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  3. Reports

Reports

  • Repurposing EU Subsides for an Effective Agrifood System Transition to Net Zero

    When it comes to climate change, agriculture is one of the biggest elephants in the room. It is a massive emitter – responsible for 11% of the EU’s GHG emissions – but also one of the first sectors to feel the heat. From droughts to floods, farmers are already seeing the effects of a changing climate. The good news? With the right policies and investments, agriculture can go from being part of the problem to a huge part of the solution. That is the message of the latest Climate Bonds policy paper, "Repurposing EU Subsidies for an Effective Agrifood System Transition to Net Zero." 

  • Sustainable Debt Market Summary Q3 2024

    The latest in a leading series of market research reports. By the end of Q3 2024, the Climate Bonds Initiative (Climate Bonds) had recorded cumulative volume of USD5.4tn of green, social, sustainability, and sustainability linked (GSS+) debt in alignment with its screening methodologies. All the key findings are detailed in the Sustainable Debt Market Summary Q3 2024 accompanied by a full breakdown of labelled bond markets.

  • The Role of DFIs in Accelerating the Mobilisation of Green Capital

    Meeting global climate and sustainability goals requires significant investment.

    The climate transition requires large-scale mobilisation of private capital to transition energy systems, build resilient infrastructure, and develop sustainable communities. By most estimates, global climate finance needs to increase from USD1.3tn to around USD4-7tn by 2030 in order to maintain a 1.5°C pathway.

  • Accelerating Green Capital Mobilisation is Central to the Function of Development Finance Institutions

    Meeting global climate and sustainability goals requires substantial investment

    The Role of Development Finance Institutions in Accelerating the Mobilisation of Green Capital is a new Climate Bonds report, informed by expert interviews with European DFIs and associated organisations.

    Estimates of the annual global climate investment gap vary between USD2.5tn and USD4tn.

  • 金融支持中国农食系统气候转型

    在全球气候变化挑战日益严峻的背景下，农业与食物系统（简称“农食系统”）作为减缓与适应气候变化、确保粮食安全的关键领域，其重要性愈发凸显。然而，随着气候变化的加剧，农食系统面临着前所未有的挑战，尤其是众多小微主体，如小农户、食品加工商等，他们不仅在生产经营中承受着较高的气候风险，还在资金、技术等方面存在诸多困难。

  • Financing the climate transition in China’s agri-food systems

    The urgency of China’s agri-food system to transition towards net zero and climate resilience is unquestionable. Agri-food systems are responsible for about 21%-37% of global total GHG emissions but also face considerable climate risks which make them a critical factor in both climate change mitigation and adaptation efforts. Furthermore, aligning the climate transition of the agri-food system with the Sustainable Development Goals (SDGs) is crucial to ensure justice and inclusivity especially given the role of the sector as a major employer in rural areas.

  • GSS Reporting: Consolidating Credibility

    The aligned green, social, and sustainability along with sustainability-linked bonds (GSS+) bond market is on track to break the record USD1tn annual issuance level set in 2021, if achieved aligned cumulative issuance would be comfortably above USD5.5tn by year-end. The evolution of the market both in size and reach increases the importance of ensuring a robust, credible and durable market environment. Climate Bonds Initiative has recently conducted an analysis of post-issuance reporting across the GSS bond market landscape and will soon publish a report, but here are some key findings.

  • 中国钢铁行业脱碳融资：技术、政策和金融工具 | Financing the decarbonisation of China’s steel industry: technology, policy and instruments

    对钢铁行业而言，2020至2030是实现《巴黎协定》气候目标的关键十年。中国现有的煤基高炉产能中，78%（约每年7.308亿吨）需在2030年前进行再投资。为实现低碳转型，钢铁行业需要大规模投资来开发和推广低碳钢铁生产技术。鉴于钢铁资产的寿命较长，这一轮投资周期需避免“碳锁定”效应，即资金流动需与《巴黎协定》气候目标保持一致。
    本报告探讨了加速钢铁行业脱碳的技术路径，并阐述了转型金融如何支持钢铁行业脱碳。

    Financing the decarbonisation of China’s steel industry: Technology, policy and instruments

  • Financing the decarbonisation of China’s steel industry: Technology, policy and instruments | 中国钢铁行业脱碳融资：技术、政策和金融工具

    This decade is pivotal for the transition of the steel sector towards the targets set out in the Paris Agreement. In China, 78% (730.8 Mt/yr) of the existing coal-based blast furnace capacity will need reinvestment by 2030, demonstrating the magnitude of investment needed to develop and roll out low-carbon steelmaking technologies to transform the sector. Therefore, financial flows must be aligned with a Paris-compatible scenario to avoid lock-in, and be in place for the next investment cycle, given the longevity of steel assets.

