{"id":173,"date":"2024-05-26T13:25:00","date_gmt":"2024-05-26T11:25:00","guid":{"rendered":"https:\/\/blogs.dlapiper.com\/paragraph\/?p=173"},"modified":"2024-09-06T17:11:56","modified_gmt":"2024-09-06T15:11:56","slug":"co-ceka-evropske-zelene-dluhopisy","status":"publish","type":"post","link":"https:\/\/blogs.dlapiper.com\/paragraph\/2024\/05\/co-ceka-evropske-zelene-dluhopisy\/","title":{"rendered":"Co \u010dek\u00e1 evropsk\u00e9 zelen\u00e9 dluhopisy?"},"content":{"rendered":"\n<p>Na konci leto\u0161n\u00edho roku nabyde \u00fa\u010dinnosti na\u0159\u00edzen\u00ed o evropsk\u00fdch zelen\u00fdch dluhopisech (<strong>Na\u0159\u00edzen\u00ed<\/strong>). I p\u0159esto, \u017ee kategorie zelen\u00fdch dluhopis\u016f nebyla dosud na evropsk\u00e9 \u00farovni regulovan\u00e1, tak se o \u00faplnou novinku nejedn\u00e1. Pojem zelen\u00fdch nebo environment\u00e1ln\u011b udr\u017eiteln\u00fdch dluhopis\u016f se na finan\u010dn\u00edch trz\u00edch objevuje u\u017e nejm\u00e9n\u011b od roku 2007, kdy Evropsk\u00e1 investi\u010dn\u00ed banka a n\u00e1sledn\u011b i Sv\u011btov\u00e1 banka emitovala prvn\u00ed zelen\u00e9 dluhopisy.<\/p>\n\n\n\n<p>V\u011bt\u0161ina dnes ve sv\u011bt\u011b emitovan\u00fdch dluhopis\u016f ozna\u010dovan\u00e9 jako zelen\u00e9 se \u0159\u00edd\u00ed dobrovoln\u00fdmi z\u00e1sadami pro zelen\u00e9 dluhopisy (<em>Green Bond Principles<\/em>), kter\u00e9 publikuje ICMA (<em>International Capital Markets Association<\/em>) nebo podle vlastn\u00edch pravidel emitenta. Obecn\u011b tyto z\u00e1sady obsahuj\u00ed zejm\u00e9na standardy pro pou\u017eit\u00ed v\u00fdnos\u016f z&nbsp;dluhopis\u016f, hodnocen\u00ed vhodnosti projektu a r\u016fzn\u00e9 reportingov\u00e9 povinnosti.<\/p>\n\n\n\n<p>Nicm\u00e9n\u011b v&nbsp;praxi je pro investora velmi obt\u00ed\u017en\u00e9 ov\u011b\u0159it spr\u00e1vnost informac\u00ed p\u0159edlo\u017een\u00fdch emitentem nebo zajistit, aby se emitent sv\u00fdmi z\u00e1sadami v\u016fbec \u0159\u00eddil. Ve smluvn\u00edch podm\u00ednk\u00e1ch toti\u017e obvykle nen\u00ed stanovena \u017e\u00e1dn\u00e1 sankce, kter\u00e1 by emitenta postihla za poru\u0161en\u00ed sv\u00fdch \u201ezelen\u00fdch\u201c povinnost\u00ed. Aktu\u00e1ln\u00ed situace, kdy nen\u00ed zaji\u0161t\u011bna dostate\u010dn\u00e1 transparentnost na trhu se zelen\u00fdmi dluhopisy a investor\u016fm z\u00e1rove\u0148 chyb\u00ed n\u00e1stroje na efektivn\u00ed vym\u00e1h\u00e1n\u00ed informac\u00ed souvisej\u00edc\u00edch se zelen\u00fdmi dluhopisy, tak siln\u011b p\u0159isp\u00edv\u00e1 k riziku potenci\u00e1ln\u00edho zneu\u017eit\u00ed trhu se zelen\u00fdmi dluhopisy.&nbsp;<\/p>\n\n\n\n<p>Na\u0159\u00edzen\u00ed nyn\u00ed poskytuje celosv\u011btov\u011b prvn\u00ed z\u00e1vazn\u00fd standard pro emisi zelen\u00fdch dluhopis\u016f. Emitenti, kte\u0159\u00ed jsou ochotn\u00ed pln\u011b dodr\u017eovat Na\u0159\u00edzen\u00ed sm\u00ed ozna\u010dit sv\u00e9 dluhopisy jako <em>evropsk\u00e9 zelen\u00e9 dluhopisy<\/em> (<em>European Green Bonds <\/em>nebo<em> EuGB<\/em>), \u010d\u00edm\u017e se odli\u0161\u00ed a z\u00e1rove\u0148 d\u00e1 najevo, \u017ee spl\u0148uje nejp\u0159\u00edsn\u011bj\u0161\u00ed standardy pro zelen\u00e9 dluhopisy na trhu. S&nbsp;t\u00edmto jde ruku v&nbsp;ruce i nov\u00e1 odpov\u011bdnost, kter\u00e1 se na emitenty klade.