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Paris Exit Won’t Squash Green Bonds

Publicerad

9 år sedan

den

4 juni, 2017

Paris Exit Won’t Squash Green Bonds. President Trump announced the U.S. withdrawal from the 2015 Paris Agreement on Climate Change, in which nearly 200 countries have pledged to reduce greenhouse gas emissions to limit global warming. There is uncertainty about what this decision will mean for future U.S. policy, given an approximately four-year process to withdraw. While Trump did pledge to re-negotiate the terms, he also announced that current commitments will not be implemented and provided no details on how the U.S. will address climate change, if at all. The Agreement may be weakened as a result, but other large countries (including China and India) and the EU have pledged to remain regardless of what the U.S. does. Beyond increased rhetoric in the near term, it is not clear if Trump’s decision will have a long-term impact on addressing climate change. Theoretically, a “better deal” could result from Trump’s promise to re-negotiate the Agreement, but he would need to convince the rest of the world.

What Does this Mean for Green Bonds?

Regardless of the future of the Paris Agreement, the green bonds market continues to have significant growth potential:

• A Global Market

The U.S. has thus far had a relatively small presence in the global green bonds market. Europe, and more recently China and other emerging markets, have played a much greater role in the development of the market in terms of formulating policies that support market growth. Even though the U.S. has ceded its position on the issue of climate change, other countries will likely continue to make progress on renewables, electric vehicles, etc., providing a strong project pipeline for green bonds.

• Corporate America and U.S. States are on Board

The green bonds market in the U.S. has developed with little support from the federal government. A wide range of companies had urged the administration to remain in the agreement, and corporate issuers like Apple have issued green bonds both to tout their environmental stewardship and in response to investor demand. Much of the growth in the U.S. has been in the municipal market, which is expected to continue to expand given the massive infrastructure investment needed (note that tax-exempt munis are not included in VanEck Vectors® Green Bond ETF’s (GRNB) Index). Twenty states, most notably California, as well as several U.S. cities are pursuing ambitious emissions reductions programs, many in alignment with the goals of the Paris Agreement.

• Economics Favor Continued Progress

Electricity generated from coal has declined by more than 30% from 2005 to 2010, and nearly half of all U.S. power plants that were retired since 2006 were powered by coal.1 Solar and wind power costs are becoming more competitive and solar-related jobs in the U.S. grew 25% last year.2 Chinese coal consumption is also declining as China’s central government continues to adopt policies that favor renewables. Green bonds will play a role in financing the continued transition to renewables.

• Massive Investor Demand

• There is now $22.9 trillion invested globally in strategies that consider ESG (environmental, social, and governance) factors,3 with $8.7 trillion in the U.S (representing 1/5 of all professionally managed AUM, and up +33% since 2014).4 Signatories to the UN PRI (United Nations Principles for Responsible Investment) represent approximately $62 trillion in AUM,5 and signatories to the Paris Green Bond Statement total $10 trillion.6 Investors are increasingly pushing companies to address climate risks. President Trump’s Paris Agreement decision may even may even help mobilize additional capital into environmentally aware strategies such as green bonds.

The U.S. withdrawal from the Paris Agreement is, at the very least, a psychological blow to those concerned about climate change risks. But the ultimate impact remains unclear. It is instructive to recall that the U.S. has actually been a leader in reducing carbon emissions even prior to the Paris Agreement. The Paris Agreement was a major diplomatic achievement, but it is far from perfect (first because its targets are not enforceable and, second, because many see it as inadequate in its current form). The transition to a low carbon economy is already happening both in the U.S. and globally. This transition requires massive amounts of investment, and green bonds will be part of that.

VanEck Vectors Green Bond ETF (GRNB) is the first U.S.-listed fixed income ETF to provide targeted exposure to the fast-growing green bonds market. GRNB was launched on March 3, 2017, and seeks to track the performance and yield characteristics of the S&P Green Bond Select Index (SPGRNSLT), part of a suite of green indices introduced by S&P.

