Green bonds have negative premium, Italian study finds

Negative “greenium” widened during Covid-19 pandemic, researchers say


Yields on green bonds do not support the idea that investors had a “wake-up call” over climate risk during the pandemic, a Bank of Italy study finds.

In their working paper, Danilo Liberati and Giuseppe Marinelli compare green bonds with their non-green counterparts between June 2017 and December 2022.

They confirm the existence of a “greenium” – a negative premium on green bonds when compared with conventional ones that have the same characteristics in terms of liquidity, riskiness and maturity. 

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