Syftet med rapporten är att undersöka och analysera motiv och ekonomiska incitament bakom fastighetssektorns deltagande på den gröna obligationsmarknaden i Sverige. Rapporten diskuterar huruvida en grön premie eller ett Green bond premium, även kallat Greenium, existerar samt hur stort detta är. Greenium är skillnaden mellan räntan på en grön obligation och en traditionell obligation. Vidare analyseras anledningar till att ett Greenium skulle uppstå. En diskussion förs huruvida det är mer ekonomiskt lönsamt att köpa gröna obligationer i jämförelse med traditionella obligationer. År 2007 utfärdade Världsbanken den första gröna obligationen i världen i samarbete med SEB. Sedan gröna obligationens uppkomst har marknaden vuxit till ett globalt värde på över 300 miljarder dollar. Vasakronan utfärdade världens första gröna företagsobligation 2013, efter det fick marknaden i Sverige sitt största uppsving och sedan dess har marknaden vuxit kraftigt. Gröna obligationer har samma ekonomiska egenskaper som traditionella obligationer men skillnaden är att intäkterna från gröna obligationer måste finansiera miljö- eller klimatvänliga projekt. Gröna obligationer medför en del risker för aktiva aktörer. Dessa risker är bland annat anseenderisk, greenwashing och asymmetrisk information. Med tanke på den enorma påverkan företag idag har på miljön är det lämpligt att dessa tar ansvar för sina utsläpp och andra negativa externa effekter. Genom konceptet Corporate Social Responsibility har företag tagit mer ansvar för hur de påverkar samhället ur såväl ett ekonomiskt, miljömässigt samt socialt perspektiv. Genom CSR har gröna obligationer blivit populärt och i synnerhet på fastighetsmarknaden där ambitionen kring hållbarhet vuxit kraftigt de senare åren. Sammanfattningsvis kan det konstateras att ett greenium finns men att det är svåruppskattat. Enligt intervjuade personer inom fastighetsbranschen kan greenium antas vara -4 till -5 baspunkter och enligt vetenskapliga artiklar antas det vara cirka -2 baspunkter. En baspunkt motsvarar en hundradels procent. Att greenium uppstår beror på investerares stora efterfrågan och emittenters låga utbud på gröna obligationer i dagsläget. Fastighetsbranschen är ledande på den gröna obligationsmarknaden i Sverige och detta antas bero på branschens tidiga modifiering av gröna obligationer samt sektorns välutvecklade certifieringssystem av hållbara byggnader. I framtiden kan den gröna obligationsmarknaden antas växa och utvecklas inom såväl andra branscher som andra länder. / This report aim to examine and analyze motives and financial incentives behind the real estate sector's participation on the green bond market in Sweden. The report discusses whether a Green bond premium, also called Greenium, exists and how large it is. Furthermore, the reasons why a Greenium can occur are analyzed. A discussion about whether it is more economically viable to trade in green bonds compared to ordinary corporate bonds is implemented. In 2007, the World Bank issued the first green bond in the world in cooperation with SEB. Since then the market has grown to a global value over $ 300 billion. Vasakronan issued the world’s first green corporate bond in 2013 and since then the green bond market in Sweden has grown strongly. Green bonds have the same economic traits as traditional bonds, but the difference is that revenues from green bonds must finance environment or climatefriendly projects. Green bonds entail some risks for active issuers and investors. These risks include reputation risk, greenwashing and asymmetric information. Given the enormous impact companies have on the environment, it is appropriate for companies to take responsibility for their emissions and other negative external effects. Through the concept Corporate Social Responsibility companies have taken more responsibility for how they affect society from both an economic, environmental and social perspective. Through CSR green bonds have become popular and especially on the real estate market, where the ambition of sustainability has grown strongly in recent years. In conclusion, it can be stated that a greenium exists but that it is difficult to estimate. According to interviewed issuers in the real estate sector, greenium can be assumed to be -4 to -5 basis points and, according to scientific articles, it is assumed to be about -2 basis points. The fact that greenium arises depends on investors’ large demand and issuers' low supply of green bonds at present time. The real estate industry is the leading sector in the green bond market in Sweden and this is assumed to be due to the industry's early modification of green bonds and the sector's well-developed certification system of sustainable buildings. In the future, the green bond market can be assumed to grow and develop in both other industries and other countrie

