Reports

Scaling Credible Transition Finance - ASEAN Edition

To reach net-zero greenhouse gas (GHG) emissions by 2050, entities operating in most sectors must undergo a major transformation. The key tool that will enable this transformation is the development of a transition plan that is science based, coherent, comprehensive, transparent and covers all material scopes of emissions and business activities.

Sustainable Agriculture Brief

Agriculture is a dynamic and complex system, composed of countless particular characteristics that defy standardization and common definitions. Hundreds of cultivated crops and a wide array of systems and practices are employed in different geographical locations with diverse social, environmental and economic landscapes.

中国转型金融研究报告：债务工具支持电力行业低碳转型2022

气候债券倡议组织(CBI)，华夏理财有限责任公司和香港中文大学（深圳）联合发布《中国转型金融研究报告：债务工具支持电力行业低碳转型》。本报告聚焦电力行业，分析了中国国内电力行业低碳转型过程中的机遇与挑战，梳理了支持电力行业转型相关的融资模式发展，重点关注转型债务工具的市场的发展和市场的现状，并对如何通过可信的转型框架为中国电力行业低碳转型提供融资支持给出了相关建议。

Japan Green Finance State of the Market - 2021

The Institute for Global Environmental Strategies (IGES) and the Climate Bonds Initiative (CBI) has published the 'Japan Green Finance State of the Market - 2021'. The following is a summary of the report.

3 in every $4 dollars of green bonds issuance meets standards

This first-of-its-kind report reveals onne out of every four dollars of labelled debt priced in 2022 is excluded from the Climate Bonds Green Bond Database (GBDB) and one in 17 is excluded from the Climate Bonds Social and Sustainability Database (SSBDB), Climate Bonds Initiative reveals.

A Fork in the Road for the global steel sector

The global steel sector has reached a fork in the road. Before 2030, 71% of existing coal-based blast furnaces (1090 Mt) will reach the end of its lifetime and require major reinvestment. As the next investment cycle won’t happen for another two decades, this means that this decade provides the critical opportunity for steel to transition to a more sustainable sector. 

This policy paper included as part of the Climate Bonds Steel Package provides guidance to policymakers and regulators about how to guide industry and investors onto a climate-aligned pathway for steel.

全球可持续债券市场2022年第三季度概览

据气候债券倡议组织(CBI)统计，截至2022年9月30日，全球绿色、社会责任、可持续发展、可持续发展挂钩和转型债券(GSS+债券)的累计发行量已达3.5万亿美元；其中，符合CBI 定义的绿色债券累计发行量已突破2万亿。GSS+债券市场已拓展至全球，遍布98个国家和地区。 本季度报告梳理了各标签市场的进展， 并聚焦中东和非洲地区。 

5 passos para 5 bilhoes

El mercado de bonos verdes se ha expandido rápidamente hasta superar los 2 billones de dólares a finales del tercer trimestre de 2022. Sin embargo, para contribuir de forma substancial a hacer frente a los graves riesgos del cambio climático, necesitamos conseguir al menos 5 billones de dólares por año de emisión anual a partir de 2025. Disponemos de suficiente capital global, y el rápido crecimiento del mercado hasta la fecha ha demostrado el apetito por mover capital. Climate Bonds Initiative contempla cinco acciones colectivas para alcanzar los 5 billones anuales.

5 passos para 5 trilhoes

O mercado de títulos verdes expandiu rapidamente e até o final do terceiro trimestre de 2022 ultrapassou 2 trilhões de dólares. Entretanto, para haver uma contribuição substantiva para enfrentar os riscos severos das mudanças climáticas, precisamos ver pelo menos 5 trilhões de dólares de emissões anuais a partir de 2025. Temos o capital global adequado disponível, e o rápido crescimento do mercado até o momento demonstrou o apetite para movimentar este  capital. A Climate Bonds Initiative vê cinco ações coletivas para alcançar os 5 trilhões por ano.

Guidelines for Financing a Credible Coal Transition

Over the past months, Climate Bonds has been working with our partners at CPI and RMI to create guidelines for credible coal phase out projects in an effort to facilitate the rapid transition to clean energy globally. The draft guidelines are now available for public consultation now

5 steps to $5trillion by 2025

The green bond market has quickly expanded to pass USD2tn by the end of Q3 2022. However, to make a substantive contribution to addressing the stark risks of climate change we need to see at least USD5tn a year of annual issuance from 2025. We have adequate global capital available, and the rapid market growth to date has demonstrated the appetite for capital to move. Climate Bonds sees five collective actions to reach the annual USD5tn per annum. We need to expand, step-up, implement and move rapidly on the points listed in this manifesto. 

Q3 2022 Market Summary

Climate Bonds’ Market Intelligence returns with another iteration in its quarterly review series. Climate Bonds screens self-labelled bonds issued globally and only includes bond issuance demonstrating climate ambition aligned with the Paris Agreement in its

Companies and Climate Change Report

Launched in September 2020, the AIIB - Amundi Climate Change Investment Framework (CCIF) equips investors with a benchmark for assessing investments against climate change-related financial risks and opportunities.

The CCIF translates the three objectives of the Paris Agreement into fundamental metrics that enable investors to assess an issuer’s level of alignment with climate change mitigation, adaptation and resilience, and low-carbon transition objectives.

101 sustainable finance policies for 1.5°C

Policymakers can grasp the opportunities posed by the net-zero transition. They can direct capital to meet sustainable development needs and deliver the most urgent mitigation and adaptation projects.

5 Passos Para 5 Trilhoes

El mercado de bonos verdes se ha expandido rápidamente hasta superar los 2 billones de dólares a finales del tercer trimestre de 2022. Sin embargo, para contribuir de forma substancial a hacer frente a los graves riesgos del cambio climático, necesitamos conseguir al menos 5 billones de dólares por año de emisión anual a partir de 2025. Disponemos de suficiente capital global, y el rápido crecimiento del mercado hasta la fecha ha demostrado el apetito por mover capital. Climate Bonds Initiative contempla cinco acciones colectivas para alcanzar los 5 billones anuales.

Green Bond Pricing in the Primary Market H1 2022

The Green Bond Pricing in the Primary Market H1 2022 Report, this is the 14th report in our pricing series, in which we observe how green bonds perform in the primary markets. This report includes green bonds issued in the first six months of 2022 (H1 2022) and in a first time analysis we saw greenium emerge for Sustainability-Linked Bonds (SLBs), covered in the spotlight section of this report. 

Webinar: 

Peru Sustainable Finance State of The Market 2022

Peru Sustainable Finance State of The Market: Green, social and sustainability and sustainability-linked (GSS+)

Estado del Mercado de Finanzas Sostenibles en Perú 2022

'Estado del mercado de finanzas sostenibles en Perú 2022: los bonos verdes, sociales, sostenibles y relacionados con la sostenibilidad (GSS+) que se originaron en Perú aumentaron en 2021 y alcanzaron los USD 4800 millones, según el último reporte de Climate Bonds Initiative, producido en asociación con LAGreen Fund. El informe identifica oportunidades de inversión verde y sostenible en el país y trae las últimas cifras del mercado sobre la forma y el tamaño del mercado de deuda GSS+ peruano.

Social & Sustainability Bond Database Methodology

Climate Bonds is expanding its data analysis capabilities with the launch of a Social and Sustainability Bond Database (SnS DB), in keeping with the diversifying labelled bond market. The new database will complement the existing Climate Bonds Green Bonds Database, an internationally authoritative source of best practice green debt product data.   

A Green Future for Steel

Download the steel policy paper here.

To achieve the Paris Agreement goals, all sectors of the economy must rapidly decarbonise. Greater attention is now being paid to the so-called hard-to-abate sectors such as steel. This paper examines the policies required to accelerate the EU steel industry transition to net zero. 

2022年上半年全球可持续债务市场进展报告

2022年上半年全球可持续债务市场进展报告

Taxonomy Roadmap for Chile

Taxonomy Roadmap for Chile

Hoja de Ruta para una Taxonomía en Chile

Hoja de Ruta para una Taxonomía en Chile

Sustainable Debt Market Summary H1 2022

Our latest market update shows that Green, social, sustainability, sustainability-linked, and transition (GSS+) labelled debt reached a combined volume of USD417.8bn in the first half of 2022 (H1 2022), representing a year-on-year (YoY) decrease of 27% against H1 2021. However, signs of a revival emerged as green issuance picked up in Q2, increasing by 25% on Q1 volumes with a total of USD121.3bn.

