L’incidence sur les mar­chés finan­ciers de la tran­si­tion vers une socié­té bas car­bone

We provide a brief overview of the impact that the low‑carbon transition is expected to have on financial markets. First, we summarise the latest research on the pricing of transition risks by financial markets and survey the literature on the greenium of stocks and bonds. Second, we examine the most recent regulatory developments relating to green finance at the European and Belgian levels, and briefly discuss the characteristics of the most‑used standards for green bonds. Finally, we turn to developments on the green bond market in Belgium and three neighbouring countries (Germany, France and the Netherlands). In this regard, we shed light on the supply and demand for these instruments, focusing on the issuance of green bonds by governments, financial institutions, and non‑financial corporations, and the uptake of such bonds by various economic agents (households, non‑financial corporations, monetary institutions, pension funds, and others).