Samhället står inför stora utmaningar relaterade till klimatförändringar såsom förlust av biologisk mångfald och ekosystemtjänster, urbanisering och försämrad och ojämlik folkhälsa. För att motarbeta dessa utmaningar kan grönområden användas som en strategi för att uppnå hållbar utveckling.   Grönområden ger positiva effekter på den fysiska samt den psykiska hälsan och den har även en viktig betydelse för samhället. Syftet med studien var att undersöka hur Gävle kommun arbetar med grönstrukturplanering och hur grönområden kan användas som en strategi för att uppnå en hållbar stadsdel. Såväl var målet med studien att ta fram utvecklingsstrategier inom grönstrukturplanering i Gävle kommun för att skapa mer underlag till de befintliga riktlinjerna och vägledningarna för grönplanering. Studieområdet i studien är Näringen som är ett industriområde i Gävle, som i dagsläget har stora miljöutmaningar och brist på grönytor. Gävle kommun satsar på att Näringen ska bli en av Europas mest hållbara stadsdelar 2040 utifrån de 19 hållbarhetsmålen som kommunen arbetar efter i projektet. Studien har även analyserat Norrtälje och Göteborgs grönstrukturplanering för att undersöka hur andra kommuner arbetar med grönstrukturplanering och relevanta riktlinjer. Metoderna som har använts för studien inkluderar en SWOT-analys, intervju och en dokumentanalys. I SWOT-analysen studerades styrkor, svagheter, möjligheter och hot för den nya stadsdelen Näringen. Dokumentanalysen studerade relevanta styrdokument som behandlade kommunernas riktlinjer för grönstrukturplanering och nyttan med en grönplan. Intervjun utfördes med en planarkitekt och kommunekolog från Gävle kommun som gav underlag till stora delar av arbetet. Grönplanen uppfattas som ett viktigt dokument för kommunernas arbete med grönstrukturplanering.  I resultatet kan det konstateras att Gävle kommun har bristfälligt med styrdokument som innefattar konkreta åtgärder. Detta kan vara för att processen inte än har kommit i gång. Norrtäljes och Göteborgs riktlinjer kan bidra till god grund för framtida arbete med framtagande av en grönplan i Gävle kommun. De olika styrdokumenten skiljde i synnerhet lite i jämförelse med varandra och inkluderade konkreta åtgärder. Det finns i stor omfattning mycket Gävle kommun måste arbeta med för att Näringen ska bli en av Europas mest hållbara stadsdelar 2040. / Society faces major challenges related to climate change, such as the loss of biodiversity and ecosystem services, urbanization and deteriorating and unequal public health. To counter these challenges, green areas can be used as a strategy to achieve sustainable development. Green areas have positive effects on physical and mental health, and it also has an important significance for society. The purpose of the study is to investigate how Gävle municipality works with green structure planning and how green areas can be used as a strategy to achieve a sustainable district. The goal of the study was to develop development strategies in green structure planning in Gävle municipality to create more basis for existing guidelines and guidelines for green planning. The focus area in the study is Näringen, which is an industrial area in Gävle, which currently has major environmental challenges and a lack of green spaces. The municipality of Gävle is investing in Näringen becoming one of Europe's most sustainable districts in 2040 based on the 19 sustainability goals that the municipality is working towards in the project. The study has also analyzed Norrtälje and Gothenburg's green structure planning to investigate how other municipalities work with green structure planning and relevant guidelines. The methods used for the study include a SWOT analysis, interview, and a document analysis. The SWOT analysis studied strengths, weaknesses, opportunities, and threats for the new district of Näringen. The document analysis studied relevant governing documents that dealt with the municipality’s guidelines for green structure planning the benefits of a green plan. The interview was conducted with a planning architect and municipal ecologist from Gävle municipality who provided a basis for large parts of the work. The green plan is perceived as an important document for the municipalities' work with green structure planning.  In the results, it can be stated that Gävle municipality has a significant lack of green structure planning that includes concrete measures. Norrtälje and Gothenburg's guidelines can contribute to a good basis for future work with the development of a green plan in Gävle municipality. In particular, the various governing documents differed slightly in comparison with each other and included concrete measures. There is to a significant extent a lot Gävle municipality must work with for Näringen to become one of Europe's most sustainable districts by 2040.