Discussion Paper: Certification of Short-Term Debt

Green finance has typically been the realm of the global bond, loans, and other long-term markets, amassing almost $2trillion in volume to date. However, to direct larger capital flows towards climate solutions, investors must be able to easily identify all types of green finance instruments. The estimated USD55trillion value of global short-term debt markets offers an enormous pool of capital, on top of the global bond market, in which green finance can expand. 

Hong Kong Green and Sustainable Debt Market Briefing 2021

The Climate Bonds Initiative, in partnership with HSBC, and supported by HKMA and HKGFA, presents the Hong Kong Green and Sustainable Debt Market Briefing 2021.  

The briefing offers leading analysis of green, social, sustainability, transition bonds, and sustainability-linked debt instruments (GSS+) in the region.

Download your copy NOW!

China Green Bond Market Report 2021

China is very likely to reach its carbon peaking goal before 2030. The momentum seen in its 2021 green bond issuance will continue to support that. However, green and sustainable financing in China needs to further accelerate on a larger scale to provide the funding required to reach the 30·60 targets.

Learn more about the Green Bond market development in China in this new report produced by Climate Bonds Initiative and China Central Depository & Clearing Co. Ltd Research Centre (CCDC Research), with the support of HSBC.

Download your copy NOW!

中国绿色债券市场报告2021

中国在2030年前实现碳达峰是可行的。2021年，中国绿色债券发行量的迅猛增长有力地印证了其加快碳减排工作的雄心; 而实现中国宏大的 “双碳” 目标还需要加快绿色和可持续的投资并进一步壮大其规模。

气候债券倡议组织(CBI)与中央国债登记结算有限责任公司中债研发中心在汇丰银行的鼎力支持下联合发布《中国绿色债券市场年度报告2021》。本报告旨在总结截至到2021年底中国绿色债券市场的发展亮点，并对市场发展趋势做出展望。

全球可持续债券市场 2022年第一季度概览

2022年第一季度，全球GSS+债券市场（包括绿色、社会责任和可持续发展债券，可持续发展挂钩债券以及转型债券）的发行量超过2000亿美元。GSS+债券累计发行量于第一季度末突破3万亿美元大关。受利率上调及俄乌战争等因素影响，第一季度发行量同比有所放缓。但长远来看，贴标债券市场规模将继续壮大。

摘要：
 

*      截至2022年第一季度，GSS+债券的累计发行量突破3万亿美元，其中绿色债券为1.7万亿美元

*      截至2022年第一季度， 可持续发展挂钩债券的累计发行量达到1555亿美元，转型债券为102亿美元

*      2022年第一季度，GSS+债券的发行量达到2022亿美元
*   1月的GSS+债券发行量居第一季度之首，达1029亿美元

Linking Global Finance to Small-Scale Clean Energy

This report discusses the potential of financial aggregation in enabling global capital markets to finance distributed renewable energy (for residential and other uses) in developing countries. It explores the state of small-scale, low-carbon energy in developing countries as well as the barriers to financial aggregation, along with some proposed solutions and key considerations for market practitioners.

ASEAN Sustainable Debt Market 2021

The sustainable debt market in the 6 largest ASEAN economies continued to grow rapidly in 2021 with record issuance of green, social, and sustainability (GSS) debt totaling USD24bn compared to USD13.6bn in 2020. This growth reflects the regions’ enthusiasm to allocate capital for the response to the COVID-19 pandemic along with facilitating long-term, low carbon, and climate-resilient economic growth. 

Learn more about the ASEAN sustainable debt market in 2021 in our latest report. Now available for download.

Promoting Local Currency Sustainable Finance in ASEAN+3

The Promoting Local Currency Sustainable Finance in ASEAN+3 report is a regional update on the green, social, sustainable, sustainability-linked and transition bond market, with a particular focus on local currency (LCY) sustainable bond markets in ASEAN+3.

India Sustainable Debt Market State of the Market 2021 report

The India sustainable debt market continued to grow in 2021 with issuance of green, social, and sustainability (GSS) debt totaling USD7.5bn, a six-fold (+585%) increase compared to 2020 figures. These and other findings are brought by the India Sustainable Debt Market State of the Market 2021 report, launched today by the Climate Bonds Initiative.

Accelerating the Fossil Gas Transition to Net Zero

Read a two-page summary of the report here.

Sustainable Debt Market Summary Q1 2022

The labelled bond market topped $200bn in the first quarter of 2022, despite unfavourable conditions for fixed income securities. The green, social, sustainable, and other labelled (GSS+) bond charge was threatened by market volatility as the Ukraine war and rising interest rates sprung upon the opening months of the year. Despite this, the market demonstrated resilience and amassed a strong volume which is expected to rise over the coming months.

China Green Finance Policy Analysis Report 2021

With the support of UK PACT (Partnering for Accelerated Climate Transition), the Climate Bonds Initiative and SynTao Green Finance launched China Green Finance Policy Analysis Report 2021. The report assesses China's latest green finance policies and provides an overview of its green bond market development. 

中国绿色金融政策分析报告2021

气候债券倡议组织和商道融绿共同发布《中国绿色金融政策分析报告2021》，本报告得到了英国加速气候转型合作伙伴计划（UK PACT）的支持。

报告面向国内和全球范围内关注中国快速发展的绿色金融市场最新动态的利益相关方，探讨了中国绿色金融和绿色债券市场相关政策发展的四个要素：

• 中国绿色金融政策聚焦碳中和的相关进展；

ASEAN economies exposure to climate transition risks

中国绿色债券 投资者调查 2022

Post-Issuance Reporting in China's Green Bond Market 2022

This is Climate Bonds’ first study of post-issuance disclosure practices of green bonds in China, produced in partnership with SynTao Green Finance. Available in both English and Chinese, it builds on the series of global studies on this topic that Climate Bonds has conducted over the last few years.

Sustainable Debt Global State of the Market 2021

Climate Bonds’ flagship global State of the Market Report details the size and substance of green and other labelled bond markets. This, the 11th iteration, has been extended and now includes analysis of the green, social and sustainability (GSS) markets, plus sustainability-linked bonds (SLBs), and transition bonds. The publication represents the most extensive analysis available in the labelled finance space with features on taxonomies and sovereign bonds.

Green Bond China Investor Survey 2022

Climate Bonds Initiative and SynTao Green Finance, with the support of Hong Kong Exchanges and Clearing Limited (HKEX) and Natixis Corporation and Investment Banking (Natixis CIB) present the Green Bond China Investor Survey 2022 report. Conducted with 42 investment institutions among largest domestic and international green bond investors, the survey reveals that satisfactory green credentials and credit fundamentals are top priorities for furthering the appeal of green bonds coming from China. Download your copy now!

Green Bond Pricing in the Primary Market H2 2021

The Report is the 13^th iteration of a leading series analysing pricing dynamics of green bonds, examining how these instruments offer pricing advantages for investors and issuers alike.

Identifying, managing and disclosing climate-related financial risks: options for the Reserve Bank of India

Green Infrastructure Investment Opportunity (GIIO) Indonesia: Green Recovery 2022 Report

The Climate Bonds Initiative is pleased to present the Green Infrastructure Investment Opportunities Indonesia: Green Recovery report, which identifies and analyses multiple green infrastructure projects open for potential investment and development in the country. Indonesia GIIO has been produced with the support of the Asian Development Bank (ADB), the ADB-managed ASEAN Catalytic Green Finance Facility (ACGF), and PT Sarana Multi Infrastruktur (PT SMI).

Global Green Taxonomy Development, Alignment and Implementation

The Climate Bonds Initiative (Climate Bonds), in collaboration with the UK PACT programme, presents the Global Green Taxonomy Development, Alignment and Implementation report which highlights the latest trends around taxonomy development and their the subsequent implications for the future of the sustainable finance market.

全球绿色分类标准制定、统一及实施进展研究报告

气候债券倡议组织（Climate Bonds Initiative）与英国加速气候转型合作伙伴计划（UK PACT）合作，发布了全球绿色分类标准制定、统一及实施进展研究报告，该报告重点介绍了绿色分类标准发展的最新趋势及对可持续金融市场的影响。

该报告将欧盟和中国的绿色分类标准作为案例研究，比较了它们的指导原则和技术筛选标准，及中欧推出的《共同分类目录》中考虑的相关要素。此外，该报告讨论了绿色分类标准在绿色金融市场的应用，包括产品开发、风险管理、品牌推广和信息披露方面。
该报告现已提供中文和英文版本下载。

Transition Finance in China: latest development and future outlook

The Climate Bonds Initiative and CECEP Hundred Technical Service (Beijing) Co., Ltd. (CECEP), with the support of UK PACT, presents the Transition Finance in China: latest development and future outlook report. Taking the Chinese steel sector as a case study, this report reviews the latest development of transition finance in China and discusses recommendations to enable a credible transition. 