<\/p>\n\n\n\n<p>Za prv\u00e9 emitenti jsou povinni zajistit, aby ve\u0161ker\u00fd v\u00fdnos z&nbsp;dluhopis\u016f byl alokov\u00e1n v&nbsp;souladu s&nbsp;na\u0159\u00edzen\u00edm o EU Taxonomii (<strong>EU<\/strong> <strong>Taxonomie<\/strong>). EU Taxonomie p\u0159edstavuje investor\u016fm v\u00fd\u010det \u010dinnost\u00ed, kter\u00e9 se mohou dluhopisy financovat. Jedn\u00e1 se zejm\u00e9na o investice do \u010dinnosti, kter\u00e9 p\u0159isp\u00edvaj\u00ed k&nbsp;dosa\u017een\u00ed environment\u00e1ln\u00edch c\u00edl\u016f, jako zm\u00edr\u0148ov\u00e1n\u00ed zm\u011bny klimatu. Z\u00e1rove\u0148 financovan\u00e1 \u010dinnost nesm\u00ed \u017e\u00e1dn\u00fd z&nbsp;c\u00edl\u016f EU Taxonomie po\u0161kozovat. (Obsah EU Taxonomie se postupn\u011b vyv\u00edj\u00ed v&nbsp;z\u00e1vislosti na posledn\u00edch v\u011bdeck\u00fdch poznatc\u00edch, proto 15 % z&nbsp;v\u00fdnos\u016f m\u016f\u017ee b\u00fdt alokov\u00e1no na \u010dinnosti, kter\u00e9 dosud v&nbsp;EU Taxonomii nejsou.)<\/p>\n\n\n\n<p>D\u00e1le mus\u00ed emitenti evropsk\u00fdch zelen\u00fdch dluhopis\u016f plnit v\u016f\u010di investor\u016fm \u0159adu reportovac\u00edch povinnost\u00ed, a to jak p\u0159ed emis\u00ed, tak i po jej\u00edm konci. N\u011bkter\u00e9 zpr\u00e1vy budou muset b\u00fdt p\u0159ipraven\u00e9 extern\u00edmi posuzovateli, kte\u0159\u00ed se nov\u011b registruj\u00ed u Evropsk\u00e9ho org\u00e1nu pro cenn\u00e9 pap\u00edry a trhy. EU si od tohoto syst\u00e9mu slibuje konzistentn\u00ed posuzov\u00e1n\u00ed financovan\u00fdch projekt\u016f a hlavn\u011b zv\u00fd\u0161en\u00ed d\u016fv\u011bryhodnosti dat o evropsk\u00fdch zelen\u00fdch dluhopisech. Investo\u0159i tak budou m\u00edt v\u011bt\u0161\u00ed jistotu, \u017ee zve\u0159ejn\u011bn\u00e1 data o emisi odpov\u00eddaj\u00ed skute\u010dnosti.<\/p>\n\n\n\n<p>Re\u017eim odpov\u011bdnosti emitent\u016f zelen\u00fdch dluhopis\u016f je spojen\u00fd s&nbsp;nutnost\u00ed p\u0159ipravit prospekt a nechat jej schv\u00e1lit p\u0159\u00edslu\u0161nou autoritou. V&nbsp;\u010cesk\u00e9 republice to je \u010cNB. Z&nbsp;regulace prospektu Na\u0159\u00edzen\u00ed p\u0159evezme i odpov\u011bdnostn\u00ed r\u00e1mec. \u010cNB bude opr\u00e1vn\u011bna zejm\u00e9na vym\u00e1hat od emitent\u016f pln\u011bn\u00ed reportovac\u00edch povinnost\u00ed, pozastavit obchodov\u00e1n\u00ed dluhopis\u016f, zve\u0159ej\u0148ovat informace, \u017ee emitent nepln\u00ed sv\u00e9 povinnosti nebo ud\u011blovat pokuty a\u017e do v\u00fd\u0161e 0,5 % ro\u010dn\u00edho obratu emitenta.