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There is an abundance of ready-made tools for assessing the economic value of green infrastructure. Each with more or less unique design components and method approaches concerning quantifying and monetizing green infrastructure. Use of a single ready-made tool to support decisions and justify funding of inclusion of multifunctional green infrastructure in urban development may, due to different tools’ various designs and method approaches, risk excluding acknowledgement of relevant ecosystem services. This literature study embodies the logic of comparison by using content analysis method to explore possibilities of producing more comprehensive economic assessments of green infrastructure. This through contrasting content and design features of two such tools: Benefits Estimation Tool, and Green Infrastructure Valuation Toolkit. In addition, it analyses and discusses potential problems and opportunities that may arise when complementing tool A with methods or design features from tool B, and vice versa. Findings suggest that some few methods are similar enough not to constitute a complementary foundation between the tools, but that a combined use of some specific quantification and valuation methods may increase an assessments’ comprehensiveness. Findings also suggest that in combining the tools’ methods inaccuracy and uncertainty of an assessment are likely to increase. The study discusses tool-related problems regarding uncertainty, assessment of social benefits, and perception of value. It concludes that even though mutual complementarity is possible to achieve and in doing so more aspects of GI will be addressed, combining valuation tools in the pursuit of increased assessment comprehensiveness will likely generate problems in terms of assessment inaccuracy. The study may provide aid for developers of green infrastructure valuation tools and for practitioners conducting economic green infrastructure assessments or cost-benefit analyses. / Det finns en uppsjö färdigdesignade verktyg syftade till att bedöma det ekonomiska värdet av grön infrastruktur. Varje med mer eller mindre unika designkomponenter och metodsammansättningar gällande kvantifiering och värdeuppskattning av grön infrastruktur. Användandet av enbart ett sådant verktyg för att skapa beslutsgrund och rättfärdiga investering för multifunktionell grön infrastruktur i en stadsmiljö kan, på grund av olika verktygs varierande design och metodsammansättningar, riskera utesluta relevanta ekosystemtjänster. Den här litteraturstudien tar avstamp i en så kallad jämförande logik genom att använda den vetenskapliga metoden innehållsanalys för att undersöka möjligheterna att skapa mer omfattande ekonomisk bedömning av grön infrastruktur. Detta genom att kontrastera innehåll och design av två sådana verktyg: Benefits Esitmation Tool och Green Infrastructure Valuation Toolkit. Dessutom analyserar och diskuterar studien potentiella problem och möjligheter som kan uppstå när verktyg A kompletteras med metoder eller designkomponenter från verktyg B, eller vice versa. Undersökningsresultaten antyder att mellan de två verktygen är vissa metoder så lika att ingen komplimenterande grund kan utrönas, men att ett kombinerat användande av några specifika kvantifierings- och värdeuppskattningsmetoder kan öka omfattningen av en ekonomisk bedömning av grön infrastrukturs värde. Resultaten antyder också att genom att öka omfattningen av den sådan bedömning brister bedömningens precision och rimligen ökar även dess osäkerhet gällande uttryck av ekonomiskt värde. Studien diskuterar verktygsrelaterade problem gällande osäkerhet, bedömning av sociala fördelar, och förnimmelse av värde. Den drar slutsatsen att ömsesidig komplettering av verktygen och flertalet nya aspekter av grön infrastruktur till trots är det sannolikt att ett kompletterande av verktyg skapar problem gällande bedömningens precision. Studien kan bistå med hjälp till utvecklare av bedömningsverktyg för grön infrastruktur och för tjänstemän som genomför en ekonomisk bedömning eller lönsamhetsanalys av gröninfrastruktur.