中国转型金融研究报告

《中国转型金融研究报告》是由气候债券倡议组织和中节能衡准科技服务（北京）有限公司共同撰写，并由英国加速气候转型合作伙伴计划（UK PACT）资助。本报告梳理了当前转型金融的最新进展，提出实现可信转型应遵守的原则，并以中国钢铁行业为例，讨论如何应用转型金融。

Green Infrastructure Investment Opportunities Thailand

The Green Infrastructure Investment Opportunities Thailand (Thai GIIO) report identifies and analyses green infrastructure projects open for potential investment and highlights avenues for further pipeline development. This report has been produced with the support of the

中国可持续债券市场盘点报告

《中国可持续债券市场盘点报告》分析了中国可持续债券市场截至2021年上半年的发展情况，重点关注现有可持续债券品种的定义、监管框架和市场发展，并将视角拓展到市场标准和激励/约束政策的最新发展。这份报告由气候债券倡议组织和兴业研究联合推出，感谢英国加速气候转型合作伙伴计划（UK PACT）的支持。

China’s Growing Sustainable Debt Market

China's Growing Sustainable Debt Market report analyses the development of China sustainable debt market up to the first half of 2021, focusing on the definitions, regulatory frameworks, and market development of existing sustainable labels, and takes an additional lens into the latest developments in market standards and policy incentives/constraints. The report was produced in partnership with CIB Economic Research and Consulting Co., Ltd. (CIB Research), with the support of UK PACT (Partnering for Accelerated Climate Transition).

金融支持农业绿色发展的共同语言 --农业绿色发展分类方案和评估方法

推進農業綠色發展，是統籌推進經濟、政治、文化、社會、生態發展的具體體現，是農業供給側結構性改革的重點。

為中國農業部門的綠色轉型融資在很多方面都很重要。它不僅鼓勵對農業產業綠色發展的投資，而且提高農業經營主體的成​​本、市場和風險意識，促進農業綠色發展的產業、生產和管理體系的發展。

下載我們的最新報告，了解更多關於中國在當地農業綠色轉型之路上的信息。

全球气候相关债券市场与发行人报告2020年

CBI《2020年全球气候相关债券市场与发行人报告》提供了全球非贴标气候相关债券市场的最新进展和全面分析，揭示了贴标债券市场以外的可持续投资机会。

非贴标气候相关债券市场(climate-aligned bonds universe)是气候债券倡议组织通过特别开发的方法论长期追踪的市场，强调了那些未被发行人明确标记为“绿色”的投资机会。通过追踪这一部分债券市场，可进一步引导全球资本投向与气候相关资产和活动。

目前，绿色、社会和可持续贴标债券是气候相关债券发行人在资本市场上为其业务运营进行再融资的主要工具。CBI的数据分析发现，贴标债券发行人往往拥有更广泛的投资者基础，并从绿色标签提供的额外可见度和负溢价中获益。

Common Language on Financially-Supported Agricultural Green Development Report

Promoting the green development of agriculture sector is a concrete manifestation of the overall plan for promoting economic, political, cultural, social, and ecological development, and the focus of supply-side structural reform in agriculture.

Análise do Mercado na América Latina e Caribe

O relatório "Análise do Mercado na América Latina e Caribe", publicado com o apoio do Banco Interamericano de Desenvolvimento (BID) e da Corporação Financeira Internacional (IFC), mostra que a região estabeleceu um recorde de emissão de títulos verdes em 2020 e está a caminho de atingir números semelhantes em 2021. A emissão de títulos verdes cresceu de US$ 13,6 bilhões em setembro de 2019 para US$ 30,2 bilhões no final de junho de 2021, em menos de dois anos.

Estado del Mercado en América Latina y El Caribe

El informe "Estado del Mercado en América Latina y El Caribe", publicado por la Climate Bonds Initiative, contó con el apoyo del Banco Interamericano de Desarrollo (BID) y la Corporación Financiera Internacional (IFC). El informe revela que la región estableció un récord de emisión de bonos verdes en 2020 y está en camino de obtener cifras similares en 2021. La emisión de bonos verdes creció de $13.6 mil millones de dólares en septiembre de 2019 a $30.2 mil millones a fines de junio de 2021, en menos de dos años. Para obtener más información, descargue el informe de forma gratuita.

Sustainable Debt Summary Q3 2021

Total volumes for the sustainable debt market – including labelled Green, Social and Sustainability (GSS) bonds, Sustainability-linked bonds (SLB) and Transition bonds – are well on their way to an annual trillion, reaching USD779.2bn in the first three quarters of 2021.

Key Highlights

Transition Finance in China’s Guangdong Hong Kong-Macau Greater Bay Area | 粤港澳大湾区转型金融展望

The Transition Finance in China’s Guangdong Hong Kong-Macau Greater Bay Area report discusses the principles that credible transition finance should adhere to and takes Guangdong-Hong Kong-Macao (GBA) Greater Bay Area – an important economic powerhouse for China –  as a case for studying the application of transition finance concerning the low-carbon transition.

Encuesta de bonos soberanos verdes, sociales y sostenibles

Los bonos soberanos verdes, sociales y sostenibles (VSS) contribuyen a iniciativas gubernamentales estratégicas en torno al clima, catalizando los mercados financieros verdes locales y atrayendo nuevos inversores. Estos y otros hallazgos están contenidos en una primera encuesta de este tipo realizada por Climate Bonds.

China Green Securitization State of the Market 2020 report

The China Green Securitization State of the Market 2020 report brings an analysis of China’s green ABS market growth for both international and domestic investors. Supported by UK PACT China, the report reviews the policy initiatives that are guiding the market development in the country, while analyzing the market data and best practices.

Policy Brief: Modelagem Financeira de Gestão Consorciada: Oportunidade para o Brasil financiar infraestrutura subnacional sustentável

O Policy Brief Modelagem Financeira de Gestão Consorciada: Oportunidade para o Brasil financiar infraestrutura subnacional sustentável identifica a oportunidade que o Brasil tem para estruturar Mecanismos Finance

Pooled Finance: Brazil’s Opportunity to finance subnational sustainable infrastructure

The Pooled Finance: Brazil’s Opportunity to finance subnational sustainable infrastructure Policy Brief identifies Brazil’s opportunity to structure Pooled Finance Mechanisms-PFMs to fund and implement subnational sustainable infrastructure projects. 

Latin America & Caribbean: Sustainable Finance State of the Market 2021

Latin America and Caribbean (LAC): State of The Market 2021

China State of the Market 2020 Report

Climate Bonds Initiative (CBI) & China Central Depository & Clearing Co. Ltd Research Centre (CCDC Research), with the support of HSBC, are pleased to present you the fith iteration of our flagship China Green Bond Market 2020 Research Report. 

Green Bond Pricing in the Primary Market H1 2021

Green Bond Pricing in the Primary Market H1 2021 is the 12^th iteration in the series and monitors the performance of 56 EUR and 19 USD denominated benchmark size green bonds with a total value of USD75.9bn issued between January and June 2021. 

Highlights from Q1-Q2 2021

Sustainable Debt Highlights H1 2021

Total volumes for labelled Green, Social and Sustainability (GSS) bonds, Sustainability-linked bonds (SLB) and Transition bonds reached nearly half a trillion (USD496.1bn) in the first half of 2021.

This amount represents 59% year-on-year growth in the GSS market from the equivalent period in 2020. It also sets the labelled sustainable debt market on track to reach another record high by end December.

Cumulative labelled issuance now stands at USD2.1tn at end H1 2021.

Green Bonds in South Africa: How green bonds can support South Africa's energy transition

South Africa has a huge opportunity - to be the first coal-based economy in the global south to make a successful transition to a low carbon economy, particularly in the energy sector. With its aging fleet of coalfired power stations , it must build more energy generation capacity both to offset coal closures and to meet the growing demand for energy.

Sustainable Debt: North America State of the Market 2021

This report is Climate Bonds’ first stand-alone State of the Market report for North America, encompassing established green markets and the expanding social and sustainability labels. 

Climate Investment Opportunities: Climate-Aligned Bonds & Issuers 2020

Climate Investment Opportunities: Climate-Aligned Bonds & Issuers 2020 report provides a comprehensive analysis of the global unlabelled climate-aligned bond market, which consists of investment opportunities that extend beyond the thematic bond market. These instruments are identified via a proprietary methodology developed by Climate Bonds.

