And that is not a bad place to start if you are striving for financial stability. Although sometimes you have to fight the desperate weather and force the sun to shine. That was exactly what Thomas Kenneth Whitaker did when he initiated the Programme for Economic Expansion in 1958.
Together with the Ministry of Finance, we have considered innovative ways of offering a green bond while maintaining the liquidity of our conventional bonds. We did not end up with a certificate model after all. But we humbly believe that the German “twin bond” model has been inspired by our certificate model.