Five by Five Manifesto


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.

We need to expand, step-up, implement and move rapidly on the points listed in this manifesto. 



We must green the capital markets ecosystem by expanding this labelling to include all types of financial instruments from equities to short term borrowing, sectors, entities, and everything that comes beneath that including transition, resilience, nature-based solutions, and water. 

Liquidity and scale enable investors to commit to climate friendly investment mandates.



We must expand our definitions to include areas beyond climate change mitigation. 

New areas requiring financing include transition, biodiversity, and adaptation and resilience including healthcare. 

Taxonomies that can be used by global investors seamlessly and with minimum transaction costs will facilitate global recognition of different green financial instruments.



Governments must signal clear support for net-zero by initiating a supportive policy environment for transition.

Endorsing clear transition pathways, establishing certainty of future demand for financeable climate solutions, and addressing risks in areas where the private sector is unable to act.

Issuing sovereign green bonds indicates strong government leadership catalysing market creation and development through scale and issuers often obtain cheaper funding to boot.

Climate Bonds 101 Sustainable Finance Policies for 1.5 ̊C is full of suggestions to get policy moving.



Creating a large, predictable and climate friendly pipeline of expenditures and projects is the key to achieving net zero.

This requires ambitious planning, supportive policy, and leadership from the public sector through actions such as investment in research and development, and incorporating climate considerations into planning.



Mechanisms to get capital flowing from richer to poorer such as blended finance to absorb junior capital tranches, de-risking guarantees, and larger sized deals, must all be multiplied. Economic development must build in mitigation from the start, and large projects should be financed through the capital markets to encourage dedicated investment.