Brazil Briefing: Agriculture Sustainable Finance State of The Market

The Brazil briefing on the Agriculture Sustainable Finance State of The Market provides an analysis of how labeled bonds are currently used to finance sustainable agriculture projects, assets and activities in the country. According to the study, green bonds account for 84% of the Brazilian sustainable debt market, with a cumulative total of USD 9 billion issued by February 2021. Next are sustainability bonds with USD 1.6 billion representing 15% of the total volume. And finally, social bonds with USD 111 million, equivalent to 1% of the market.

Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil

O relatório Análise do Mercado de Financiamento Sustentável da Agricultura no Brasil traz uma análise de como títulos rotulados são atualmente utilizados ​​para financiar projetos, ativos e atividades de agricultura sustentável no país. De acordo com o estudo, os títulos verdes respondem por 84% do mercado de dívida sustentável brasileira, com um total acumulado de USD 9 bilhões emitidos até fevereiro de 2021. Em seguida, estão os títulos sustentáveis com USD 1,6 bilhão representando 15% do volume total.

Greater Bay Area - Green Infrastructure Investment Opportunities (GIIO) | 粤港澳大湾区绿色基础设施投资机遇报告

This report highlights green infrastructure investment opportunities in the Guangdong-Hong Kong-Macao Greater Bay Area (the GBA) which consists of nine cities in the Guangdong Province, and two special administrative regions, i.e., Hong Kong and Macao, and is one of the economic growth engines and leading green finance regions in China.

Post-Issuance Reporting in the Green Bond Market 2021

This is the 3rd iteration of our Post-Issuance Reporting in the Green Bond Market Series.

Post-issuance reporting on the use of proceeds (UoP) is a core component of the Green Bond Principles (GBP), the Green Loan Principles (GLP) and the Climate Bonds Standard (CBS). Issuers that are effectively reporting on the environmental impacts of funded projects ensure the transparency and accountability underpins the credibility of the green bonds and loans. 

Embedding Sustainability into the COVID recovery: A Primer for ASEAN Central Banks

This Policy Brief examines the possible role ASEAN central banks could play in ‘building back better’ from the COVID-19 pandemic, drawing on international examples of innovative action in both COVID-19 recovery and greening central bank activities.

This report synthesises best practice on the ‘greening’ of prudential and monetary policies and contextualises these into lessons that can be drawn on by ASEAN Central Banks as they rebuild from the economic impacts of COVID-19.

Hong Kong Green Bond Market Briefing 2020

This is the third iteration of the Hong Kong Briefing Paper, examining a range of green bond and loan deals from domestic issuers and the growing suite of sustainable finance product offerings.

ASEAN Sustainable Finance State of the Market 2020

The ASEAN sustainable finance market maintains rapid growth despite the negative impact of COVID-19, focusing the attention on the need for a sustainable economic recovery. 

The report outlines regional and national developments covering three overarching debt themes, Green, Social, and Sustainability. Also covered are key policy developments that are anticipated to drive ASEAN’s sustainable finance market.

Sustainable Debt: Global State of the Market 2020

Sustainable Debt-Global State of the Market report assesses the scale and depth of the green, social, and sustainability (GSS) debt markets as of the end of 2020. This report is the tenth iteration in our flagship State of the Market series, encompassing established green markets and the expanding social and sustainability labels. 

Nordic Sustainable Debt State of the Market 2020

Nordic Sustainable Debt is the newest in our State of the Market (SotM) series providing an in-depth analysis of Green, Social and Sustainability (GSS) investment in Sweden, Norway, Finland, Denmark and Iceland. 

The Nordic sustainable bond market has more than quintupled from USD16.5bn since the inaugural Climate Bonds Nordic report of 2018, and including sovereign, NIB and national issuance reached a cumulative USD 88.2bn at the end of 2020. 

Green Finance Opportunities in Central America & the Caribbean 2021 / Oportunidades de Financiamiento Verde en Centroamérica y el Caribe 2021

Sponsored by the Central American Bank for Economic Integration (CABEI), the Green Finance Opportunities in Central America & the Caribbean 2021 report aims to support green investment in the region by facilitating greater engagement between asset owners, investors and developers, as well as to help issuers come to market.

Japan: Green Finance State of the Market 2020

Climate Bonds continues its collaboration with Japan’s Green Bond Issuance Promotion Platform, with the release of the third edition of the Japan Green Finance State of the Market report.  The report provides an in-depth overview of the Japanese green bond market and the broader labelled universe, while highlighting opportunities to boost green finance with unlabelled climate-aligned bonds and new policy developments.

Green Bond Pricing in the Primary Market H2 2020

Green Bond Pricing in the Primary Market H2 2020 reveals increasing signs of greenium in both public and private sector bond issuance in the second half of the year including performance of the inaugural German sovereign green Bund of September 2020. 

Green Infrastructure Investment Opportunities Malaysia

This report highlights green infrastructure investment opportunities in Malaysia. It has been prepared to help meet the growing demand for green investment opportunities and to support the country’s transition to a low carbon economy.

It aims to facilitate greater engagement on this topic between project owners and developers, and institutional investors. Green infrastructure and corresponding green finance instruments are explored in the report, with sector-by-sector investment options presented.

Financiando el transporte sustentable en México

Financiando el transporte sustentable en México

El Informe Financiando el transporte sustentable en México ofrece una visión general del mercado en crecimiento y oportunidades para canalizar inversiones hacia el transporte bajo en carbono en México y acciones de mitigación que podrían financiarse con bonos etiquetados.

Financing low-carbon transport in Mexico

The Financing low-carbon transport in Mexico brief provides an overview of the growing market and opportunities for channeling investments towards sustainable transport in Mexico and mitigation actions that could be financed with labelled bonds.

Sovereign Green, Social, and Sustainability Bond Survey

Sovereign Green, Social & Sustainability (GSS) bonds contribute to strategic government initiatives surrounding climate, catalyzing local green finance markets and attracting new investors. These and other findings are contained in a first of its kind survey undertaken by Climate Bonds. 

绿色、社会和可 持续主权债券： 发展贴标债券市 场的中坚力量

基于与19个主权债券发行人的对话， 气候债券倡议组织（以下简称“气候债 券”）撰写了全球首份针对绿色、社会及 可持续主权债券（Sovereign green, social, and sustainability (GSS) bond，以下简称“贴标主权债券”）的调 查报告。

Financing low-carbon buildings in Mexico

Financiando la construcción sustentable en México

Green Infrastructure Investment Opportunities Philippines

The Inaugural Green Infrastructure Investment Opportunities (GIIO) Philippines report brings the key trends and developments for green infrastructure and energy in the Philippines. 

Twenty (20) green projects in renewable energy, low carbon transport, water infrastructure and waste management are showcased and a sample pipeline of over seventy (70) projects in low carbon transport, renewable energy, sustainable water and sustainable waste management are identified. 

Green bonds market summary - Q3 2020

The green bond market reached a new record as Q3 2020 issuance peaked at USD64.9bn - the highest volume in any third quarter period since market inception and the second highest recorded amount in any individual quarter (following Q2 2019 at USD73.1bn), and 21% more than Q2 2020. Cumulative issuance volume since inception reached USD948bn.

Other key figures for the quarter included:

中国的绿色债券发行与机遇报告

全球范围内，绿色基础设施建设正带来巨大的投资机遇。为了实现《巴黎协定》中提出的减排目标，从现在起至2030年，全球预计将产生价值约100万亿美元1（ 707万亿人民币）的气候适应型基础设施需求。但目前该领域仍然缺乏可识别、可投资、可盈利的相关项目。同时，对于符合绿色金融条件的资产和项目类型也缺乏明确的界定。

为应对这一挑战，本报告旨在明确并展示中国的绿色投资机会，倡导增进对于绿色定义和投资方向的认知，并助力作为绿色基础设施融资手段的绿色债券的发行。本报告还有助于满足对于绿色投资机会持续增长的需求，并支持中国向低碳经济的转型过渡。报告致力于促进项目所有者、开发商以及机构
投资者间针对这一主题进行的更多参与。报告中探讨了绿色投资机会和相应的绿色金融工具，并展示了各领域的投资选择。

China’s Green Bond Issuance and Investment Opportunity

Green infrastructure presents a huge investment opportunity globally. However, there remains a lack of identifiable, investment-ready and bankable projects as well as  a lack of understanding of what types of assets and projects qualify for green financing. This report aims to highlight green investment opportunities in China.It aims to facilitate greater engagement on this topic between project owners and developers, and institutional investors.

Sustainable Debt Global State of the Market H1 2020

Green Loans Australia & New Zealand

This report covers the labelled green corporate loan market in Australia and New Zealand. It explores what has happened so far, best practice in labelling a green loan, and what should be done to channel loan markets for climate change investment.

Green Bond Pricing in Primary Market : H1 (Q1-Q2) 2020

This is the 10^th iteration of "Green Bond Pricing in the Primary Market” covering January to June 2020.  

