Reports

  • 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.

  • Oportunidades de Investimento em Infraestrutura a Nível Municipal no Brasil

    Este estudo foi feito com o objetivo de conscientizar os principais setores responsáveis pela infraestrutura no Brasil e construir uma série de atividades de educação de mercado no segundo semestre de 2018. Uma vez que um pipeline de projetos seja identificado, um relatório mais amplo será produzido, especificando as barreiras do mercado e detalhando recomendações de regulamentação e políticas para liberar o potencial de investimento no setor.

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

    This is the 7th 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

    The first publication in a new annual report series focused primarily on labelled green bonds and the latest developments on a global scale. 
     
  • 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

    Post-issuance reporting on 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

    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 with Green Bonds

    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. 

  • Bonos y Cambio Climático - Estado del Mercado 2018

    En el reporte de 2018, el cual compila y analiza las emisiones de bonos alineados a

  • 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

    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?

    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.

  • Os títulos verdes podem financiar a agricultura brasileira?

    O Brasil é um dos principais produtores agrícolas do mundo, possuindo vários programas de financiamento para o setor, incluindo programas para agricultura de baixo carbono. No entanto, o uso de títulos verdes relacionados com o uso da terra tem se limitado a projetos sustentáveis para o setor florestal. Existem oportunidades para agricultura, mas é necessário um esforço para promover e apoiar este tipo de financiamento verde. A securitização de pequenos empréstimos e recebíveis pode ajudar a expansão do mercado.

  • GREEN BOND PRICING IN THE PRIMARY MARKET: January - June 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

  • 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 31st 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 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.

  • 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.

  • 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.

  • 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.

  • German Green Bonds Market: 2017 Update

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

  • 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. 

  • 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.

  • 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 7th 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. ltdCECEP 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

    From tall trees to many green shoots: the evolution of the green bond market continues with 2015 seeing $41.8bn green bonds issued.
     
  • 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.