, cross dike structures, water level control, an integrated flood warning system.

    Dominican Republic: Emergency Recovery & Disaster Management: The project is rebuilding the country’s national electricity, irrigation and water supply sectors.

    India: Andhra Pradesh Water Sector Improvement: The project supports improvements in the irrigation service delivery on a sustainable basis to increase productivity of irrigated agriculture in the Nagarjuna Sagar Scheme (NSS).

    Indonesia: Water Resources & Irrigation Management Program 2: This project focuses on developing capacity and infrastructure to improve river basin and irrigation management in selected areas of the country.

    Morocco: Solid Waste Development Policy Loan: The project supports regulatory and institutional reforms to improve the operational, financial, environmental, and social sustainability of solid waste programs.

    Tunisia: Second Water Sector Investment: The project promotes more efficient use of irrigation water and drinking water supply and increased capacity to plan for current and future water management challenges, including climate change.

    IV. Agriculture, Land Use and Forestry

    Armenia: Second Community Agriculture Resource Management: The project helps targeted communities improve the productivity and sustainability of their pasture and livestock system thus improving food security and incomes.

    China: Guangdong Agricultural Pollution Control: The project supports construction of about 50 livestock waste management facilities to collect and treat pig and other livestock manure.

    China: Hebei Rural Renewable Energy Development: The project supports the strengthening of China’s biogas program by building six state-of-the-art biogas facilities to serve as demonstration for efficiently convert agricultural waste into biogas.

    China: Hunan Forest Restoration and Development: This project promotes the reforestation and rehabilitation of ice storm-damaged ecological forest plantation areas with diversified local adapted species and long-term forest management.

    China: Integrated Modern Agriculture Development: The project supports food security by promoting sustainable and climate resilient agriculture in 33 counties/districts.

    China: Integrated Forestry Development: The project supports the development of additional forest cover and shelter belts in areas prone to wind and/or water erosion and in diversifying species and resilience in existing forest plantations.

    China: Ningxia Desertification Control
    and Ecological Protection: The project supports the Ningxia Hui autonomous region, located in the lower reaches of the Yellow River, with investments to stabilize moving sands.

    Indonesia: Coral Reef Rehabilitation and Management: The project supports Conservation Areas where fishing will be restricted while providing communities rights to other areas for sustainable fishing and helps them develop income generating activities that are compatible with healthy marine ecosystems.

    Mexico: Forests and Climate Change: The project supports the improvement of Mexico's incentive programs for community forestry and forest-based environmental services.

    Morocco: Large Scale Irrigation Modernization: To promote a more sustainable irrigation model, the government of Morocco has developed a national plan to help optimize water use and increase productivity in irrigated agriculture.

    Philippines: Rural Development: The project supports rural infrastructure (farm-to-market roads, bridges, potable water systems, fish landings, storage facilities) and enterprise development investments.

    Peru: National Agricultural Innovation Program: The project supports the strengthening of the national agriculture innovation program to invigorate adaptive research, extension projects, seed improvements, and skills development, among other measures.

    Russian Federation- Forest Fire Response: This project seeks to improve forest fire prevention and management, and enhance sustainable forest management, and governance capacity.

    Tunisia: Fourth Northwest Mountainous and Forested Areas Development: The project is designed to improve the socio-economic conditions of rural populations in the Northwest region through access to potable water.

    Uruguay: Sustainable Management of Natural Resources and Climate Change: The project supports Uruguay's efforts to promote farmer adoption of improved agricultural and livestock practices that reduce greenhouse gas emissions and other environmental impact.

    V. Resilient Infrastructure, Built Environment and Other

    Belize: Climate Resilient Infrastructure: The project supports rehabilitation and reconstruction of the country's road infrastructure to address increased flood risk.

    China: Fujian Fishing Ports: The project supports construction and upgrading of fishing port facilities in six locations to provide shelters to protect fishing vessels from being lost or damaged during typhoons and seasonal storms.

    China: Huai River Basin Flood Management and Drainage Improvement: The project supports improved flooding and drainage infrastructure (e.g., better dikes, drainage channels, maintenance).

    Macedonia & Servia: South East Europe and Caucasus Catastrophe Risk Insurance Facility: To help increase access of homeowners, farmers, the enterprise sector, and government agencies to financial protection from losses caused by climate change and geological hazards.

    Mexico: Climate Change Development Policy Loan: This policy loan supported government efforts as described in its 2007 National Climate Change Strategy.

    Mexico: Modernization of the National Meteorological Service for Improved Climate Adaptation: The project supports improvements to the government’s observational infrastructure, data management and processing, and climate modeling and forecasting tools.

    Russian Federation: Hydrometeorological Services Modernization: The project aims to enhance the national capacity to deliver reliable and timely weather, hydrological and climate information.