The report monitors the performance of 38 EUR and eight USD denominated benchmark size green bonds with a total value of USD37bn issued during H1 2020.

The full series of Pricing reports is available here.

Financing Credible Transitions: Summary Note

The Whitepaper presents a framework for identifying credible transitions aligned with the Paris Agreement.

This document is the 4 Page Summary Note.

Climate Bonds jointly produced this work with Credit Suisse. 

Find the full "Financing Credible Transitions (White Paper)" here. 

Financing Credible Transitions (White Paper)

This Whitepaper presents a framework for identifying credible transitions aligned with the Paris Agreement.

Climate Bonds jointly produced this work with Credit Suisse. 

This paper has two purposes:

1. Define transition as a concept by presenting a starting point for the market to see a credible brown to green transition as ambitious, inclusive and aligned with the Paris Agreement (thereby avoiding greenwash).

Green bonds market summary - H1 2020

The Green Bonds Market Summary – H1 2020 focuses on the latest market developments in labelled green bonds and loans.

The summary highlights issuance trends and significant data points for a period significantly impacted by the global COVID-19 pandemic.

Green Bonds Global State of the Market 2019

The global Green Bonds State of the Market 2019 report, the first in a new annual series analysing each calendar year's market developments in detail including global trends in green bond, loan and sukuk issuance and avenues for market growth.

The figures are as of the end of CY 2019, and have slightly increased since our 2019 Green Bond Market Summary posted in February due to additional transactions being included.

China Green Bond Market 2019 Research Report

China Green Bond Market 2019 Research Report analyses the key developments in the world’s largest source of labelled green bonds.

中国绿色债券市场 2019 研究报告

本报告总结了中国作为2019年全球最大贴标绿色债券来源的重要发展，聚焦绿色债券发行情况、相关政

Unlocking Brazil’s Green Investment Potential for Agriculture

The Unlocking Brazil’s Green Investment Potential for Agriculture identifies a large pipeline of projects and assets eligible for green financing and reveals that the investment potential for Agriculture in Brazil reaches USD 163 billion (BRL 692 billion) until 2030.

Energy efficient home improvements and the green stimulus

Coronavirus economic stimulus packages need to consider all facets of sustainable development, otherwise we risk creating even greater disasters for ourselves in the future. 

Securitisation as an enabler of green asset finance in India

This report discusses the role green asset backed securities (ABS) can play in helping India finance its green infrastructure and improve the lives of the poor and disadvantaged. However, we acknowledge that securitisation requires specialised structuring expertise, complex credit analysis and a specialised investor base.

Financing waste management, resource efficiency and circular economy in the green bond market

Financing Waste Management, Resource Efficiency and Circular Economy is a briefing prepared specifically for the Green Bond Issuance Promotion Platform administered by the Ministry of Environment in Japan (MoEJ).

Hong Kong Green Bond Market Briefing 2019

Produced in partnership with HSBC, and supported by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Green Finance Association (HKGFA), Climate Bonds Initiative’s second Hong Kong Briefing Paper examines a range of green bond deals from domestic issuers, and for the first time assesses their post-issuance disclosure.

Japan - Green Finance State of the Market 2019

Japan – Green Finance State of the Market 2019 presents an updated in-depth overview of the Japanese green bond market, highlighting developments since the inaugural 2018 publication. With USD17bn in cumulative issuance at the end of 2019, Japan reached 9^th place in global country rankings and 2^nd in Asia-Pacific, after China.

Green Infrastructure Investment Opportunities (GIIO) Vietnam

The Inaugural Green Infrastructure Investment Opportunities (GIIO) Vietnam report brings the key trends and developments for green infrastructure and energy in Vietnam. 

Vietnam GIIO is available in English and Vietnamese has been prepared to help meet the growing demand for green investment opportunities and to support the country’s transition to a low carbon economy.

Cơ hội Đầu tư vào Cơ sở Hạ tầng Xanh VIỆT NAM

Báo cáo Cơ hội đầu tư vào cơ sở hạ tầng xanh (GIIO) Việt Nam mang đến thông tin về những xu hướng và sự phát triển chính cho cơ sở hạ tầng và năng lượng xanh tại Việt Nam.

Báo cáo GIIO Việt Nam được lập bằng tiếng Anh và được dịch ra tiếng Việt nhằm đáp ứng nhu cầu ngày càng tăng về các cơ hội đầu tư xanh và hỗ trợ Việt Nam chuyển đổi sang nền kinh tế ít các-bon.

Green Bond Treasurer Survey 2020

Green Bond Treasurer Survey 2020  is a first of its kind, unique interrogation of market experience to identify core benefits and challenges of issuing green bonds and provides guidance to potential newcomers into green financial markets.

ASEAN Green Finance State of the Market 2019

ASEAN Green Finance State of the Market 2019 report is an analysis of the issuance of green bonds and green loans in Southeast Asia. Following Climate Bonds Initiative’s (CBI) first ASEAN Green Finance State of the Market 2018, this 2019 report reviews the progress made across the regional green finance landscape and emerging opportunities for more green bonds, loans and sukuk amongst ASEAN nations.

Green Bond Pricing in the Primary Market: H2 (Q3-Q4) 2019

The report monitors the performance of 36 EUR and 13 USD denominated benchmark size green bonds with a total value of USD36bn issued during H2 2019.

This is the 9^th report, and the fourth semi-annual report, marking the period July-December 2019. Prior to 2018, reports were released every quarter, the first one being the Q4 2016 Snapshot.

EuroPACE 2.4 - Feasibility study for a financial instrument and a review of existing retrofit loan schemes

“EuroPACE” is a project funded by the European Commission which seeks to boost energy efficiency investments for buildings in Europe. The project has been developed by a number of NGOs and organisations known as the EuroPACE Consortium. As a member of the EuroPACE Consortium, the Climate Bonds Initiative has worked on a series of deliverables designed to support the uptake of the programme.

EuroPACE 2.3 - Refinancing EuroPACE loans in the European Fixed Income Market

“EuroPACE” is a project funded by the European Commission which seeks to boost energy efficiency investments for buildings in Europe. The project has been developed by a number of NGOs and organisations known as the EuroPACE Consortium. As a member of the EuroPACE Consortium, the Climate Bonds Initiative has worked on a series of deliverables designed to support the uptake of the programme.

2019 Green Bond Market Summary

Unlocking green bonds in Indonesia: a guide for issuers, regulators and investors

Indonesia is the fourth most populous country in the world and one of the fastest growing emerging markets. It aims to deliver USD400bn worth of new public-works projects in the transportation, energy, water and waste sectors over five years.

Green Infrastructure Investment Opportunities Indonesia, Update Report

This report builds on the inaugural Green Infrastructure Investment Opportunities, Indonesia report released in May 2018. It provides updated content to help meet the growing demand for green investment opportunities, including green bonds, as well as to support the country’s transition to a low-carbon economy.

Nigeria - State of the Market

Nigeria was the first nation to issue a Sovereign Certified Climate Bond back in 2017.  

Green Bond European Investor Survey 2019

This is Climate Bonds Initiative’s first green bond investor survey in a planned series. We talked with 48 of the largest Europe-based investment managers. Total assets under management (AUM) of respondents was EUR13.7tn, and their total fixed income AUM EUR4.3tn, with an average of EUR90bn and median of EUR34bn. 

Green Infrastructure Investment Opportunities Brazil 2019

O relatório Oportunidades de Investimento em Infraestrutura Verde — Brasil 2019 relaciona o atual estado do mercado brasileiro de finanças sustentáveis e o progresso de projetos de infraestrutura verde no Brasil.

Green bonds market summary - Q3 2019

Green Bond Pricing in the Primary Market: H1 2019

Green bond pricing in the primary market: January - June 2019  monitors the performance of 46 EUR and 15 USD denominated benchmark-sized green bonds with a total value of USD56.6

Greening the Financial System: Tilting the Playing Field: The Role of Central Banks

Comparing China’s Green Definitions with the EU Sustainable Finance Taxonomy (Part 1)

This briefing provides a preliminary analysis on China's Green Bond Endorsed Project Catalogue, the Green Industry Guiding Catalogue and the EU Sustainable Finance Taxonomy in terms of their guiding principles, users, classification and screening criteria. The aim is to identify the differences in green definitions across Europe and China and facilitate the harmonisation process. 

Latin America & Caribbean: Green finance state of the market 2019 I América Latina y el Caribe: Estado del mercado de las finanzas verdes 2019 I América Latina e Caribe: Análise de mercado das finanças verdes 2019

Latin America & Caribbean: Green finance state of the market 2019 is the first detailed analysis of the LAC green finance market since the first issuer from the region entered the market in 2014. The report is sponsored by United Nations Development Programme (UNDP) through the Partnership for Action on Green Economy, and by the Inter-American Development Bank and IDB Invest.

