Andrea Maino

Research Fellow

Andrea Giulio Maino is a Financial Economist with research interests in energy markets and the energy transition. He conducts also academic research in Asset Pricing, ESG Investing and venture capital.

He joined the OIES as an OIES-Aramco Research Fellow in 2021. With the Institute, he focuses on the financing of the energy transition and on carbon markets. He is also a Doctoral Fellow at the Swiss Finance Institute and at the Geneva Finance Research Institute (University of Geneva).

Previously, Andrea has been a Senior Associate at Moody’s Investor Services, working on EMEA Securitizations with focus on Non-Performing transactions, and an Analyst at the European Central Bank, working on market and risk analysis. Andrea holds a Bachelor’s degree in physics from the University of Rome and a Post-Graduate Diploma in mathematical finance from the University of Bologna.

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Areas of Expertise  

Financing of the Energy Transition (Green Bonds and Sustainability-Linked Bonds); Carbon Markets; Climate Policy; Environmental Governance; Asset Pricing of Energy and Equity Markets; ESG Investing.

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                    [post_content] => The completion of the Article 6 rulebook of the Paris Agreement is a necessary step towards building a robust framework in which participants can use collaborative approaches and a market-based mechanism to promote climate and sustainable development goals. There is widespread expectation that the Article 6 rulebook will create the conditions for effective and robust international carbon markets to thrive, including continued, significant growth in private sector investments through voluntary carbon offset projects. Increasing the credibility and integrity of these markets and greater alignment between voluntary and compliance markets can increase the adoption and the efficiency of these markets in achieving their goals. It will also pave the way for cooperative approaches that allow the financing of technologies needed to meet climate targets and raise climate ambitions of participating countries. The mechanism under Article 6.4 could pave the way for the development of a new crediting mechanism that avoid the shortcomings of the Clean Development Mechanism.

However, there are still some uncertainties surrounding the wider implications of Article 6 on carbon markets. This paper highlights the potential impact of Article 6 on the diversity of carbon credits available for investors and the uncertainty faced by investors when investing and trading on projects and their underlying credits as well as for corporations, particularly in what claims they can make by purchasing these different carbon offsets. Participants in carbon markets will be closely examining the implications for investors in terms of balancing investments in adjusted versus non-adjusted credits and accessing high quality projects including carbon removal credits. They will also be considering options to manage some of the risks associated with governments’ authorization processes, how corresponding adjustments (CAs) are applied, the governance frameworks in place and assessing the financial and reputational risks of some countries not being able to meet their nationally determined contribution (NDC) while engaging in large transfer of internationally transferred mitigation outcomes (ITMOs). Participants will also be monitoring closely the emission reductions generated under the Article 6.4 mechanism and whether these will gain the credibility and integrity to be permitted to be used in other compliance markets such as the EU-Emission Trading System (ETS), encouraging convergence across markets. Various supervisory efforts are already underway to help reduce uncertainty and provide more clarity for users of these markets. Market participants will be monitoring clarifications from a variety of initiatives and bodies including the United Nations Framework Convention on Climate Change (UNFCCC) Article 6 Supervisory Body (scheduled to meet twice in 2022), the Taskforce for Scaling Voluntary Carbon Markets (TSVCM), the Integrity Council for Voluntary Carbon Markets, the Voluntary Carbon Market Integrity Initiative (VCMI), and the various accreditor organizations such as Gold Standard and Verra. Also, the UN Secretary General has recently launched a high-level expert group with the task of assessing current standards and definitions for setting net-zero targets by non-state actors. There is hope that that as rules, guidance, and frameworks from regulated and market led initiatives consolidate, this would create the regulatory certainty to ensure the environmental integrity that investors seek.
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Central banks worldwide are stepping up actions in relation to climate change and taking on an increasingly important role in supporting the energy transition. Given the prominent role that central banks play in the financial markets and in influencing financing conditions, they can act as a powerful catalyst in addressing climate change. But their involvement and the potential consequences need to be evaluated in light of the trade-offs that central banks face. In this paper, we first focus on the European Central Bank and the Bank of England, as they are among the first and more active institutions that have been implementing ‘green’ policies. We then turn to central banks in developing countries, which have also been active in supporting the development of local green finance markets. However, governance and country-specific risks can impair central banks’ efforts, especially in developing countries where these risks remain high.

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Particular focus is given to the role of Green Bonds, a debt-like financial instrument whose proceeds are used to finance ‘Green’ projects/assets. Green bonds have experienced strong growth at the global level and represent, as of 2021, a USD 1.5 trillion market, with issuers including governments, supranational institutions, and corporates. Among corporate issuers within the energy sector, utility firms stand out as early adopters, motivated by their investments in renewable infrastructure as part of their strategy to reduce greenhouse gas (GHG) emissions. From the issuers’ perspective, several incentives motivate the issuance of green bonds including i) diversifying their investor base, ii) accessing a larger and more stable investor base, and iii) signalling strong commitment to credible decarbonization strategies. These incentives are considered to compensate for the additional costs incurred by third-party verification and enhanced post-issuance reporting. This paper reviews evidences on the ‘greenium’ – namely the premium paid by investors on green bonds and also discusses the important role played by institutional investors and financial institutions in the green bond market. Central banks are also expected to play a major role in shaping the pricing and adoption of green finance – and green bonds in particular – by providing guidance and adapting their supervisory and monetary interventions. The paper concludes by reviewing more recent ‘green’ financing instruments, such as Sustainability Bonds and, in particular, Sustainability-Linked Bonds, as they are of particular relevance for the energy industry and hard-to- abate sectors. 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This paper highlights the potential impact of Article 6 on the diversity of carbon credits available for investors and the uncertainty faced by investors when investing and trading on projects and their underlying credits as well as for corporations, particularly in what claims they can make by purchasing these different carbon offsets. Participants in carbon markets will be closely examining the implications for investors in terms of balancing investments in adjusted versus non-adjusted credits and accessing high quality projects including carbon removal credits. 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Latest Publications by Andrea Maino

Ongoing research by Andrea Maino