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2020-11-10

Sustainable Finance Addresses Social Justice As COVID-19 Raises The Stakes

From the article: Economic shocks from the pandemic have widened existing inequities around the world, leading to calls for greater social justice in dealing with this health threat. Poorer people, minorities, and women are suffering disproportionately from growing health, housing, income, and education gaps under measures to contain COVID-19 that could set them back for years to come. To fund programs to address the problem, governments, supranationals, and corporations, among others, have accelerated issuance of sustainable instruments--including social bonds, where issuance jumped nearly four times so far this year to US$71.9 billion from the 2019 level. We think the sustainable debt market, partly because of the rapid rise in social bond issuance, could exceed $500 billion this year.