New Zealand green bonds and infrastructure 2019

Despite New Zealand’s small size and population, it has emerged as a global leader on climate action with its aggressive policies and ambitious climate targets. New Zealand’s green financial market is adopting global best practice to shift New Zealand to a financial system that supports sustainable social, environmental and economic wellbeing. 

Green Infrastructure Investment Opportunities Australia 2019

Green infrastructure presents a huge investment opportunity across the world, with an estimated USD100tn worth of climate/compatible infrastructure required globally by 2030 to meet Paris Agreement emissions reduction targets.

This report builds on the inaugural Green Infrastructure Investment Opportunities Australia and Zealand (GIIO) report released August 2018. 

Australia Green Finance State of the Market 2019

Australia green finance state of the market 2019 update calculates Australia cumulative green bond issuance to 30 June: AUD15.6bn, 10th in cumulative global country rankings, 3rd in the Asia-Pacific region behind China (USD91.5bn) and Japan (USD12.4bn).

Annual 2018 issuance: AUD6.0bn (2017: AUD3.3bn), 9th in 2018 annual global country rankings 

China Green Bond Market Newsletter H1 2019 / 中国绿色债券市场季报 2019 上半年度

In the first half of 2019, total green bond issuance from China went up to USD21.8bn, a 62% increase year on year, largely due to contributions from regional banks and the private sector as a whole.

Green bonds market summary - H1 2019

H1 2019 highlight figures:

Labelled green bond issuance: USD117.8bn (up 48% on H1 2018) 

Non-financial corporates lead with 26% of volume, followed by financial corporates at 19% of H1 issuance

Emerging markets make up nearly a fifth (19%) of issuance with China’s lead  

Sovereign green bond issuance growing: 3 new issuers enter the market bringing total to 12. The Dutch and Chilean governments issue Certified Climate Bonds

Total labelled issuance of USD145.4bn, including:

Germany: Green Finance State of the Market - 2019 update | Deutschland: Grüner Finanzmarkt – Lagebericht 2019

Germany: Green Finance State of the Market - 2019 update provides a detailed overview of recent developments in the German green bond market. It analyses the developments in the private and public sector for industries with green growth prospects, including energy, low carbon buildings, transport and automotives. It also identifies climate-aligned issuers that are already financing green assets.

Green bond pricing in the primary market: July - December 2018

This is the 7^th iteration in a long-term analytical series by Climate Bonds. It features a special EM section looking at China and guest commentary by Jason Mortimer of Nomura Investment Management in Tokyo, discussing the concepts around ‘greenium.’

For this report 24 EUR and 10 USD labelled green bonds issued in H2 2018 and totalling USD29bn were analysed. Eighteen out of 34 bonds are from repeat issuers.

Green Bonds Policy: Highlights from Q3-Q4 2018

Public support for green bond policies continues in the second half of 2018. Key areas include further green sovereign issuance, new national guidelines and central banks action. The development of the EU Taxonomy for sustainable finance continues, with the release of a consultation paper in December 2018. The TEG (Technical Expert Group) is expected to deliver a final Taxonomy in the second half of 2019. 

Green Bonds Market Summary - Q1 2019

Q1 at a glance

Green bond issuance reached USD47.9bn in Q1 2019, and surpassed Q1 2018 volume of USD33.8bn by 42%, on a clear upward trend. Almost a quarter came from debut issuers. There were 43 new market entrants from 17 countries.

Growing green bond markets: The development of taxonomies to identify green assets

Green bond guidelines are being implemented across the globe to support issuers and investors in selecting and reporting on suitable projects. However, a gap of adoption of green definitions remains, suggesting the need to develop consistent approaches that can increase the capability of issuers and investors to identify eligible green and sustainable assets.

Green bonds: The state of the market 2018

Green Bonds – a key tool for financial centre competitiveness: Lessons from Europe

Climate Bonds Initiative and the UN Environment Financial Centres for Sustainability (FC4S) Network released the"Green Bonds – a key tool for financial centre competitiveness: Lessons from Europe" briefing Paper. Analysing the recent experience of European financial centres around green bonds growth, this briefing paper provides insights on how green finance can be leveraged as a core pillar of sustainable financial centres.

Post-issuance reporting in the green bond market | Informes post-emisión en el mercado de bonos verdes | Divulgação pós-emissao no mercado de títulos verdes

Post-issuance reporting on the use of proceeds (UoP) is a core component of the Green Bond Principles (GBP) and the Green Loan Principles (GLP). It is also recommended that issuers report on the environmental impacts of funded projects. Post-issuance disclosure provides transparency, ensures accountability and underpins the credibility of green bonds and loans. As the market grows, so does interest in UoP and impact reporting to inform investor analysis and decision-making processes.

Japan - Green finance state of the market 2018 | 2018年グリーンファイナンス市場動向

Japan green finance state of the market 2018 is a detailed overview of the Japanese green bond market. It analyses the developments in the private and public sector for industries with green growth prospects, including low carbon property, transport, forestry and paper and manufacturing. It also identifies climate-aligned issuers and public sector issuers that are already financing green assets.

Key Figures

China Green Bond Market 2018

The third annual China Green Bond Market 2018 report analyzes the key developments in the world’s second largest market, focusing on green bond issuance, policy development and wider market growth. According to the paper, at the end of 2018, total green bond issuance from China reached USD42.8bn (CNY282.6bn), representing a 12% increase year-on-year, cementing the country’s position as the second largest green bond market in the world.

中国绿色债券市场2018

第三份中国绿色债券市场报告，对此全球第二大绿色债券市场2018年的关键发展进行了分析，聚焦绿色债券发行情况、相关政策制定和更广泛的市场增长。

Canada green finance state of the market - 2018

The Climate Bonds Initiative just released the Canada green finance state of the market – 2018 update, which was sponsored by Smart Prosperity and Addenda Capital, who also provided the French translation. The study provides an overview of the latest green bond market trends as of end of December 2018, identifies potential debut issuers from the climate-aligned universe and lays out policy considerations for 2019 and beyond.

Hong Kong Green Bond Market Briefing 2018

The Hong Kong Green Bond Market Briefing 2018 provides an overview of the booming market bolstered by policy support and incentives and growing momentum from the private sector.

It examines a range of green bond deals from domestic issuers and also analyses emerging market dynamics from a broader perspective.

The Climate Bonds Initiative's first Hong Kong Briefing Paper was produced in partnership with HSBC, and supported by the Hong Kong Monetary Authority (HKMA) and the Hong Kong Green Finance Association.

Financing low carbon buildings and energy efficiency in the green bond market | グリーンボンド市場における低炭素建築物お よび省エネ対策への資金調達

This report explores how the green bond market can be accessed to finance low-carbon buildings and energy efficiency upgrades. It reviews a range of issuer types, including property companies, financial intisutions and local governments. Additionally, it highlights the use of securitisation across the world. 

ASEAN Green Finance State of the Market 2018

Since the first green bond deals in 2016 in the Philippines and Vietnam, ASEAN green bond market players have laid out solid foundations, which have culminated in the total issuance of USD5bn as of the end of November 2018.

ASEAN Green Financial Instruments Guide

Climate Bonds Initiative has released its first guide highlighting financial instruments and mechanisms available from and for public and private entities in the ASEAN region looking to fund green assets. Funding deals for such assets can entail a combination of different sources of financing, depending on the company, asset characteristics and macroeconomic factors.

2018 Green Bond Market Highlights

Key figures:

• USD167.3bn total green bond issuance*

• 1,543 green bond issues from 320 issuers*

• 204 new issuers, bringing the total to 625*

Opportunities for Sustainable Infrastructure Investments at City Level in Brazil | Oportunidades de Investimento em Infraestrutura a Nível Municipal no Brasil

This brief will be used to raise awareness across key infrastructure stakeholders in Brazil, and build a number of market education activities in the second semester of 2018. Once a potential project pipeline is identified, a wider report will be produced identifying market barriers and the detailed regulatory and policy recommendations to unlock investment potential.

Green Panda Bond Handbook

China’s green bond market, with clear rules, active market players, and supportive investors and policymakers, offers a great opportunity for foreign green bond issuers.

Can green bonds finance Brazil’s agriculture? | Os títulos verdes podem financiar a agricultura brasileira?

