It makes sense that green bonds are meant for green companies. But there aren’t that many of them — not enough to meet the rising demand from investors who want their money to have a positive impact on the environment. So what if some of that money went to finance green activities by less-than-green firms.

There’s a multitrillion-dollar black hole growing at the heart of the world’s financial markets. Negative-yielding debt – bonds worth less, not more, if held to maturity – is spreading to more corners of the bond universe, destroying potential returns for investors and turning the system as we know it on its head.

GGF 2019 report calculates total green bond issuance of EUR6.6bn in 2018, placing Germany fourth in annual country rankings after the US, China and France. The week is ending with the Financial Times reporting on German Finance Ministry’s moves towards issuing a green bund for 2020.

Italy and Austria have come to the market recently with ultra-long duration debt sales. It’s remarkable that the latter managed to get a 98-year issue away with a 1.17% interest rate. Kit Juckes, a currency analyst at Societe Generale SA, wrote on Tuesday: “the shortage of positive-yielding ‘safe’ bonds is still driving investors to overpay for what’s left.”

Last month there was less electricity in the grid as needed. To prevent a complete collapse, Germany had to draw electricity from the neighbouring countries. Frankfurter Allgemeine Zeitung (FAZ) reported that due to the critical conditions in the German national grid, the country repeatedly had to rely on the neighbouring countries.

Half (49%) of the net electricity generated in the EU-28 in 2017 came from combustible fuels (natural gas, coal and oil), while a quarter (25%) came from nuclear power stations. Among the renewable energy sources, the highest share of net electricity generation in 2017 was from wind turbines (11.4%), followed by hydropower plants (10.4%).

The underlying assets of the Libra fund will be made up of bank deposits and other low risk government securities. Customers who transfer value into the system will in effect give up their right to collect interest on their capital. Libra acknowledges that its basket-like nature will ensure the currency fluctuates vis-à-vis the value of trade currencies.

Aging nuclear reactors, soaring debt and large capital-spending commitments are just some of the problems facing Xavier Girre, the CFO of French electricity supplier Electricité de France SA. [over 70% of electricity generation in France] EDF under his management tried new financing tools including green bonds and bonds issued in Asian currencies.

European banks have transferred 21.4 billion euros in revenues to the European Central Bank (ECB) in the 5 years since negative interest rates were introduced. The ECB introduced negative interest rates on June 11 2014, lowering its deposit rate to -0.1% in a bid to stimulate the economy, and negative interest rates are currently at -0.4%.

Energy investment has a strong link with country-level financial conditions. Deep availability of capital from private institutions, liquid capital markets, and access to domestic and foreign sources, complemented by limited public finance, are hallmarks of a supportive enabling environment.

Turkey’s plan to clean up some $13 billion in bad energy loans, one of the worst hangovers from last year’s currency crisis, is taking shape even as some banks hold out for the government to agree to safeguards and higher electricity prices. How quickly and credibly it can execute the energy-sector bailout.

In 2017, it was estimated that Germany would have to invest 33 billion euros into its high-voltage power grid, because of the energy transition. Scope Ratings has now calculated a 50% higher cost of 52 billion by 2030. Not included are the cost for connecting offshore wind farms that is also paid by grid operators and the cost for upgrading the distribution grid.