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Publications

 

L’Innovation Financière Au Service Du Climat:
Les Obligations à Impact Environnemental

by Abdeldjellil Bouzidi and Michael Mainelli

Les essentiels de la banque et de la finance, (Février 2017), 128 pages.

 

SUMMARY - 

Relever le défi du changement climatique est probablement l’enjeu majeur de ce siècle. Mais comment assurer le financement de la transition – qui nécessite des investissements massifs en matière d’efficacité énergétique, d’équipements de production électrique, et d’infrastructures urbaines ou de réseaux – vers une économie sobre en carbone ?

Un processus d’ensemble de transformation de la Finance verte pour soutenir le développement durable est engagé. La France a levé avec succès 7 milliards d’euros grâce à sa première émission d'obligation souveraine verte. Cette première mondiale fait déjà de Paris la place financière verte de référence.

Dans cette perspective, A. Bouzidi et M. Mainelli proposent la création et le développement de nouveaux instruments financiers, les Obligations à Impact Environnemental, pour permettre aux États, aux entreprises et aux investisseurs de relever le défi du changement climatique.

L’ouvrage présente ces instruments de financement, adaptés aux spécificités des investissements verts en termes de risque et de maturité, qui lient la dette publique ou privée à l’atteinte d’un objectif environnemental et qui, contrairement aux « obligations vertes » classiques, versent une rémunération à taux variable, corrélant la performance environnementale et le taux d'intérêt payé par l'émetteur.

Le chantier de la lutte contre le changement climatique peut sembler considérable ; avec ces nouveaux outils incitatifs, il est en réalité à portée de main. Le développement d’instruments innovants de nature à renforcer la crédibilité des politiques est souhaitable, pour les Finances publiques et le Climat. La stabilisation du réchauffement climatique nettement au-dessous de 2 degrés en dépend. Notre avenir et celui des générations futures aussi.

Points forts

  • Premier ouvrage synthétique qui propose une innovation financière permettant de répondre simultanément aux problématiques du financement de la transition énergétique et d’engagement de décarbonation. Il propose d’accélérer le passage des « promesses » aux actes pour tenir les engagements de réductions d’émissions tout en mettant la finance au service du climat.
  • Plusieurs types d’obligations à impact environnemental seront définis. Leur fonctionnement, les types d’émetteurs, d’investisseurs et caractéristiques principales seront décrits.
  • Les auteurs sont économistes et universitaires en France et au Royaume-Uni. Ils ont une vision latérale et une expertise transverse sur des sujets tant financiers, technologiques, économiques que climatiques.

Pour en savoir plus

  • Consultez la préface de Philippe Zaouati, Directeur général de Mirova, en cliquant sur le lien dans le bloc Pour en savoir plus dans la colonne de gauche Feuilletez l'ouvrage sur notre bibliothèque numérique de la banque et de la finance

Les auteurs

  • Abdeldjellil Bouzidi est économiste, chercheur et enseignant, spécialisé en finance de marché et en économie verte. Dirigeant d’Emena Advisory, société de conseil en finance et stratégie, il réalise des missions pour des banques d’investissement et des gestionnaires d’actifs en Europe. Il est membre de l’Autorité de la statistique publique et de plusieurs cercles de réflexion.
  • Le Professeur Michael Mainelli est Président exécutif du cercle de réflexion Z/Yen Group basé à Londres. Il a été Directeur au sein du ministère de la Défense du Royaume-Uni, plus particulièrement au niveau de l’Agence d’évaluation et de recherche, organisme de recherche scientifique et technologique le plus important du pays.

A Wholesale Insurance Executive's Guide To Smart Contracts

by Long Finance and Z/Yen Group,

sponsored by The London Market Group (the International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA)),

Long Finance (January 2017), 16 pages.

An abundance of new technologies and new technology interactions has created the buzz surrounding ‘InsurTech’, the emerging combination of insurance and technology.  Smart contracts are an increasingly popular point of discussion as people realise that computer code can be embedded in distributed ledger technology.  Yet, smart contracts do not need distributed ledgers and could promote straight-through-processing (STP) in the London wholesale insurance Market with current technology.

This guide aims to give insurance executives an overview of smart contracts that should aid them in discussions about the technology future of the Market.  The guide tries to explain the concept, give a taste of the technology and applications, and look to the longer-term risks and rewards.

You may also be interested in its sister report - From Slips to Smart Contracts.

