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Mr. Tobias Adrian, Mr. Patrick Bolton, and Alissa M. Kleinnijenhuis

Corporation (IFC) 49 and the asset management firm Amundi. In that deal, an asset backed fund was constructed in which a development institution (IFC) took the first-loss tranche of $125 million. The senior tranches had investment grade rating, and were all successfully sold in the marketplace. Importantly, the fund invested in due time in climate-friendly assets. The total size of the deal was about $2 billion. Importantly, the senior tranche is 90% of the value of the fund, which indicates the enormous potential of public money provided by a multilateral institution in

Mr. Tobias Adrian, Mr. Patrick Bolton, and Alissa M. Kleinnijenhuis
We measure the gains from phasing out coal as the social cost of carbon times the quantity of avoided emissions. By comparing the present value of the benefits from avoided emissions against the present value of costs of ending coal plus the costs of replacing it with renewable energy, our baseline estimate is that the world can realize a net gain of 77.89 trillion USD. This represents around 1.2% of current world GDP every year until 2100. The net benefits from ending coal are so large that renewed efforts, carbon pricing, and other financing policies we discuss, should be pursued.