    Timor-Leste: Road Climate Resilience Project: Building on a previous project targeting emergency repairs along key sections of the road, the project now covers the entire corridor.

    Working Towards a Harmonized Framework for Impact Reporting

    Based on green bond market participants' interest in impact reporting and the positive influence that higher transparency and comparability in this area may have for the green bond market, the World Bank collaborated with the African Development Bank (AfDB), the European Investment Bank (EIB), and the International Finance Corporation (IFC) to discuss green bond impact reporting.

    The conclusions have been summarized and are available to download here in order to share information and support discussions with other issuers and investors and provide a reference for other green bond issuers as they set up their own impact reporting. The first version of the harmonized version, published March 2015, is also available for download here.

  • The World Bank develops products that meet investors’ specific demand. Many investors are concerned with the effects of climate change, and, with their investments, they want to specifically make a difference by supporting climate change related projects. The urgency of this issue has led to the emergence of a climate asset class to which institutional and retail investors are increasing allocations.

    For investors, World Bank Green Bonds are an opportunity to invest in climate solutions through a triple-A rated fixed income product. The credit quality of the Green Bonds is the same as for any other World Bank bonds. Repayment of the bond is not linked to the credit or performance of the projects, and investors do not assume the specific project risk. Investors benefit from the AAA/Aaa credit of the World Bank, as well as from the due diligence process of the World Bank for its activities.

    World Bank Green bonds are just like regular World Bank bonds, except that the proceeds are dedicated specifically to support World Bank-funded projects addressing climate change solutions. To inquire about World Bank green bonds available for purchase you can contact any financial institution in your vicinity that operates in the international financial markets.

    What Investors Have Said

    "IBRD’s effort in moving forward robust impact reporting on its green bond program is impressive. We view this as an important component of our green bond evaluation. Blackrock has been a strong supporter of World Bank Green Bonds in the past, and this pioneering work on reporting standards was a key factor behind our involvement in today's 10-year bond," said Ashley Schulten, Director, Portfolio Manager, Blackrock.

    “These investments make sense for the environment and California taxpayers. The return for our pooled money account is outstanding, and we’re financing projects that help make a difference in the fight against global warming,” said Bill Lockyer, former Treasurer for the State of California.

    "If established on firm footing, Mirova is convinced that the green and social bond market can become an essential tool for financing solutions to the challenges of sustainable development. IBRD's green bond is of particular interest considering its focus on climate change. We not only appreciate IBRD's green bond for its ability to fight climate change, but also because it features good practices that remain rare in the market. An adequate level of transparency is notably essential for maintaining the value-added of sustainability bonds for investors, which resides in the measure of impact that they offer. IBRD provides a regularly updated report, which allows investors to maintain visibility on the list of financed projects," said Marc Briand, Head of Fixed Income at Mirova.

    "The last 7 years collaboration with investors is giving the World Bank a platform to offer investors a possibility to learn about climate challenges and support climate related solutions at the same time as it allows the World Bank to broaden their investor base among institutional investors. From SEB it’s a privilege to be joining this path and we appreciate the insight the World Bank has brought, not only in respect to understanding global challenges but primarily in how we through our partnership can assist in addressing these challenges,” said Christopher Flensborg, Head of ESG & Climate-Financial Solutions at SEB.

     

    List of Select Investors

    Aberdeen Asset Management  

    ACTIAM (Formerly SNS AM)  

    Adlerbert Research Foundation  

    Aegon Asset Management  

    AMP Capital  AP2, AP3, and AP4 – Swedish National Pension Funds  

    Australia Local Government Super  

    Australian Ethical Investment Ltd  

    Barclays Treasury BlackRock  

    Breckinridge Capital Advisors  

    Caisse Centrale de Reassurance  

    California State Treasurer’s Office  

    CalSTRS  

    Calvert Investments  

    Central Bank of Morocco  

    Church of Sweden  

    Colonial First State Global AM  

    Deutsche Asset & Wealth Management  

    Everence Financial  

    FMO (Netherlands Dev. Fin.)  

    Folksam  

    Ikea Group  

    LF Liv  

    Maryland State Treasurer

    Mirova

     

    MISTRA

    Natixis Asset Management

    New York Common Retirement Fund

    Nikko Asset Management

    Nippon Life Insurance

    Pax World Balanced Fund

    Pictet

    PIMCO

    QBE Insurance Group Ltd

    Rathbone Greenbank

    Sarasin

    SEB Ethos rantefund / SEB Fonden / SEB TryggLiv

    Skandia Liv

    Sonen

    Standish Mellon Asset Management

    State of Illinois

    State Street Global Advisors

    The Nobel Foundation

    TIAA-CREF

    Trillium Asset Management

    UN Joint Staff Pension Fund

    UniSuper

    WWF-Sweden

    ZKB (Zürcher Kantonalbank)

    Zurich Insurance

    Zwitserleven






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