October 6 (Renewables Now) - BNP Paribas Asset Management (BNPP AM) has this week announced the launch of a green bond fund to invest in bonds used to finance projects designed to mitigate or address climate change.
Called Parvest Green Bond, the vehicle is currently valued at EUR 100 million (USD 117m), the investment management arm of France's BNP Paribas SA (EPA:BNP) said. It has a target of having at least 83.5% of green bonds.
BNPP AM said that with the launch it is extending its sustainable and responsible investment (SRI) offering. The fund is managed by its fixed income team.
"Climate change is one of the greatest challenges of our time and green bonds are one of the best ways to finance activities with low greenhouse gas emissions and to support low-carbon and climate-resilient development," said Felipe Gordillo, senior ESG analyst and Arnaud-Guilhem Lamy, manager of Parvest Green Bond. "Meanwhile the rapid expansion of the green bond market means that it is now diversified enough to offer a genuine investment solution," they added.
(EUR 1 = USD 1.169)