Green bonds first appeared in the market in 2007, with initial issuance from development banks including the European Investment Bank (EIB) and the World Bank. Issuance really began to ramp up from 2012. Some US$2.6 billion was issued in that year, US$11.5 billion in 2013, a tripling to US$37 billion in 2014 and continuing growth with issuance reaching US$41.8 billion in 2015 (Figure 1).
All up, in less than a decade the green bond market has become established. While still small in the context of the US$100 trillion global debt markets, green bonds are firmly on the post-COP21 Paris agenda looking at climate finance options and a vastly increased role for the private sector.