Brazil is a top agricultural producer and various financing programmes for agriculture and agribusiness have been introduced, including for low carbon agriculture. However, the use of green bonds has been limited to sustainable forestry and paper. Opportunities exist, but a more concerted effort in promoting and supporting green financing is required. Aggregation of small loans and receivables can help the market scale up.

Green Bond Pricing in the Primary Market: H1 (Q1-Q2) 2018

A semi-annual report assessing green bond pricing that commenced in January 2016 and is prepared on a joint basis with the International Finance Corporation (IFC). 

Green Bonds Market Summary - Q3 2018

Q3 at a glance

Green bonds in Q3 2018 totalled USD29.7bn, a 23% drop compared to Q3 2017. Looking at issuance for the three quarters of 2018 reveals a more reassuring trend, with USD108.3bn falling short of 2017 figures for the same period by less than 1%.

Creating Green Bond Markets – Insights, Innovations, and Tools from Emerging Markets

The research was undertaken by IFC and the Climate Bonds Initiative (CBI) on behalf of the Sustainable Banking Network (SBN) Green Bond Working Group.

The report draws on:

Bonds and Climate Change: The State of the Market 2018

This report identifies a universe of USD1.45tn climate-aligned bonds:

• 389bn in green bonds

• 497bn in bonds from fully-aligned issuers

The Climate Bonds Taxonomy (English)

The Climate Bonds Taxonomy is a guide to climate aligned assets and projects. It is a tool for issuers, investors, governments and municipalities to help them understand what the key investments are that will deliver a low carbon economy. 

The Climate Bonds Taxonomy (Chinese)

The Climate Bonds Taxonomy is a guide to climate aligned assets and projects. It is a tool for issuers, investors, governments and municipalities to help them understand what the key investments are that will deliver a low carbon economy. 

Australia & New Zealand Green Finance Briefing

The Australia and New Zealand Green Finance Country Briefing analyses green bond issuance to date in Australia and New Zealand. The report finds that 100% of issuances have received an external review with 85% Certified Climate Bonds, demonstrating best practice in the market.

Green Infrastructure Investment Opportunities Australia and New Zealand

Investing in green infrastructure helps Australia and New Zealand to reach their current climate targets and the potential ratchet up of international emissions goals. 

Green Securitisation: Unlocking finance for small-scale low carbon projects

This Climate Bonds briefing focuses mainly on securitisation as a form of financial aggregation and explores how it has been used in the green bond market to date, as well as pointing to potential future developments.

India Country Briefing - July 2018

Total Indian green bond issuance: USD6.5bn, 11th in global country rankings

Green bond market growth expected from Energy, Transport and Building sectors as well as ABS. 

Key takeaways:

Green Bonds Policy: Highlights from Q1-Q2 2018

Public support for green bonds continues in the first half of 2018, with more sovereign green bonds, new national guidelines and incentives, green finance strategies under development and action from central banks.

The policy team's roundp highlights the top 5 green bond policy developments in H1 2018:

Why making infrastructure climate-adapted and resilient will help meet the SDGs

The second instalment in CBI’s briefing series that explores the synergies between climate change, green bonds and the UN Sustainable Development Goals (SDGs).

Climate change action will be critical to meet the full set of the UN Sustainable Development Goals (SDGs) in a long-lasting manner.

July 2018: Can US municipals scale up green bond issuance? Likely, “yes”

The Climate Bonds Initiative conducted a scoping exercise to identify potential US Muni green bond issuers by considering the upcoming bond maturities of climate-aligned municipal entities in the water, waste, transport, renewable energy and land use sectors, i.e. key sectors under the Climate Bonds Taxonomy.

Green Bonds Market Summary - H1 2018

H1 at a glance

Green bonds for the first half of 2018 came from 156 issuers and totalled USD74.6bn, representing a 4% increase versus H1 2017.

Green Bonds -A Bridge to the SDGs

Climate mitigation and adaptation underpin meeting the UN Sustainable Development Goals. Green bonds can serve as a bridge to achieving SDGs. Alongside the rapid growth of green bonds, new thematic bonds are appearing in the market.

Sustainable Land Bonds Report

How governments can finance climate commitments and strengthen rural economies

Briefing: NYK Green Bond – green enough for now but not for long

NYK issues first green bond from the shipping sector – green enough for now but not for long

Securitisation as an enabler of green asset finance in India

Securitisation, which is the process of transforming a pool of financial assets (for example, mortgages or lease receivables) into tradable financial instruments, has great potential to mobilise institutional capital at scale.

Green Bond Pricing in the Primary Market: October - December 2017

Climate Bonds Initiative has released the fourth “Green Bond Pricing in the Primary Market” report analysing the performance of green bonds issued in the period October-December 2017. This is the last quarterly report; future publications will be produced semi-annually.

Green Infrastructure Investment Opportunities Indonesia

The Climate Bonds Initiative has launched the Green Infrastructure Investment Opportunities (GIIO) Indonesia report at Indonesia's first ever Green Finance Summit at the Indonesian Stock Exchange in Jakarta today.

The Green Bond Market in Europe

The Green Bond Market in Europe

The Climate Bonds Initiative just released a new report examining the latest green bond market developments in Europe both at a regional and country level.

France Green Bond Market: Overview & Opportunities

France Green Bond Market:  Overview & Opportunities

Green Bonds Market Summary - Q1 2018

Green Bonds Market Summary - Q1 2018

Green bond issuance kept a good pace in 2018’s first quarter with 71 green bonds coming from 52 issuers, totalling USD25.8bn.

Sovereign Green Bonds

This Briefing is the latest in a new series of Climate Bonds publications analysing contemporary developments in the green bond market. The focus is on sovereigns, new issuers in the green bond space, and their key role in growing local markets and meeting national climate targets. 
 

Korea Climate Bond Market Overview and Opportunities

Korea Climate Bond Market Overview and Opportunities

Green Bond Pricing in the Primary Market: July - September 2017

Green Bond Pricing in the Primary Market: Climate Bonds Releases Third Report in Series

Climate Bonds Initiative has released “Green Bond Pricing in the Primary Market” report analysing the performance of green bonds at issue July - September 2017. The report covers USD15.4bn, slightly over half of the combined face value of labelled green bonds issued in the third quarter of 2017. 

Green Bonds Policy: Highlights from 2017

Our policy team's roundup of green bonds public sector actions over the past year and major developments expected in 2018.

Top five green bond policy developments 2017:

Nordic and Baltic Public Sector Green Bonds

The Climate Bonds Initiative has published a comprehensive study on the Nordic and Baltic Public Sector Green Bonds, exploring the contribution of sub-national public sector entities to green finance in selected Northern European countries. The study was conducted with the support of the UK Foreign & Commonwealth Office.

The Green Bond Market in the Nordics

The Climate Bonds Initiative just published their first report examining the Nordic green bond market. It covers Denmark, Finland, Iceland, Norway and Sweden, and was commissioned by Handelsbanken.

China Green Bond Market 2017

The Climate Bonds Initiative and the China Central Depository & Clearing Co. Ltd (CCDC) just published their China Green Bond Market 2017 report, supported by HSBC. This is the second annual flagship publication reviewing China’s progress on green bond issuance, policy development and market growth.

Green Bond Highlights 2017

Green Bond Highlights 2017

Climate Bonds Initiative final analysis of annual green bond issuance for 2017 shows a December 31^st tally of USD155.5bn, a new global record, up 78% on the adjusted 2016 figure of USD87.2bn and well over our USD130bn estimate for the year.  ​

Download the full report here.

Facilitating Cross-Border Capital Flows to Grow China's Green Bond Market

This ground breaking new report explores the challenges of increasing inter-country capital flows into China’s green bond market and puts forward potential measures and solutions to facilitate and improve capital flows to support the expansion of green investment and the green bond market.

Green Bonds Market Summary - Q3 2017

The green bond market has kept its strong pace in Q3 2017. On September 28th, the total amount of green bonds issued in 2017 ytd (USD83.2bn) overtook last year’s total issuance of USD81.6bn.

Green Bond Pricing in the Primary Market: April - June 2017

Our Quarterly comparison between the behaviour of selected green and vanilla bonds in the primary market continues. The data sample expands further with the second report of the Green Bond Pricing in the Primary Market series. 
 

Bonds and Climate Change: Canada Report 2017

The Canada Edition marks specific highlights and emerging trends from the current year, and identifies opportunities for developing the green bond market.

Edição Brasil: Títulos de Dívida & Mudanças Climáticas - Análise de Mercado 2017

O mercado brasileiro de títulos verdes já ultrapassou 11 bilhões de reais emitidos por empresas nacionais, desde junho de 2015 (quando a BRF inaugurou este mercado) até setembro de 2017, foram emitidos 9 títulos verdes brasileiros, cinco deles no mercado internacional.