From Slips to Smart Contracts: Intelligent Technology In The London Wholesale Insurance Market

by Long Finance and Z/Yen Group,

sponsored by The London Market Group (International Underwriting Association of London (IUA), Lloyd’s of London, the Lloyd’s Market Association (LMA) and the London & International Insurance Brokers’ Association (LIIBA)),

Long Finance (January 2017), 66 pages.

Long Finance identifies an appetite for ‘Smart Contracts’ in wholesale insurance.  Sponsored by the London Market Group and conducted by Z/Yen, this research shows there are exciting prospects for the use of smart contracts in wholesale insurance*.  The research included interviews with brokers, insurers, reinsurers, regulators and trade bodies from across the sector, together with discussions with technical experts.

Smart contracts translate legal contract terms directly into executable computer code within a business process.  This creates a rigorous link between the legal contract and its operational implementation.  By enabling closer integration between back office, business areas, and negotiation of external contractual agreements, smart contracts can improve efficiency, reduce errors, and improve maintainability as business, regulatory, and contractual environments change.

The report identifies five broad areas where smart contracts could be applied in wholesale insurance: Process, Product, Portal, Performance, and Privacy. Processes in wholesale insurance are particularly complex, with complicated contracts managed through a network of clients, brokers, insurers, reinsurers, external providers such as loss adjusters, and central market organisations, often crossing and recrossing national boundaries. Smart contracts offer the possibility of making processes more transparent and maintainable, reducing the need for manual intervention and reducing costs and error rates.  Smart contracts could also support new product features or allow new classes of products where the risk is defined using complex analysis of ‘big data’.  They could support new automated distributed channels for insurers through the use of internet portals, making it economic to transact more standardised products with smaller clients.  By guaranteeing confidentiality of granular data, they could facilitate sharing of aggregate data to provide aggregated industry data and indices. They could reduce barriers to sharing They could also be used in the analysis and management of risk and claims, improving overall performance of insurers.  Privacy legislation is an important area where smart contracts could help provide ‘smart compliance’ – linking back office processes to the explicit wording of statute and regulation.

The report highlights examples of where individual firms, ‘coalitions of the willing’, or cross market initiatives, could drive specific smart contract applications to provide business benefits.
 
The following table summarises the potential benefits of each of these five areas, both to Market firms and to clients.  The benefits of cost, accuracy, and speed accrue directly to the Market, although the net effects should include at least some reduction of premium costs to the client.  Oversight of the market should also be simpler and more effective with better information.  ‘Risk management’ refers particularly to preventing losses or mitigating the impact of losses which do occur; it should be a direct benefit both to the firms and to the client.  ‘Client facility’ means that the client has the ability to purchase a policy with capabilities or at a price that was not previously available.

 

Cost

Accuracy

Speed

Oversight

Risk management

Client facility

Process

ü

ü

ü

 

 

 

Product

ü

ü

ü

 

 

ü

Portal

ü

ü

ü

 

 

ü

Performance

ü

 

 

ü

ü

ü

Privacy

 

ü

 

ü

 

 

The large number of use cases in different areas which we found for STP and smart contracts indicates that these are technologies which could have a strong impact on the London Market over the next few years, and they should be part of the strategic debate within firms and at Market level, such as:
  • Commercial vehicle fleet insurance with access to client data;
  • Cybersecurity policy with access to client systems;
  • Hull insurance with access to telemetry;
  • Geolocation of shipping containers;
  • ‘Follower syndicate’;
  • Parametric insurance;
  • ILWs;
  • Insuring intangibles with loss defined from Big Data;
  • War risk on demand;
  • Generator cover on demand;
  • Individualised insurance for car hire;
  • Cyber index and ILS.
There is no simple way to progress smart contracts, given the multi-party nature of the Market, and this report recognises that a core recommendation is that smart contracts remain on the strategic agenda for the Market as a whole and for individual firms for the foreseeable future.  Smart contracts will be important for wholesale insurance and need to be part of future discussions and gain the attention needed to be built appropriately into future Market processing architecture. We suggest further development of the ideas surrounding:
  • ‘follower syndicate’ proposal for applying smart contracts;
  • opportunity for smart contracts in implementing STP for settling payments;
  • smart contracts for contract wordings;
  • governance structure for sharing data that feeds smart contracts;
  • geolocation information feeding smart contracts.

 You may also be interested in its sister report - A Wholesale Insurance Executive's Guide To Smart Contracts.

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