Tackle Climate Change Risk with Green Bonds

William Sokol, ETF Product Manager, and Justine Leigh-Bell, Director of Market Development at the Climate Bonds Initiative, discuss the growing green bonds market.

IMPORTANT DISCLOSURE

1Source: U.S. Energy Information Administration
2Source: Environmental Finance, “US withdrawal from Paris Agreement ‘ an irrelevance’, say investors, 6/1/17
3Source: Global Sustainable Investment Alliance, “2016 Global Sustainable Investment Review”
4Source: US SIF Foundation, “Report on US Sustainable, Responsible and Impact Investing Trends 2016”
5Source: PRI
6Source: S&P Dow Jones Indices

Liknande ämnen:Green Bonds GRNB VanEck

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Invesco: Gold signals a shifting world order without a new leader

Publicerad

11 timmar sedan

den

28 april, 2026

Redaktionen

The United States remains economically and financially dominant, but beneath the surface doubts are growing about how sustainable that position really is. According to Benjamin Jones, head of research at Invesco, the continued rise in gold suggests that investors are preparing for a world in which the balance of power is shifting, without any clear alternative leader emerging.

The US twin deficits

The joint, pre-2025 rally in US risk assets and the dollar sits uneasily with concerns over US fiscal and current-account deficits, a deteriorating Net International Investment Position (NIIP), reindustrialisation goals, and the secular rise in gold, explains Jones.

“In our view, the long-running rally in gold alongside high returns and rising concentration in dollar assets reflects two forces: a faltering world order and the economics of heavy US fiscal imbalances, rising external obligations, and persistent deficits; but also, the unique success of US firms in driving GDP growth, earnings and innovation. Ironically, that strength may itself increase the risk of a financial, currency or balance-of-payments shock in a geopolitical crisis.”

According to Jones, the sharp drop in the US NIIP has come as foreign claims outstrip US claims abroad. “This was driven less by foreign Treasury holdings, which have stabilised, and more by inflows into private-sector assets, especially equities, as investors embraced “US Exceptionalism” as shorthand for superior growth and financial performance relative to peers such as Western Europe and Japan. The result has been major inflows into US equities, corporate debt and private markets.”

Even though much of the increase in exposure has been to risk assets rather than bonds, large outflows could still threaten fiscal and financial stability, says Jones. “For now, trade barriers and efforts to weaken the dollar to promote reindustrialisation have prompted rebalancing away from US stocks, bonds and the dollar. Amid geopolitical tensions, weaker fiscal and external positions, and renewed protectionism and unpredictability, official investors and private investors have sharply increased gold purchases as a store of value.”

Heavy gold flow in financial markets

US financial leadership persists despite geoeconomic rebalancing toward rivals, Jones continues. “The US still leads in market capitalisation, turnover and liquidity, while the Treasury market remains the largest and deepest pool of debt issuance. Dollar liquidity is so high that trades <<between other currencies are often executed through the dollar. Global portfolio concentration in the US has also been reinforced by inflows into benchmarked funds and passive trackers. The core driver remains US exceptionalism. Rich valuations and concentration in US tech may suggest a bubble, yet US firms have continued to deliver innovation, market share, revenue and earnings growth.”

According to Jones, rivals remain less compelling from a market perspective. “Europe has lagged the US since the financial crisis, while China has matched or surpassed US innovation but, until recently, delivered weaker market returns due to domestic de-risking policies.”

The US share of official reserves has declined somewhat, while the euro and most other currencies have levelled off, Jones continues. “Gold’s share has risen sharply since the start of the war in Ukraine in 2022, suggesting the TINA problem persists: there is no real alternative to the dollar other than gold itself. Central banks increasingly prefer the safety of gold, the liability of no government.”

Future: Geopolitical, economic, technological and military competition
An open world economy helped many countries narrow productivity gaps with the US, but leadership is no longer aligned across power domains. “Economically, the world is increasingly tripolar, centred on the US, China and the eurozone. Militarily, power is concentrated in the US, China and Russia. Technologically, the US and China are at or near parity, while others lag. Financially, however, the US still has no peer,” notes Jones.