This study analyses the perception of green bonds in relation to the ESRS (Environmental Sustainability Regulation Standards), in a high-interest-rate environment, using behavioural economic theory, in the case of Sweden and Norway. The research questions focus on nudging strategies, willingness to pay, and the case of Sweden being a full EU member and Norway being part of the EEA collaboration. (Green) Nudging is a concept in behavioural economic theory referring to interventions to direct individuals' behaviour in a desired way without the use of force. There are several regulatory initiatives in the EU, such as the ESRS and CSRD and the voluntary EU Green bond standard, with an impact on green bonds within the built environment, for example seen in the use of proceeds. Previous research shows that the application of behavioural economic concepts, such as nudging, can be intertwined with the positive effects on sustainable practices. The chosen methods for this study were both qualitative and quantitative. The qualitative part consisted of 14 semi-structured interviews (with open and closed questions) and a quantitative part of a numerical analysis based on the Likert-scale questionnaire. The two-sample t-tests in MATLAB show, at a significance level of 0.05, a failure to reject the null hypothesis, set as showing no difference between the respondents in Sweden and Norway – for a specific Likert-scale question. The one-sample t-test in MATLAB show, at a significance level of 0.05, a significant difference from a neutral answer score, of 4, regarding Likert-scale questions relating to various factors, such as default framing, feedback/goal-setting, and social (green) reference nudging. Five conclusions have been identified based on the findings. Firstly, Sweden and Norway share similar positive views towards working green and using green bonds. For example, linking GHG-emission metrics in the use-of-proceeds to convey (green) market signals. Secondly, the present green bond market seems slightly more developed in Sweden compared to Norway. However, the study did not analyse to which extent and maturation. Thirdly, the adaptation, implementation, and perceived positive effects of ESRS seem to be similar in both Sweden and Norway. Fourthly, concepts such as default framing, feedback/goal-setting, and social (green) reference nudging, seem to affect the use of green bonds in Sweden and Norway, which may imply green nudges are fruitful. Fifthly, a higher interest rate environment influences the interest and issuance of green bonds but is not the most central factor since there seems to be an interest in sustainable financed activities long-term. This study’s findings are positive from a long-term perspective regarding social and environmentally sustainable development. A greenium and a willingness to pay, WTP, for long-term sustainability, may suggest considering also the ecological, social, and societal, relative to the economic parameters. I am happy to recommend further research in this area, for example in behavioural economics and green nudging. / I denna studie undersöks synen på gröna obligationer i relation till EU-regelverket ESRS (Environmental Sustainability Regulation Standards) i den bebyggda miljön, i Sverige och Norge, med utgångspunkt i beteendeekonomisk teori. De frågeställningar som varit vägledande i arbetet rör nudging-strategier, willingness to pay (WTP, betalningsvilja) samt hur organisationer i Sverige, som fullvärdig EU-medlem, och i Norge, som del av EES-samarbetet, förhåller sig till gröna obligationer. Nudging (grön nudging) som koncept inom beteendeekonomisk teori refererar till åtgärder som används för att styra individers beteende i en önskvärd riktning utan tvång. I tidigare forskning uppmärksammas att flertalet regelverk inom EU som ESRS men även CSRD och EU Green bond standard, visat sig vara betydelsefulla för användningen av gröna obligationer, exempelvis vid affärsmässig kapitalanvändning (use of proceeds). I beteendeekonomisk teori framhålls vidare att nudging och betalningsvilja kan ha positiva effekter för miljö och hållbarhet. Både kvalitativ och kvantitativ metod har använts i studien. Den kvalitativa delen grundas i 14 semi-strukturerade intervjuer (med både öppna och slutna frågor). Den kvantitativa delen grundas i den numeriska analysen baserat på Likert-enkäten. Studiens resultat visar att beteendeekonomisk teori kan vara relevant för att förstå hur gröna obligationer kan användas för hållbara initiativ som rör bebyggd miljö, och återspeglas i respondenternas svar både i Sverige och Norge. De tvåsidiga t-testerna i MATLAB visar att det, på en 0.05 signifikansnivå, ej går att förkasta noll-hypotesen om att det inte föreligger någon skillnad mellan respondenter i Sverige och Norge – för en specifik fråga med Likert-skala – frågor relaterade till grön nudging (default/framing, social reference nudge) samt till