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Announcement:

Moody's: Future US climate policy shifts would not stall global emissions reduction efforts

Global Credit Research - 16 Feb 2017

London, 16 February 2017 -- Institutional and private sector forces will continue to drive global efforts to reduce carbon emissions, even if US climate policy is moderated or reversed by the new US administration, Moody's Investors Service said in a report today.

The report, "Environmental Risks: Shift in US Climate Policy Would Not Stall Global Efforts to Reduce Carbon Emissions", is available on www.moodys.com. Moody's subscribers can access the report using the link at the end of this press release. The research is an update to the markets and does not constitute a rating action.

"Some aspects of climate policy in the US may be altered or dropped under the new administration," said Rahul Ghosh, a Moody's Vice President -- Senior Credit Officer and the report's co-author. "Nevertheless, we believe that powerful structural forces at play, including robust institutional and private sector momentum, will continue to drive global sustainable and climate agendas regardless of the direction of US federal climate policy."

Since the US election, the vast majority of countries have reaffirmed their commitment to the Paris Agreement on climate change, reinforcing Moody's view that adoption of carbon regulation globally will accelerate over the coming years.

Policymaking at a state and local government level within countries will also play an increasingly important role in fulfilling national climate commitments, including in the United States.

The ability and willingness of individual US states to enact climate legislation and commit to carbon reduction will vary, as has been the case for some time. More than two dozen states have programmes in place to continue reducing emissions.

Global climate policy is not limited to the Paris Agreement, and institutional efforts such as the G20 study group on green finance and the Financial Stability Board (FSB) taskforce on climate-related financial disclosures suggest that policy momentum on decarbonisation and green finance will be sustained.

Green bond issuance across the globe is another illustration of commitments on the part of the public and private sectors to the Paris Agreement.

Green bond volumes continued to climb in 2016, reaching a new high of $93.4 billion -- an increase of 120% versus $42.4 billion in 2015. Extrapolating this level of year-over-year growth could bring 2017 issuance to $206 billion. Other regulatory initiatives beyond the Paris Agreement will also take effect in the coming years and support the transition to a lower carbon global economy.

Furthermore, corporate leadership and institutional investor focus on carbon emissions reduction and broader sustainability issues is increasing.

Strong institutional investor demand for greater sustainability and transparency, coupled with rising climate awareness and changing consumer preferences and technological change, will encourage more private sector companies to pursue explicit climate change strategies.

Subscribers can access this report via this link: http://www.moodys.com/researchdocumentcontentpage.aspx?docid=PBC_1057098

NOTE TO JOURNALISTS ONLY: For more information, please call one of our global press information hotlines: New York +1-212-553-0376, London +44-20-7772-5456, Tokyo +813-5408-4110, Hong Kong +852-3758-1350, Sydney +61-2-9270-8141, Mexico City 001-888-779-5833, São Paulo 0800-891-2518, or Buenos Aires 0800-666-3506. You can also email us at mediarelations@moodys.com or visit our web site at www.moodys.com.

This publication does not announce a credit rating action. For any credit ratings referenced in this publication, please see the ratings tab on the issuer/entity page on www.moodys.com for the most updated credit rating action information and rating history.

Rahul Ghosh
Vice President
Credit Strategy and Standards
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

Anne Van Praagh
MD-Gbl Strategy & Research
Credit Strategy and Standards
JOURNALISTS: 212-553-0376
SUBSCRIBERS: 212-553-1653

Releasing Office:
Moody's Investors Service Ltd.
One Canada Square
Canary Wharf
London E14 5FA
United Kingdom
JOURNALISTS: 44 20 7772 5456
SUBSCRIBERS: 44 20 7772 5454

No Related Data.
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