He continues: “Conventional economic, military and technological competition therefore still matters, even in a nuclear world. US concerns about overextension are sharpened by China’s vast industrial capacity, with output and shipbuilding far exceeding that of the US. Recent wars have shown that modern conflict still depends on industrial mobilisation for technology, drones and ammunition. This helps explain the US push for reindustrialisation.”

At the same time, US fiscal and external obligations create vulnerabilities if confidence were shaken by a future crisis, conflict or major shock. Jones concludes: “Washington is also retreating from parts of the multilateral order while seeking to reshape global trade more in its favour, reinforcing perceptions of unilateralism. Gold may be signaling an incomplete global reordering: not a clear new polarity, but an “unipolar” world in which leadership shifts by issue, region and moment. The US and the dollar would still likely remain first among equals, supported by deep financial markets, technological dynamism and strategic advantages, even as rival powers continue to rise.”

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ASLT ETF företagsobligatoner med kort duration

Publicerad

12 timmar sedan

den

28 april, 2026

Redaktionen

AXA IM Short Duration Income UCITS ETF USD Dist (ASLT ETF) med ISIN IE000P0AMD16, är en aktivt förvaltad börshandlad fond.

ETFen investerar i företagsobligationer från hela världen. Rating: Investment grade. Löptid: 1–3 år.

Den börshandlade fondens totala kostnadskvot (TER) uppgår till 0,19 % per år. Ränteintäkterna (kuponger) i ETFen delas ut till investerarna (månadsvis).

AXA IM Short Duration Income UCITS ETF USD Dist är en mycket liten ETF med 0 miljoner euro förvaltade tillgångar. Denna ETF lanserades den 9 juli 2025 och har sitt säte i Irland.

Handla ASLT ETF

AXA IM Short Duration Income UCITS ETF USD Dist (ASLT ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra och Borsa Italiana.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.

Börsnoteringar

Börs	Valuta	Kortnamn
Borsa Italiana	EUR	ASLU
XETRA	USD	ASLU
XETRA	EUR	ASLT

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Anslut dig till kvantrevolutionen med Lunates nya ETF på Xetra

Publicerad

13 timmar sedan

den

28 april, 2026

Redaktionen

Kvantdatorteknik transformerar alla sorters industrier från hälso- och sjukvård till cybersäkerhet, och Boreas kliver fram som en nyckelspelare. Lunate Capitals Boreas Solactive Quantum Computing UCITS ETF på Xetra erbjuder investerare en diversifierad exponering mot ledande globala kvantteknologibolag.

Kvantdatorteknik håller snabbt på att gå från forskningslabb till verkliga tillämpningar – och investerare får nu ett nytt sätt att ta del av utvecklingen. Med lanseringen av Boreas Solactive Quantum Computing UCITS ETF (QQCC) på Xetra öppnas dörren till ett av de mest transformativa teknikområdena i modern tid.

En ny era inom datorkraft

Till skillnad från traditionella datorer, som bearbetar information steg för steg, kan kvantdatorer analysera många möjliga lösningar samtidigt. Resultatet är en exponentiell ökning i beräkningskraft – med potential att lösa problem som idag är praktiskt taget omöjliga.

Enligt uppskattningar kan kvantteknologi skapa upp till 2 biljoner (eng: trillions) dollar i ekonomiskt värde fram till 2035.

Tekniken väntas få särskilt stor påverkan inom områden som:

• Läkemedelsutveckling – snabbare simulering av proteinveckning och sjukdomar

• Materialvetenskap – utveckling av starkare och lättare material

• Finans – förbättrad riskhantering och portföljoptimering

Stark tillväxt och ökade investeringar

Kvantindustrin befinner sig i ett tydligt tillväxtskede. Under 2024 investerades omkring 2 miljarder dollar i kvantstartups globalt, samtidigt som statliga satsningar överstiger 50 miljarder dollar totalt. Både USA och Kina har uttryckt kvantmekanik som särskilt viktigt och prioriterat område och stora satsningar har tillkännagivits under 2025 och 2026.