Brazil Edition: Bonds & Climate Change: The State of the Market 2017

The State of the Market 2017 Brazil Edition 

The Brazilian labelled green bonds market has now reached $3.67bn thanks to national companies. From the inaugural issuance by BRF in June 2015 to September 2017, nine labelled Brazilian green bonds have been issued, five of them in the international market.

Bonds and Climate Change: State of the Market 2017

The ‘Bonds and Climate Change: State of the Market 2017’ report is an in-depth analysis of the climate-aligned and labelled green bond markets.

Themenpapiere auf Deutsch

Climate Bonds präsentiert eine Auswahl deutscher Versionen der kurzen Themenpapiere, die wir auf unserer Jahreskonferenz 2017 vorgestellt haben. 

Green Bond Pricing in the Primary Market: Jan/2016 - March/2017

Anecdotal evidence has suggested that green bonds are heavily oversubscribed and may price tighter than expected. This report explores the data to discover whether or not this is happening.

Green Bonds Mid-Year Summary 2017

Climate Bonds looks at the last six months numbers, the trends and our tips for the rest of 2017.

Green Bond Policy Q1&Q2 2017 Highlights

From our policy team a look at the first half of 2017, including public sector issuance, regulator moves, and new market incentives.

Post Issuance Reporting in the Green Bond Market-Trends & Best Practice June 2017

This is Climate Bonds Initiative’s first study on post-issuance reporting of green bonds. The aim is to follow up on post-issuance reporting by green bond issuers to see how thoroughly they are reporting on green bond allocation and projects.

The Role of Exchanges in Accelerating the Growth of the Green Bond Market

The Role of Exchanges in Accelerating the Growth of Green Bond Market was launched jointly with Luxembourg Green Exchange on 18 May 2017.

German Green Bonds Market: 2017 Update

Climate Bonds and Deutsche Börse: German Green Bonds - Update & Opportunties (May 2017)

Auf Deutsch: Deutsche Green Bonds - Update und Chancen

Die Climate Bonds Initiative hat in Zusammenarbeit mit der Deutsche Börse Group einen neuen Report veröffentlicht, der den wachsenden deutschen Green Bond Markt analysiert.
Aktuell ist der deutsche Markt der viertgrößte Emittent von Green Bonds weltweit nach China und der zweitgrößte in Europa nach Frankreich.

Bonds and Climate Change – State of the Market 2017 India Update

This is the April 2017 Update of the June 2016 publication of the Bonds and Climate Change 2016: India Edition. India remains in the top 10 of labelled green bonds issuance, with a total of USD 3.2bn issued as of April 2017. Indian issuers also continue to be a world example of best practice, with an increasing number of bonds being Certified under the Climate Bonds Standard.

Public sector agenda for stimulating private market development in green securitisation in Europe

Scaling up investment in low-carbon infrastructure is of paramount importance for limiting global warming to 2°C and for the EU to meet its 2030 emissions targets. The annual global investment required for infrastructure in a low-carbon scenario amounts to trillions of euros; this is not being met.

This paper examines the role that green securitisation could play in plugging this gap.

Study of China's Local Government Policy Instruments for Green Bonds

This report is jointly released by SynTao Green Finance and Climate Bonds Initiative at China's Green Finance Committee Annual Conference in April 2017. It provides an overview of local government policy instruments for developing green bond market in China with further recommendations. 

Green Bond Pricing in the Primary Market: Q4 2016

Initial findings indicate that there is over-subscription and tighter pricing of USD and EUR denominated green bonds in the primary market.

2017 Annual Conference: Briefing Papers

For this years Climate Bonds 2017 Annual Conference, we produced a number of briefing papers on issues we think are critical to unlocking the full potential of the global green bond market:

China Green Bond Market 2016

This report, which was produced jointly by Climate Bonds and China Central Depository & Clearing Co. Ltd. (CCDC).

China Green Bond Market 2016

 This report, which was produced jointly by Climate Bonds and China Central Depository & Clearing Co. Ltd. (CCDC), provides a detailed analysis of the:

• Characteristics of the domestic green bond market in China, according to green definitions from both the PBOC’s Green Bond Endorsed Project Catalogue and the international Climate Bonds Taxonomy (with charts)
• Growing role of corporate issuers and diversity of bond structure, for example green ABS and green covered bond
• Green bond market infrastructure and verification tools available
• Major policy developments of the last year, from the launch of the PBOC’s announcement on green bond guidelines in December 15 to the establishment of the G20 Green Finance Study Group (GFSG)

Green Bonds Highlights 2016

2016 has shown how far the market has developed, with annual issuance aligned with international definitions reaching a record USD81bn, equivalent to approximately USD9.2m raised every hour.

Green Bonds Policy: Highlights

Our policy team's roundup of  green bonds public sector action over the past year and major developments we look forward to seeing in 2017.

The Canadian Bonds & Climate Change 2015

The Canadian edition of the report 'Bonds & Climate Change - The State of the Market in 2015'  is an in depth analysis of the climate-themed bonds market's size in Canada.

2016 COP22 Report: Green Bond Directions

This paper was released by the Climate Bonds Initiative in November 2016 ahead of the COP22. The paper outlines growing awareness green bonds as NDC financing tools.

Bonds and Climate Change 2016: Canada Edition

This is a special supplement to the Bonds and Climate Change: The State of the Market global report . It marks specific highlights from the current year, emerging trends, and identifies specific opportunities for market development of green bonds in Canada. 

Bonds and Climate Change 2016: India Edition

This report analyses the blooming Indian green bond market. As of October 2016, the Indian market represents the 7^th largest green bond issuer worldwide, with a total issuance of USD 2.7bn.

ChinaBond China Climate-Aligned Bond Index

A joint initiative of China Central Depository & Clearing Co. ltd, CECEP Consulting and the Climate Bonds Initiative, the new Climate-Aligned Bond Index is the world's first.

Bonds and Climate Change 2016: France Edition

This report contains the latest data from both the labelled and unlabelled green bond markets, alongside an overview of the action the French government is taking to grow the national market.

Bonds and Climate Change 2016: Mexico Edition

Published in Spanish for the first time, the report states that there are $649bn in climate-aligned bonds outstanding. The report identifies a range of policy measures that would stimulate green bond investments to fund low carbon energy, transport, building and water infrastructure development & pollution reduction plans.

Bonds and Climate Change 2016: Chinese Version

The reports reveals China is the largest country of issuance in the climate aligned universe.

Títulos Verdes e Mudança Climática: Edição Brasileira

A edição brasileira, publicada em português e em inglês, analisa todos os títulos verdes e climáticos no mercado brasileiro entre 1º de janeiro de 2005 e 31 de maio de 2016.

Bonds and Climate Change: State of the Market 2016

This report is an in-depth analysis of the climate-aligned and labelled green bond markets. This year’s analysis estimates that there are $694bn of climate-aligned bonds outstanding, an increase of $96bn on last year’s report.

Roadmap for China's green bond market

This 2016 series of discussion papers is issued by the Climate Bonds Initiative and the International Institute for Sustainable Development (IISD) on prospects for the Chinese green bond market.

Year 2015 Green Bonds Final Report

Briefing for UN COP21: 2015 Green Bonds Market Update.

Download our 2015 Green Bond Market Update here.

How to issue a green muni bond

This report is aimed to assist cities in getting to issuance.

Finance the future

This report provides EU policymakers with an “actionable toolbox” for mobilising private finance for climate-friendly investments, focusing on tapping into the capital pools of institutional investors.

Bonds & Climate Change 2015

 This report is an in depth analysis of the climate-aligned bond market's size.

Scaling up Green Bond Markets for Sustainable Development

Scaling up Green Bond Markets for Sustainable Development offers detailed action plans and best-practice examples on how to scale green bond markets.

Investor Briefing

This briefing provides information on: the key features of green bonds, recent developments in the green bonds market, benefits to investors, and concludes with questions pension funds may wish to ask their fund managers and investment consultants regarding green bond opportunities.

Year 2014 Green Bonds Final Report

Following a landmark green bond growth year in 2013, the labelled green bond market has once again experienced a year of incredible growth in 2014.

The Canadian Bonds & Climate Change 2014

This report is an in depth analysis of the climate-themed bonds market's size in Canada.

Bonds & Climate Change 2014

The study is a in depth analysis of the climate-themed bonds market's size.

Bonds & Climate Change 2013

The report outlines what are investments related to climate change, explores the key investments themes and regional markets and identifies three key ways to accelerate market expansion.

Bonds & Climate Change 2012

The report is an in depth analysis of the climate-themed bonds market's size. It found that there are $174bn of bonds fully aligned with the climate economy.