betalningsvilja, WTP, för gröna initiativ. De ensidiga t-testerna visar, på en 0.05 signifikansnivå, en signifikant skillnad från neutral svarspoäng om 4, gällande de frågor med Likert-skala som relaterar till faktorer såsom default framing, feedback/goal-setting, and social (green) reference nudge. Fem slutsatser har dragits: (1) Sverige och Norge delar en positiv syn på användning av gröna obligationer. Exempelvis publiceras gröna marknadssignaler, mätvärden kring GHG-utsläpp, i affärsplaner, use of proceeds. (2) Nuvarande grön obligationsmarknad tycks vara något mer utvecklad i Sverige än i Norge. (3) Användning, mottagande, implementering och upplevd positiv effekt av ESRS är liknande i både Sverige och Norge. (4) Koncept som default framing, feedback/goal-setting och social (grön) referens nudging, tycks påverka användning av gröna obligationer i Sverige och Norge och kan vara initiativ i riktning mot en hållbart finansierad verksamhet. (5) En högre räntemiljö påverkar intresse och emission av gröna obligationer men är inte den mest centrala faktorn för gröna obligationer eftersom det ändå, trots förändringar i räntemiljö i både Sverige och Norge, bland annat föreligger en viss betalningsvilja (WTP), för en mer långsiktigt hållbar utveckling, miljömässigt och socialt. Sammanfattningsvis visar studien att synen på de nya policy- och regelverken sammanflätade med ESRS, är positiv, i både Sverige och Norge. En grön premie (greenium) och en WTP för en mer långsiktigt hållbar utveckling tyder också på att man bör ta hänsyn till inte endast ekonomiska parametrar utan även ekologiska, sociala och samhälleliga.

Due to the deterioration of the earth’s health and the uncertainty in terms of climate changes, economy, food, water and energy supplies, the above terms have become worldwide phenomena. Buildings have a huge role to play in addressing the environmental concerns as they play a contributing role in gas emissions, waste disposal and energy use. The literature review and results of the quantitative research amongst experts like facility and building managers, leasing agents, finance managers and project managers in the property sector formed the basis of the study. Although green buildings are regarded as the future, the study revealed that there is a perception, even amongst experts in the property sector that the upfront costs of building green is substantially higher when compared to building conventional, which limits the construction of green buildings. This research is aimed at investigating whether building green leads to financial benefits which will ultimately provide the differentiator when it comes down to a final decision whether to invest in green buildings or not. An overview is also provided on the fundamental principles of green buildings which are important to be implemented in the construction of green buildings in order to maximise the financial benefits provided by green buildings. The study showed that experts agreed that the concepts applied in green buildings lead to long-term financial savings which justifies the statement that a realistic comparison between the total costs of building green versus building conventional can only be achieved over the lifecycle of a building. The main finding of this study is that there is awareness and understanding of the financial benefits associated with green buildings which implies that green buildings have a good growth potential. / MBA, North-West University, Potchefstroom Campus, 2014

Master of Science / Department of Journalism and Mass Communications / Robert C. Pearce / The present research explored whether consumer reactions to a deceptive environmental ad differs from consumers’ reactions towards a similar true green ad. The deceptive ad used in this study violates all FTC regulations for acceptable environmental claims. The practice of deceptive environmental advertising, known as green washing, is an increasing problem for consumers and advertisers as environmental products and services are offered at an increasing rate in the marketplace. Undergraduate college students participated in the experiment testing four hypotheses. As predicted, consumers were not able to identify a green washed ad as deceptive. Similarly, a measurement of consumers’ perceived overall ethics associated with the ad revealed low ethical concerns towards both green washed and true green ads. Attitudes towards green washing were also measures, and, as hypothesized, consumers have equally positive attitudes towards green washed and true green ads and brands. Additionally, stronger levels of environmental concern decreased the consumers’ ability to detect deception in green washed ads. Implications indicate that consumers cannot perceive differences in green washed ads and true green ads, and the prevalence of green washing has the potential to cause serious damage to the credibility of the advertising industry.