  • Assessing Climate Transition Risks Using Scenario Analysis and Stress Testing - Insights for the Reserve Bank of India

    This paper explores the challenges and methods for assessing the financial risks posed by the global transition to a green economy, particularly in the context of India. While decarbonisation is essential to meet the Paris Agreement targets, it could destabilise the economy by causing financial losses to carbon-intensive companies, potentially impacting banks' capital and their ability to lend. The Indian government’s decarbonisation targets, such as achieving net zero by 2070 and increasing non-fossil fuel power, expose Indian banks to transition risks.

  • The Treatment of Physical Climate Risks by Central Banks - Insights for the Reserve Bank of India

    This paper outlines the initiatives taken by central banks and financial authorities to address climate risk within the financial sector. It highlights the efforts of the Reserve Bank of India (RBI) to engage with regulated entities (REs) on climate risk assessment and disclosure. Drawing on interviews with central banks and literature reviews, the paper discusses challenges such as lack of technical skills, data limitations, and assumptions in climate modelling.

  • Sustainable Debt Market Summary H1 2024

    The latest in a leading series of market research reports has recorded a cumulative volume of USD5.1tn in green, social, sustainability, sustainability-linked bonds (SLBs), and transition bonds (collectively GSS+) as of 30 June this year. Aligned with Climate Bonds dataset methodologies and best practice, these findings are detailed in the Sustainable Debt Market Summary H1 2024 accompanied by a full breakdown of labelled bond markets.

     

     

     

     

  • Mexico Sustainable Debt State of the Market Report 2023

    This report aims to analyse and recommend strategies to boost the sustainable finance market in Mexico. It includes an overview of key policies, trends, and investment opportunities in sustainable finance, focusing on thematic bond issuance to fund sustainable projects. The report covers green, social, and sustainability bonds, along with sustainability-linked bonds (GSS+), aligned with Climate Bonds methodologies. It provides a snapshot of the GSS+ debt market as of December 31, 2023.

  • Opportunities for Chinese Electrical Utilities | 中国电力行业转型融资机遇和要素

    Opportunities for Chinese Electrical Utilities

  • The role of policymakers in mobilising private finance to ensure a credible and just transition in steel and cement

    This is the decade of change for steel and cement, which as the two largest industrial emitters globally are crucial to the net- zero transition. Steel and cement are pivotal to meeting the Paris Agreement objectives but while fuel substitution can help address emissions from steelmaking, it cannot fully address those from cement.

    This paper, prepared for the G20 Sustainable Finance Working Group, examines how policymakers can speed, steer, and simplify the transition of the steel and cement industries to net zero. 

  • Developing a Sustainable Finance Taxonomy for Aotearoa New Zealand

    This report provides a set of recommendations for the design and development of a Sustainable Finance Taxonomy for Aotearoa New Zealand (‘NZ’ hereafter) developed by an Independent Technical Advisory Group (ITAG) convened by the Centre for Sustainable Finance: Toitū Tahua (CSF). The Climate Bonds Initiative (Climate Bonds) served as a delivery partner for the project and provided technical assistance to the ITAG for the formulation of the recommendations based on the organisation’s experience with other benchmark taxonomies.

     

     

     

     

  • Fiscal Policy and Sustainable Finance: Enhancing the Role of the Financial Sector in Achieving the Sustainable Development Goals

    Authored by Climate Bonds Initiative, the report outlines the approach to integrate climate action into fiscal policies that can be considered by governments to trigger the growth of sustainable finance, highlighting successful measures implemented by the Association of Southeast Asian Nations plus three (ASEAN+3) countries. Amongst the suggestions include developing sustainable finance roadmaps to demonstrate how policies that prioritise climate action connect with real economic activities, and encouraging countries to adopt multi-pronged strategies to drive change.

     

  • Hong Kong Sustainable Debt Market Briefing 2023

    This is the sixth iteration of the Climate Bonds Hong Kong Sustainable Debt Market Briefing, produced by the Climate Bonds Initiative (Climate Bonds), in association with the Hong Kong Monetary Authority (HKMA) and Hong Kong Green Finance Association (HKGFA), and with support from Standard Chartered Bank. Using Climate Bonds’ green, social, sustainability, (GSS) and sustainability-linked bond (SLB) (collectively GSS+) datasets based on place of risk, this series of reports provides a comprehensive overview of Hong Kong’s sustainable debt market at the end of 2023.

  • Quarterly Market Update (Q1 2024)

    The latest Quarterly Market Report  reveals the first quarter of 2024 was the most prolific on record for sustainable finance volumes. USD272.7bn of aligned green, social, sustainability, sustainability-linked and transition (GSS+) bond volume was added in the Q1 of 2024, 15% more than the USD237.2bn recorded in Q1 2023, and 41% more than the USD193bn from Q4 2023.

