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Mobilising Bond Markets for a Low-Carbon Transition

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This report describes the development of the green bond market as an innovative instrument for green finance, and provides a review of policy actions and options to promote further market development and growth. Since 2007-08, so-called “green bonds” have emerged and the market has risen from USD 3 billion in 2011 to USD 95 billion in issuance in 2016. For policy makers, the report proposes a framework for understanding potential directions of bond market evolution, increased convergence of rules and definitions, and quantitative analysis of the potential contribution that bond markets can make to a low-carbon transition.

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Mobilising bond markets for a low-carbon transition

This chapter describes the emergence of a market for green bonds, in the context of broader efforts to finance a low-carbon transition, and examines how the market has evolved. It describes the roles of a range of actors in the market, the continuing evolution of green bond definitions and governance standards. It also provides an overview of the advantages and disadvantages of green bonds as perceived by investors and issuers. This information provides the necessary introduction and context for the chapters that follow on barriers to market growth and actions that policy makers are taking to overcome them (Chapter 2), and a quantitative assessment of the role of bonds in a low-carbon transition (Chapter 3).

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