<\/p>\n\n\n\n<p>Na\u0159\u00edzen\u00ed p\u0159ekra\u010duje v\u0161echny dosavadn\u00ed standardy a poskytuje emitent\u016fm velmi ambici\u00f3zn\u00ed zp\u016fsob, jak vydat \u201enejzelen\u011bj\u0161\u00ed\u201c dluhopisy na trhu. EU t\u00edmto d\u00e1v\u00e1 najevo, \u017ee chce Na\u0159\u00edzen\u00edm poskytnout co nejvy\u0161\u0161\u00ed standard pro zelen\u00e9 dluhopisy a postavit se tak i obav\u00e1m z&nbsp;\u201egreenwashingu\u201c, kter\u00e9 trh se zelen\u00fdmi dluhopisy prov\u00e1z\u00ed.<\/p>\n\n\n\n<p>Je v\u0161ak tak\u00e9 t\u0159eba vz\u00edt v\u00a0potaz, \u017ee aktu\u00e1ln\u011b vyu\u017e\u00edvan\u00e9 standardy na trhu se zelen\u00fdmi dluhopisy emitent\u016fm tak\u00e9 vyhovuj\u00ed a je tedy ot\u00e1zka, kolik emitent\u016f bude m\u00edt ambici vyd\u00e1vat zelen\u00e9 dluhopisy podle Na\u0159\u00edzen\u00ed. Zvl\u00e1\u0161\u0165 kdy\u017e jim v\u00a0tom p\u0159\u00edpad\u011b budou hrozit sankce a souvisej\u00edc\u00ed litiga\u010dn\u00ed rizika. Nicm\u00e9n\u011b Evropsk\u00e1 investi\u010dn\u00ed banka se ji\u017e dokonce zav\u00e1zala, \u017ee sv\u016fj program emise zelen\u00fdch dluhopis\u016f postupn\u011b slad\u00ed se standardem dle Na\u0159\u00edzen\u00ed. Vlivem Na\u0159\u00edzen\u00ed se bude s nejv\u011bt\u0161\u00ed pravd\u011bpodobnost\u00ed zvy\u0161ovat ned\u016fv\u011bra i v\u016f\u010di zelen\u00fdm dluhopis\u016fm, kter\u00e9 jsou vydan\u00e9 mimo evropsk\u00fd standard.<\/p>\n\n\n\n<p><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Na konci leto\u0161n\u00edho roku nabyde \u00fa\u010dinnosti na\u0159\u00edzen\u00ed o evropsk\u00fdch zelen\u00fdch dluhopisech (Na\u0159\u00edzen\u00ed). I p\u0159esto, \u017ee kategorie zelen\u00fdch dluhopis\u016f nebyla dosud na evropsk\u00e9 \u00farovni regulovan\u00e1, tak se o \u00faplnou novinku nejedn\u00e1. Pojem zelen\u00fdch nebo environment\u00e1ln\u011b udr\u017eiteln\u00fdch dluhopis\u016f se na finan\u010dn\u00edch trz\u00edch objevuje u\u017e nejm\u00e9n\u011b od roku 2007, kdy Evropsk\u00e1 investi\u010dn\u00ed banka a n\u00e1sledn\u011b i Sv\u011btov\u00e1 banka [&hellip;]<\/p>\n","protected":false},"author":804,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[36],"tags":[],"coauthors":[40],"class_list":["post-173","post","type-post","status-publish","format-standard","hentry","category-banking-finance"],"_links":{"self":[{"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/posts\/173","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/users\/804"}],"replies":[{"embeddable":true,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/comments?post=173"}],"version-history":[{"count":0,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/posts\/173\/revisions"}],"wp:attachment":[{"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/media?parent=173"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/categories?post=173"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/tags?post=173"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/blogs.dlapiper.com\/paragraph\/wp-json\/wp\/v2\/coauthors?post=173"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}