Samtidigt växer marknaden snabbt, med ökande patentaktivitet och stora samarbeten mellan teknikbolag och investerare. Regionen Mellanöstern, särskilt UAE och Saudiarabien, positionerar sig också som en viktig hub för kvantutveckling.

ETF ger bred exponering mot kvanttemat

Den nya ETF:en, Boreas Solactive Quantum Computing UCITS ETF (QQCC), är utformad för att ge investerare diversifierad exponering mot cirka 25 ledande bolag inom kvantteknologi.

Indexet omfattar hela värdekedjan, inklusive:

• Hårdvara för kvantdatorer

• Mjukvara och algoritmer

• Kvantkommunikation och cybersäkerhet

Portföljen kombinerar globala teknikledare med mycket forskning och utveckling inom kvantum såsom IBM och Google, med mer nischade, snabbväxande bolag som IonQ, Rigetti och D-Wave.

Skillnader mot andra liknande ETFer

I enlighet med Boreas devis om att vara ”true to theme” i sin ETF-design fokuserar fonden på att enbart inkludera de bolag som är absolut mest relevanta mot utvecklingen av framförallt Quantum Computing hårdvara så som mikrochip (QPU’s). Portföljen är framtagen med hjälp av Solactives natural language processing verktyg ARTIS och vikterna i portföljen är enligt varje bolags relevans mot temat.

Fonden rebalanseras två gånger om året vilket möjliggör att snabbt snappa upp nykomlingar och bolag som snabbt gör framsteg inom temat. Med hjälp av ARTIS-verktyget kan på så sätt relevanta bolag snabbt få ökad vikt och mindre framgångsrika bolag få mindre.

Andra liknande fonder fokuserar ofta på bolag med mest patent inom kvantum. Detta kan leda till att bolag som främst använder kvantum hamnar i de portföljerna, medans Boreas fond fokuserar på de bolag som leder utvecklingen inom kvantumteknologin. Många av bolagen konkurrerar om att bli ”nästa NVIDIA” och leda en ny generations mikrochip.

Med en total kostnad (TER) på 0,49 % erbjuder fonden ett konkurrenskraftigt sätt att få exponering mot ett komplext och snabbt utvecklande tema.

Ett tema för långsiktiga investerare

Kvantteknologi ses i allt större utsträckning som en strategisk nyckelindustri, inte minst i takt med diskussionen om “Q-Day” – den punkt då kvantdatorer kan bryta dagens krypteringssystem.

För investerare innebär detta både risker och möjligheter. Som tematisk investering är ETFen särskilt lämpad som ett komplement – en så kallad satellitallokering – till bredare aktieportföljer. Trots att forskningen inom kvantdatorer har pågått i över 45 år är det en teknologi i tidigt skede där en klar vinnare ännu inte korats. Det gör temat volatilt och extra känsligt för positiva såväl som negativa nyheter.

Slutsats

Med lanseringen på Xetra blir kvantinvesteringar nu mer tillgängliga för europeiska investerare. För den som vill positionera sig inför nästa stora teknologiska skifte erbjuder Boreas kvant-ETF en enkel väg in i ett område som kan definiera framtidens ekonomi.

Namn: Boreas Solactive Quantum Computing UCITS ETF USD (Acc)

Ticker: QQCC

Handelsplats: Xetra

Handla QQCC ETF

Boreas Solactive Quantum Computing UCITS ETF USD (Acc) (QQCC ETF) är en europeisk börshandlad fond. Denna fond handlas på flera olika börser, till exempel Deutsche Boerse Xetra.

Det betyder att det går att handla andelar i denna ETF genom de flesta svenska banker och Internetmäklare, till exempel Nordnet, SAVR, DEGIRO och Avanza.

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