Due to the deterioration of the earth’s health and the uncertainty in terms of climate changes, economy, food, water and energy supplies, the above terms have become worldwide phenomena. Buildings have a huge role to play in addressing the environmental concerns as they play a contributing role in gas emissions, waste disposal and energy use. The literature review and results of the quantitative research amongst experts like facility and building managers, leasing agents, finance managers and project managers in the property sector formed the basis of the study. Although green buildings are regarded as the future, the study revealed that there is a perception, even amongst experts in the property sector that the upfront costs of building green is substantially higher when compared to building conventional, which limits the construction of green buildings. This research is aimed at investigating whether building green leads to financial benefits which will ultimately provide the differentiator when it comes down to a final decision whether to invest in green buildings or not. An overview is also provided on the fundamental principles of green buildings which are important to be implemented in the construction of green buildings in order to maximise the financial benefits provided by green buildings. The study showed that experts agreed that the concepts applied in green buildings lead to long-term financial savings which justifies the statement that a realistic comparison between the total costs of building green versus building conventional can only be achieved over the lifecycle of a building. The main finding of this study is that there is awareness and understanding of the financial benefits associated with green buildings which implies that green buildings have a good growth potential. / MBA, North-West University, Potchefstroom Campus, 2014

Sustainable Built Environments Senior Capstone Project / Climate change and resource availability are arguably the two biggest challenges humanity faces going forward. An unprecedented body of scientific work has been compiled over the past thirty years that indicates humans have and continue to be the largest driver of these environmental concerns, and therefore must also be responsible for any solutions. Buildings and their construction account for nearly 40% of the total energy consumption and greenhouse gas emissions in the United States. Water consumption by both buildings and thermoelectric power generation is also an issue, especially in the Southwest and Western United States. Green building has been gaining steam in the U.S. for the past two decades, but the primary focus has been in the commercial and industrial sectors. The residential markets have not seen the efficiency gains, primarily due to the perception that the cost isn’t worth the benefit. This project examines the need, feasibility, and potential benefits of sustainably retrofitting existing homes as an alternative to new construction. It provides a broad definition of sustainability and then focuses into a more narrow description of its application within the built environment. Using precedents, 3D modeling, and energy simulation software it compares the energy and water savings of a retrofit versus a base case as well as the performance of the average Southern Arizona home. Finally, this capstone project provides a professional cost estimate for the implementation of the proposed changes and a side-by-side look at the available “green” housing market, the utility cost savings for the homeowner, and the environmental benefits of individual as well as large-scale adoption of sustainable retrofitting practices.

Sustainable Built Environments Senior Capstone Project / There is a worldwide movement towards sustainability. A stepping-stone towards a sustainability conscience population starts in the education of the younger generation. Focusing on improving education specifically in middle schools in arid regions regarding sustainability will shift and shape youths’ interests and lifestyles into an educated community. This sustainability conscience community will continue to make moral sustainable decisions in their future endeavors. The curriculum implemented will reduce the dropout rate because it is a hand-on curriculum that is interesting and enjoyable for kids. The focus of the curriculum is to rely on outdoor activities to create an outdoor learning environment. The curriculum is based on three different sections: 1) campus-wide adaptable strategies implemented by the students, 2) long term investments implemented by professionals, 3) and hands-on activities that will encourage students to go outdoors and experience real-life problems. To create this education system, the author will propose design guidelines and applications that will be used to improve middle schools particularly in arid regions to become “Green Schools”. This program will validate the sustainable strategies, projects, and efforts done at schools and will also market their school as a model to follow. This will explain what it takes to become a Green School in arid regions and how to achieve these standards.