Reports

  • 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

  • Investment Opportunities: Agri-food sector in Brazil

     

    This report demonstrates how investors can use Climate Bonds Initiative transition frameworks and guidance to scrutinise corporate strategy and identify credible investment opportunities. The focus of the paper is entities operating in the agriculture sector.

  • Japan Policies to Grow Credible Transition Finance

    "Japan: Policies to Grow Credible Transition Finance" explores Japan's commitment to delivering the goals of the Paris Climate Agreement and provides policy guidance for Japan’s transition to a net zero future.

    日本語版ダウンロード

     

  • 日本:信頼できるトランジション・ファイナンス発展のための政策

    "Japan: Policies to Grow Credible Transition Finance" explores Japan's commitment to delivering the goals of the Paris Climate Agreement and provides policy guidance for Japan’s transition to a net zero future. 

  • Property Certification Opportunities in Tokyo

    One of the most pressing challenges facing Tokyo is its energy consumption. The city is heavily dependent on fossil fuels, which contribute to greenhouse gas emissions and exacerbate the impacts of climate change. To reduce its carbon footprint and minimise pollution, Tokyo needs to invest in sustainable infrastructure. This will not only reduce the city’s carbon emissions, but also create new opportunities for local businesses and job growth.

  • 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.

  • 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。

  • 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).

  • 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.

  • 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. 

  • 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 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.

  • 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. 

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • 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.

  • Nigeria - State of the Market

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

  • 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. 

  • 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. 

  • 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 

  • 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.

  • 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.

     

  • 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.

     

  • 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.

  • 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:

  • 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.

  • 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

  • Korea Climate Bond Market Overview and Opportunities

    Korea Climate Bond Market Overview and Opportunities

  • 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.

  • 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.

  • 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.

  • China Green Bond Market 2016

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

  • 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.

  • 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.

  • 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: 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.

  • 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.