  • Transition in Action Agri-Food

    This report examines the current state of the AFOLU (Agriculture, Forestry, and Other Land Use) sustainable debt market and identifies key areas for further development to drive systemic change. It delves into how corporates of all sizes along the supply chain can leverage sustainable debt. The report illustrates the application of the latest international disclosure initiatives and guidance from Climate Bonds Sector Criteria, showcasing examples of metrics beyond scope 3 GHG emissions that can be used for green and sustainable debt reporting or for sustainability-linked KPIs.

  • Navigating Corporate Transitions | 企业转型投资指南

    Building on the foundational work launched last year, Climate Bonds Initiative, together with International Investor Group on Climate Change (IIGCC), Sustainable Markets Initiative (SMI), and Climate Arc, have released, "Navigating Corporate Transitions: a tool for financial institutions". This paper presents a methodology for a tool designed to aid financial institutions in assessing and categorising corporates by their transition credibility and maturity.

     

  • 2023年中国可持续债券市场报告 | China Sustainable Debt State of the Market Report 2023

    本次报告是气候债券倡议组织(CBI)和合作机构共同编写的第八份中国可持续债券市场年度报告，盘点了2023年中国绿色及可持续主题债券市场的发展状况，涵盖了绿色、社会责任和可持续发展债券（GSS）市场以及可持续发展挂钩债券（SLB）市场（统称为GSS+市场）等范围。与仅涵盖绿色债券市场的早期版本相比，本次报告的覆盖范围扩展到了更广泛的GSS+市场，反映了利用中国资本市场为环境和社会举措、项目提供融资支持的市场趋势。

    本报告由气候债券倡议组织（CBI）和兴业经济研究咨询股份有限公司（兴业研究）共同编写，并得到渣打银行的鼎力支持。

  • Global State of the Market Report 2023

    Climate Bonds’ flagship Global State of the Market Report details the size and substance of green and other labelled bond markets. This, the 13th iteration, includes analysis of the green, social and sustainability (GSS) markets, plus sustainability-linked bonds (SLBs).

  • 20 Policy Levers to Decarbonise Buildings in Europe

    Over a third of the energy-related emissions reductions needed globally by 2050 are in the built environment. Europe is a beacon for driving sustainability in the built environment, but EU institutions must now focus on making the sustainable finance agenda workable for investors, asset owners and bond issuers.

  • Sustainability-Linked Bonds: Building a High-Quality Market

    Climate Bonds releases a full-length report on Sustainability-Linked Bonds (SLBs), which assesses the profile, structural features, KPI performance, and transition plans of SLB issuance, and makes recommendations aimed at growing a credible SLB market. This first of-its-kind report reveals that the sustainability credentials of many SLBs have been weak and require improvement and introduces a best practice checklist for high-quality SLB issuance.

     

     

  • Companies and Climate Change

    The Climate Change Investment Framework (CCIF) was designed by the Asian Infrastructure Investment Bank (AIIB) and Amundi to tailor investment portfolios that actively consider alignment with the Paris Agreement. The CCIF considers the three dimensions of climate change mitigation and adaptation, and contribution to the transition to net zero. BMI, a Fitch Solutions Company, and the Climate Bonds Initiative (Climate Bonds) have applied the CCIF at a country and sector level (BMI), and an entity level (Climate Bonds).

  • Comparison Study of Chinese and Brazilian Agriculture Criteria: Harmonising Green Standards in the Agricultural Sector

    China and Brazil, as prominent global players in agriculture, boast robust collaborations and strategic partnerships in the agricultural trade sector. Both nations, featuring prominently among the top five producers and exporters of agricultural products, face challenges in sustainability and climate-related risks. Recognizing the economic significance of agriculture, China and Brazil have prioritized the development of policies supporting sustainable practices.
     

  • 日本のクライメート・ トランジション・ボンド

    日本のクライメート・トランジション・ボンド(クライメート・トランジション 利付国債(第1回)。以下、初回債)が厳格なクライメートボンド基準のも とで認証を取得した。これは日本のトランジションファイナンス市場に大 きな発展をもたらすだけでなく、グローバル基準のベストプラクティスを 世界に示すものだ。

    ソブリン債で世界初のトランジションボンドとなる初回債の資金使途は、 すでに確立されているグリーン領域のみならず、グリーン・トランスフォー メーションで触媒的な役割を果たす重要な技術開発の領域を網羅して いる。

    初回債はクライメート・ボンド・イニシアチブ(以下、Climate Bonds)の認 証を取得し、サステナブル投資に求められる透明性とアカウンタビリティ を満たすものとして、我々のグリーンボンド・データベースに登録される

  • Japan's Climate Transition Bond

    Japan is set to issue the first tranche of its ¥1.6 trillion (USD 11 billion) Climate Transition Bond on the 15th and 28th of February. This is a

  • EU Regulation on Deforestation-Free Products: A potential game changer for commodity driven deforestation (Paper II)

    The EUDR, in line with EU sustainability and due diligence standards, presents challenges for supply chains, cost control, and trade. Our new report delves into these regulations, offering key insights for investment in this sector.