The Inspiration Session, moderated by Dr. Monika Płońska, presented various approaches to financing the green transition. The speakers included:
-
Dr. Paula Hanasz, Advisor to the Minister of Climate and Environment, with a presentation titled “Nature Credits: Nature Credits as a New Language for Financing Environmental Projects”;
-
Attorney Roksana Kałużna-Bałazy (kaluzna legal, POLSIF), who presented the national framework for transition instruments;
-
Christophe Szpyt, President of the Management Board of GETEC Polska sp. z o.o., with a presentation titled “ESCO: Financing Without CAPEX”;
-
Bartosz Silczak, Director of the ESG Risk Department at BGK, who used the example of an investment by a municipal company in Kołobrzeg to demonstrate how to finance an innovative project.
The panel on green bonds, moderated by Dr. Anna Grygiel-Tomaszewska (SGH), also featured Dr. Paweł Śliwiński, Associate Professor at Poznań University of Economics and Business (Dom Maklerski INC S.A.), and Attorney Roksana Kałużna-Bałazy. The panelists discussed investor expectations, measuring environmental impact, and the risk of greenwashing.
Dr. Monika Płońska highlighted the factors that determine the attractiveness of municipal projects to investors:
“Municipal projects that can attract investors to green bonds share three characteristics. First, they constitute a distinct, new asset. Second, they deliver measurable physical outcomes, with KPIs expressed in MW, MWh, or tonnes of CO₂. Third, they align with the issuer’s overall credible strategy. The absence of any of these characteristics increases the risk of greenwashing. Credibility also pays off: bonds with external verification demonstrate a more pronounced greenium and are priced at a higher premium than other bonds.”
We would like to thank the organizers for the invitation, as well as the speakers, panelists, and participants for the insightful discussion.
